* Bank to issue up to $750 million in bonds late next
* Move part of strategy to increase long-term debt
* Will seek credit rating in early 2012
DOHA, Nov 14 International Bank of Qatar
(IBQ) plans to issue up to $750 million in bonds late next year
as part of a strategy to increase long-term debt on its balance
sheets, the bank's managing director said on Monday.
The bank will also seek a credit rating in early 2012,
Managing Director George Nasra said.
"IBQ plans to sell up to $750 million in bonds in the second
half of next year. This is part of the bank's long term strategy
for growth. We want to increase the long-term debt on our
balance sheets. We will also be seeking credit rating early next
year," Nasra said.
IBQ said in August it had sold its Islamic banking retail
operations to Qatar's Barwa Bank, the first sale of an Islamic
portfolio since Qatar's surprise edict banning conventional
banks from offering Islamic banking services.
In February Qatar's central bank ordered conventional banks
to stop offering Islamic banking services by year-end. Lenders
have until Dec. 31 to comply.
IBQ is 30 percent owned by the National Bank of Kuwait (NBK)
, Kuwait's largest lender.
(Reporting By Regan Doherty)