September 26, 2017 / 12:01 PM / a year ago

Commercial Bank of Qatar is in talks to sell United Arab Bank's stake

DUBAI, Sept 26 (Reuters) - Qatar’s third-largest lender, Commercial Bank of Qatar (CBQ), said on Tuesday it is in talks with an unnamed group to sell its minority stake in Abu Dhabi-listed United Arab Bank.

Commercial Bank said it entered into a 90-day period of exclusivity with a “third party purchaser” it did not name to negotiate the terms of a deal, according to a statement on the Qatar bourse.

Commercial Bank owns 40 percent of United Arab Bank and the market value for the stake is around $217 million, according to Thomson Reuters data.

The statement did not say why it is selling the stake.

The move is the latest sign of Qatari companies weighing an exit from the United Arab Emirates, which is part of a group of Arab countries that had cut diplomatic and transport ties with Doha on June 5

Last week Qatar Insurance said that its branch in Abu Dhabi would close because it was not able to renew its business licence because of the current political situation in the region. (Reporting by Saeed Azhar, editing by Louise Heavens)

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