Qatar’s Commercial Bank falls after stake talks for UAB ends

Dubai: Shares of Commercial Bank down almost 2 per cent, after it said ended talks with UAE-based Tabarak Investment to buy its 40 per cent stake in United Arab Bank. UAD shares barely moved.

Talks to sell the stake, worth $308 million (Dh1.1 billion), had been going on for months, but a Tabarak spokesman said the two parties did not agree on final terms.

It is unclear if Commercial Bank is talking to other potential buyers.

Commercial Bank announced the stake sale plan few months after Qatar got embroiled in a diplomatic and commercial row with UAE, Saudi Arabia, Bahrain and Egypt in June 2017.

Qatar index down 0.7 per cent in early trade.