A top foreign bank that acted as a lead manager in the Sh250 billion Eurobond cash has stirred the local financial market by flaunting its Sh15.08 trillion asset base.
Qatar National Bank in full page paid adverts publicly announced its 2015 profits even though it does not operate in Kenya.
QNB of Doha, Qatar, JP Morgan, Barclays and Standard Bank both of the UK were the lead managers in the controversial Eurobond deal.
QNB made the move just days after Treasury CS Henry Rotich hinted at fresh plans to return to the international market to source for more debt.
This includes the option of another Eurobond to plug deficits in the national budget.
In graphical illustrations, QNB demonstrated its steady growth with a staggering net profit of 316.2 billion in 2015 alone.
This is almost 10 times the profit of Safaricom, Kenya’s most profit-making enterprise.
“Another set of impressive results reinforcing QNB Groups position as leading bank in the Middle East and North Africa, with an international network and presence in more than 27 countries in more than three continents,” part of the advert on Tuesday last week reads.
QNB has expressed interest in arranging a Sukuk – Islamic bond.
The latest move has triggered speculation that the bank is positioning itself for another Eurobond deal.
A letter in possession of the Star indicates Rotich has been meeting with the QNB leadership.
“In the April 2014 meeting between CS Rotich and HE Sherriff Al Emadi, the minister for finance for State of Qatar and chairman of Qatar National Bank and later with Mr Ali Ahmed Al Kuwari, the acting Chief Executive Officer of QNB, the bank expressed its interest in arranging a Sukuk for Kenya after Eurobond,” says the letter.
QNB also wanted a partnership with a local bank, the letter says.
Cord leader Raila Odinga has insisted Sh140 billion cannot be accounted for in the Eurobond deal.