Khaleeji Commercial May Sell Stake in QInvest, Acting CEO Says

Khaleeji Commercial Bank BSC (KHCB) said it would sell its 4 percent stake in Qatari investment bank QInvest LLC if the Bahraini lender is offered an “appropriate price.”

“It is an asset we would be willing to sell,” Silvan Varghese, acting chief executive officer, said by phone from Manama, Bahrain today. “We don’t have a management role in QInvest and like any other investor if we get a good price, we would sell.”

Khaleeji Commercial shareholder Gulf Finance House BSC (GFH) is seeking buyers for a 4 percent stake in QInvest, The National newspaper reported today, citing an unidentified person familiar with the matter.

“So far we don’t have any interest from a buyer,” said Varghese, who is also the bank’s chief operating officer. “We are not in a hurry to sell” and any decision would be taken by the bank’s board, he said.

QInvest said last month it plans to set up a joint investment company with EFG-Hermes Holding SAE (HRHO), Egypt’s biggest publicly traded investment bank, in which it will hold a 60 percent stake.

To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.