Mubasher: Qatar National Bank (QNB) on Thursday announced that it has completed a $720 million, 30-year Formosa bond issuance under its Euro Medium Term Note (EMTN) programme, according to the bank’s statement on its website.

"Formosa bonds are sold in Taiwan by foreign issuers and are denominated in currencies other than the Taiwanese dollar", Reuters reported.

The bond issue was part of the bank’s strategy to expand into new markets.

"The Reg S issue attracted strong interest from Taiwanese investors and was arranged by Standard Chartered Bank. This success confirms the trust of international investors in QNB Group’s strategy and the strength of its financial position," the bank's statement added.

The fundraising shows that Qatari banks are at pains to diversify their funding resources amid an ongoing regional diplomatic rift that brewed over six months ago.

The Gulf’s largest bank has tapped the Formosa bond market regularly over the past few years.

QNB ,the largest financial institution in the Middle East and Africa, issued a $630 million Formosa bond IN 2017, led by Standard Chartered, and a $1.1 billion Formosa bond in 2016.