QNB Group to Open Representative Office in China

Doha, January 09 (QNA) - QNB Group, the largest financial institution in the State of Qatar and the MENA region has announced that the Group had obtained the required approvals from the concerned authorities to open a representative office in Shanghai, the People s Republic of China, QNB said in a statement today. This step comes within QNB s strategy to expand its presence abroad in selected countries. By entering the Chinese market, the number of countries where QNB Group operates will increase to 25 countries in Asia, Europe, and Africa. Qatar National Bank (QNB Group) was established in 1964 as the country s first Qatari-owned commercial bank, has an ownership structure split between the Qatar Investment Authority (50%) and the private sector (50%). QNB Group has steadily grown to be the largest bank in the Middle East and North Africa Region and is by far the leading financial institution in the country with a market share exceeding 45% of banking sector assets. The Group recorded a net profit of QR6.2 billion (US$1.7 billion) in the nine months ended 30 September 2012, up by 15.0% compared to the same period last year, demonstrating QNB Group s success across business activities and the ability to achieve strong growth in profitability for the benefit of shareholders. Total assets increased by 25.3% since 30 September 2011 to reach QR351.0 billion, the highest ever achieved by the Group. The Group has also extended its regional reach by acquiring stakes in various financial institutions including 35% stake in the Jordan-based, the Housing Bank for Trade and Finance (HBTF), 40% in Commercial Bank International (CBI) based in the United Arab Emirates (UAE), 50% of the Tunisian-Qatari Bank, 51% in the Iraqi-based Mansour Bank, 49% of the Libyan based Commerce & Development Bank and 20% stake in Al Jazeera Finance Company in Doha. QNB Group also retains 51% stake in QNB-Syria and a 70% stake in QNB Kesawan in Indonesia.(QNA)