Qatar National Bank (QNB), the largest lender in the Gulf Arab region, said on Sunday its shareholders had approved the issuance of capital-boosting bonds.

QNB's shareholders granted the bank permission to issue bonds, which could either enhance its core Tier 1 capital or its supplementary Tier 2 capital, at a meeting on Sunday.

The meeting also approved the appointment of Ernst & Young as auditors for the year 2016, a QNB statement said.

QNB said on Jan. 13 that its board had approved issuing the Basel III-compliant bonds to maintain its reserves above regulatory minimums and support future growth. – Reuters