QNB's Bank Kesawan acquisition concluded

QNB Group announced Thursday a conclusion of a rights issue process for its acquisition of Bank Kesawan shares. QNB now owns a controlling 65.59 percent stake in Kesawan.

Qatar National Bank Group chief executive officer Ali Shareef Al-Emadi said the US$80.8 million rights offer would make the group a “long term investor” of Kesawan.

Erwin Aksa, Kesawan's president director, said the acquisition “will have a positive impact on Bank Kesawan's overall business plans with the increase in share capital, enhancing the bank's financial position and allowing for an expansion of business activities”.

“The partnership will also benefit Bank Kesawan because of QNB Group's advanced information technology system in addition to its expertise as one of the leading financial institutions in the Middle East and North Africa region,” Erwin said in a statement.

Kesawan currently operates a network of 33 branches throughout Indonesia, with total assets of about US$260 million and a capital adequacy ratio of 12 percent.

QNB, the second-most profitable bank in the region, has total assets of $61.4 billion.

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