Qatari bank eyes stake in RP Muslim bank
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.
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