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31/01/2018 06:25 AST
Commercial Bank of Qatar is pushing to increase lending to state-run companies as the government presses ahead with infrastructure projects to counter the impact of the Saudi-led boycott against the country.
"We have historically been under weight in the public sector and this is something we are remedying very quickly," chief executive officer Joseph Abraham said in an interview with Bloomberg TV after Qatar's third-largest bank by assets posted a 20% increase in profit in 2017, helped by a jump in loans and advances.
Projects related to the 2022 soccer World Cup and efforts to become more self-sufficient to blunt the effect of the Saudi boycott have created opportunities for the bank, he said. Saudi Arabia, the UAE, Bahrain and Egypt cut ties and closed transport routes with the country in June.
The bank's loan book expanded 14% last year, compared with 8% for the entire sector, Abraham said.
Abraham said the bank was having "strong discussions" with Tabarak Investment to sell its stake in Abu Dhabi-listed United Arab Bank after extending talks for the sale for the second time on Monday.
If talks conclude successfully, the lender will deploy its capital in Qatar and Turkey, where "we see an opportunity to grow business into a significant contributor to profits over the next three years," he said.
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