Mubasher: Qatar National Bank (QNB) on Wednesday announced closing EUR 2 billion ($2.26 billion) three-year senior unsecured term loan facility.

The facility was oversubscribed 1.75 times after the Qatari lender received commitments of nearly EUR 3.5 billion from 18 banks, according to QNB's statement to the Qatar Stock Exchange (QSE) on Wednesday.

The largest financial institution in the Middle East and Africa also revealed the full repayment of the previous EUR 2.25 billion syndicated loan.

Crédit Agricole, Intesa Sanpaolo, Societe Generale, and UniCredit were selected as initial mandated lead arrangers and underwriters of the loan facility, while ING Bank was the initial mandated lead arranger.

In September 2018, the Qatari lender was in negotiations with a number of major banks to refinance the EUR 2.25 billion syndicated loan, informed sources said. 

During the full-year 2018, QNB reported a 5% year-on-year profit increase to QAR 13.8 billion, against QAR 13.1 billion a year earlier.

QNB’s stock fell 0.33% to close at QAR 181.40 on Wednesday.