QNB Group, UMB Sign Partnership for Stake Acquisition

Doha, January 17 (QNA) -Qatar National Bank (QNB) Group has signed a Partnership Agreement for the Morocco-based Union Marocaine des Banques (UMB), with plans to acquire a majority stake of its capital. The acquisition is subject to the approval of regulatory authorities in both countries, which will enable QNB to become a strategic partner of UMB. With this Partnership Agreement, the Ordinary and Extraordinary General Assembly of the UMB will be invited to approve the move to make QNB a strategic partner, the Group said in a statement. QNB Group aims to expand its presence in Africa, through its current operation in Sudan, South Sudan, Libya, Tunisia, Algeria and Mauritania. The potential addition of UMB in Morocco will further strengthen QNB Group s presence across Africa. QNB Group is currently present in more than 24 countries around the world through branches, subsidiaries and associates. The Group, which employs nearly 7000 staff, provides an array of banking services to a global standard through 334 branches & offices with an ATM network of more than 600 machines.(QNA)