UPDATE 1-Qatar's Barwa Bank eyeing potential Doha IPO - CEO

* QInvest advising Barwa on Doha listing - CEO

* Lender may resort to a secondary offer - source

* Potential listing likely by first half of 2013

* Barwa is part-owned by Qatar Holding

(Adds details) By Regan Doherty and Dinesh Nair

DOHA/DUBAI, Oct 1 (Reuters) - Barwa Bank, a Qatari lender part-owned by Qatar Holding, plans an initial public offering on the Doha stock exchange and is being advised by local investment bank QInvest, Barwa's top executive said on Monday.

"We have been working with QInvest on a listing advisory relationship for quite some time," Chief Executive Steve Troop told Reuters by phone, declining to give specific details.

Barwa Bank is 37.3-percent owned by Barwa Real Estate Co

while Qatar Holding, the investment arm of the Gulf state's sovereign fund, has a 12.1 percent stake. The remaining shares are owned by several individuals and corporates, according to the bank's 2011 results.

Barwa's float will most likely be an offering by existing shareholders rather than a fresh issue of shares, a banking source said, adding a potential listing was likely in the first half of 2013.

"They have to get the regulator's approval for the listing and generate a three-year profitability track record before listing shares. It's most likely to be a secondary offer by the shareholders," the source said.

Barwa Bank has grown at a rapid pace in the last couple of years, benefiting from the Gulf state's massive economic growth. Its 2011 profits rose to 243.7 mln riyals compared with a profit of 27.7 mln riyals for the same period last year.

It operated six branches in Doha last year.

The bank has been active in the fixed income sector. It was a co-lead arranger on Turkey's $1.5 billion sovereign sukuk deal in September and a mandated joint lead manager on Qatar's bumper $4 billion Islamic bond sale in July.

QInvest's largest shareholder is Qatar Islamic Bank .

Qatar's stock market has fallen 3.1-percent year-to-date after rising 1.1 percent in 2011. The stock market was the best performing Gulf bourse in 2010, gaining 24 percent. It lost some of its sheen after failing to raise foreign ownership limits and being denied emerging market status by index compiler MSCI.

(Reporting by Regan Doherty, Dinesh Nair; Editing by Amran Abocar)

((dinesh.nair@thomsonreuters.com)(+ 971 4 366 4265)(Reuters Messaging: dinesh.nair.reuters.com@reuters.net))

Keywords: BARWA IPO/