Arab Bank says it’s not in talks with Qataris

Dubai: Arab Bank Plc isn’t in talks to sell a stake to Qatari investors, according to Sabih Masri, who was elected chairman of the Jordan-based lender today (Sunday).

Lebanon’s Hariri family, whose stake is the largest in the bank according to data compiled by Bloomberg, also isn’t planning to sell shares in the Amman-based lender, Masri said today at a press conference in the Jordanian capital.

Doha-based Al-Rai newspaper reported on August 23 that unidentified Qatari investors were in talks to buy a 20.7 per cent stake in the bank, controlled by Lebanese former prime minister Sa’ad Hariri through Saudi Oger Ltd, Oger Middle East Holding and BankMed SAL. The report prompted the stock to surge the most in three months on the day, gaining 5 per cent.

Arab Bank headquarters will remain in Jordan and the bank has no plans to fire workers or change positions, Masri said.

Abdul Hamid Shoman resigned as Arab Bank chairman on August 16, the bank said in a statement that day, without giving a reason. Shoman, who remains a board member in Arab Bank Switzerland Ltd, resigned following differences with board members on his powers as chairman, Masri said today.

Samir Kawar was elected vice-chairman of the bank, he said.