Commercial Bank of Qatar,  the country's second-largest lender by market value, said it had borrowed $650 million from a consortium of local and foreign banks partly to refinance short-term loans.

The loan was priced at 27.5 basis points over Libor, Commercial Bank said in a statement.

The loan, which was increased to $650 million from an initial target of $500 million, 'will be used for general purpose funding, including the refinancing of short-term loans repaid in January,' the bank said.

HSBC Holdings and Mizuho Corporate Bank were among 16 banks participating the loan.Reuters