Qatari Bank Gorges on Egypt Debt as Relations Sour: Arab Credit
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Qatar National Bank SAQ, the state-controlled lender, boosted holdings of Egyptian treasury bills last year even as relations between the governments soured after the Muslim Brotherhood was toppled.
Qatar National Bank Alahly, bought by QNB three months before the overthrow of former President Mohamed Mursi in July, increased ownership of the securities by 29 percent to 15.7 billion Egyptian pounds ($2.3 billion) at the end of the year, according to earnings statements. The average yield on six-month bills was 10.65 percent at an auction last week, almost 12-times higher than similar debt of Qatar.