October 23, 2019 / 6:47 AM / 22 days ago

Qatar's Commercial Bank still looking to sell United Arab Bank stake

DUBAI, Oct 23 (Reuters) - Qatar’s Commercial Bank, the country’s third-largest bank by assets, said on Wednesday it is still looking to sell its 40% stake in Abu Dhabi-listed United Arab Bank (UAB), after sale talks stalled last year.

Commercial Bank continued to classify its shares in UAB as an “asset held for sale”, according to a statement announcing its financial results for the nine-month period ending on Sept. 30.

Qatar became locked in a diplomatic dispute with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain in mid-2017.

Commercial Bank has since looked to sell its stake in UAB. However, last year, it ended sale talks with United Arab Emirates-based private equity firm Tabarak Investment after the pair failed to agree terms.

The Qatari lender has previously said it is not being pressured to sell as a result of the Gulf rift and is planning to re-invest the proceeds from the sale into its business in Qatar and Turkey, where it owns Alternatifbank.

Commercial Bank posted a nine-month net profit of 1.5 billion riyals ($412.09 million), up from 1.26 billion riyals during the same period last year. ($1 = 3.6400 Qatar riyals) (Reporting by Davide Barbuscia; editing by Uttaresh.V)

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