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Doha Bank Opens Office in Australia, May Sell Shares in London

Doha Bank QSC (DHBK), the best-performing bank stock on the Qatar Exchange (DSM) over the past month, opened an office in Australia to take advantage of growing trade between the two countries, Chief Executive Officer Raghavan Seetharaman said in a phone interview late yesterday from Sydney.

The bank that attracted 2.8 billion riyals ($770 million) in a rights offer last month doesn’t rule out selling shares in London, Seetharaman said in a television interview with CNBC TV today. The bank said Jan. 14 that it planned to issue global depositary receipts.

Doha Bank fell 0.4 percent to 47.1 riyals at 11:58 a.m. on the Qatar Exchange. The shares have increased 5.1 percent over the past month compared to a 0.3 percent rise for the QE Index of Qatari stocks.

To contact the reporter on this story: Robert Tuttle in Doha at rtuttle@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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