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Qatari bank eyes stake in RP Muslim bank

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By Joel Guinto
INQUIRER.net
First Posted 19:07:00 12/16/2008
Filed Under: Banking, Investments

MANILA, Philippines—The Qatar National Bank is keen on buying 40 percent of ailing Al-Amanah Investment Bank of the Philippines, Finance Secretary Margarito Teves said Tuesday.

With a 40-percent stake, Teves said the Qatari bank could take over management of Al-Amanah.

“The interest is there, especially because they would like to establish their presence in Mindanao and they would like to be able to sue this as a vehicle to expand the Islamic banking and commercial banking operations in the Philippines and East Asia,” the finance chief said.

“This will serve for us as a vehicle for more foreign direct investments from Qatar and the Middle East,” he said.

President Gloria Macapagal-Arroyo arrived in Manila before dawn Tuesday from a four-day official visit to Qatar.

View article as posted on INQUIRER.net

Written by joelguinto

TueUTC2008-12-16T13:00:45+00:00UTC12bUTCTue, 16 Dec 2008 13:00:45 +0000 22, 2006 at 12:45 pm12

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