DOHA, Qatar, Sept. 29, 2024 /PRNewswire/ -- QNB Group is
pleased to announce that it has obtained all applicable regulatory
approvals from Qatar Central Bank (QCB) and Qatar Financial Market
Authority (QFMA) to proceed with its share repurchase.
As permitted under Article 10 of QNB's Articles of
Association and based on QNB Board of Directors' decision dated
11 September 2024, QNB will conduct
its share buyback up to an amount of QAR2.9
billion in accordance with QFMA decision numbers 3 and 4 of
2024. QNB Group intends to fund its share buyback from its existing
cash resources available with QNB. The Share Buyback will be
conducted using an Open-Market Repurchase (OMR) mechanism as per
applicable QFMA rules and regulations. The buyback will commence
after the publication of interim financial statements for the nine
months period ending 30 September
2024, subject to market conditions and in accordance with
QFMA Share Buyback rules and regulations.
The decision to initiate a repurchase of QNB's own shares arose
after careful consideration of several factors including
current and future shareholders expectations, strength of QNB
Group's financial position, growth strategy, strong return on
equity, high quality and superior earnings, financial ratios
associated with equity and liquidity, and continued confidence of
the investor community.
QNB Group will continue to hold robust capital buffers, well
above regulatory minimums of QCB and Basel III requirements, and
does not anticipate any material impact on its capital and other
ratios because of its intended share buyback.
Group statistics
QNB Group's presence spans more than 28 countries across three
continents operating from approximately 900 locations, 5,000 ATMs
supported by 30,000 staff.
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