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Qatari bank eyes majority stake in Moroccan lender

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[January 18, 2012]  DUBAI, United Arab Emirates (AP) -- Qatar National Bank says is planning to buy a majority stake in Morocco-based lender Union Marocaine des Banques as it looks to expand its presence in Africa.

State-backed QNB said Wednesday the deal must still be approved by the UMB's board and regulators.

Financial details weren't provided.

Qatar's sovereign wealth fund, the Qatar Investment Authority, controls QNB through a 50 percent stake.

The deal comes a day after another government-owned Gulf investor, Abu Dhabi's Aabar Investments, agreed to raise its stake in Italian lender UniCredit to 6.5 percent from about 5 percent now.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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