QNB Group

Qatar National Bank (QNB)
Native name
 بنك قطر الوطني
Industry Banking
Founded June 6, 1964 as Qatar National Bank[1]
Headquarters Doha, Qatar
Area served
 27 countries[2]
Key people
 Ali Ahmed Al-Kuwari
CEO
Total assets Increase US$147.9 billion (2015)[3]
Website www.qnb.com

Qatar National Bank (QNB) (Arabic: بنك قطر الوطني‎) is a Qatari commercial bank headquartered in Doha, Qatar. As of 2014, it is the second largest bank in Africa and the Middle East in terms of assets.[4] It was founded in 1964 and currently has subsidiaries and associates in 27 countries spanning 3 continents.[2] The bank's ownership is evenly divided between the Qatar Investment Authority and the private sector.[2]

History

QNB was founded on 6 June 1964 as the country's first domestically-owned commercial bank. It had 35 employees in its first year and was initially headquartered in a government-owned building in Qatar's capital city, Doha.[5] The two currencies in circulation at the time were the Indian rupee and British pound. As Qatar's population continued increasing throughout the century, QNB started establishing branches in other parts of the country.[5]

In 1974, the first branches outside of Doha were opened in Al Khor and Mesaieed. The bank installed its first ATMs in 1988 in its Doha branches, and, in the proceeding year, introduced VISA cards for its clients.[5] By 2015, it had established 76 branches in Qatar.[5]

International operations

As of 2015, the bank has 615 subsidiaries and associates in 27 countries.[6] Its first branch in the GCC was opened in Oman in 2007.[6]

QNB acquired a majority stake in Indonesia's Bank Kesawan in January 2011 and rebranded it as QNB Kesawan.[7][8] In January 2013, it purchased an additional 49.9% stake in the Tunisian-Qatari Bank from the Tunisian government, bringing its total stake 99.9%.[9] It renamed the bank to 'Qatar National Bank Tunisia' in April 2013.[10] In March 2013, it purchased 100% of National Société Générale Bank's shares in Egypt,[11] rebranding it as QNB Al Ahli.[12]

QNB accumulated a 39.9% stake in UAE-based Commercial Bank International in August 2012.[13] In September 2014, it purchased a 23.5% stake in Ecobank, a large banking conglomerate headquartered in Togo, for $513 million, thereby making QNB the company's top shareholder.[14]

In 2013, QNB Group opened a representative office in China and also opened a fully owned subsidiary in India under the name of “QNB India Private Limited”.[15] In March 2015, QNB Group established its “Qatar National Bank S.A.Q. Ho Chi Minh City Representative Office” in Vietnam.[15]

For the year ended 31 December 2015, the Group recorded a net profit of QAR11.3 billion (USD3.1 billion),[3] up by 8% compared to last year. Total assets increased by 11% from December 2014 to reach QAR539 billion (USD147.9 billion), [3] the highest ever achieved by the Group. This was the result of a strong growth rate of 15% in loans an advances to reach QAR388 billion (USD106.7 billion).[3]

Other investments

QNB Group partnered with Ooredoo to provide a mobile payroll service to Qatari companies.[16]

QNB Group continues to witness robust international expansion. In December 2015, QNB Group entered into a definitive agreement with the National Bank of Greece for the acquisition of its entire stake comprising 99.81% in Finansbank A.Ş (Finansbank) in Turkey.[3] QNB Group expects to finalise the transaction during the first half of 2016.[3]

References

  1. ↑ "Qatar National Bank". Forbes. Retrieved 6 July 2015.
  2. 1 2 3 "About QNB". Qatar National Bank. Retrieved 6 July 2015.
  3. 1 2 3 4 5 6 "QNB Financial Report". QNB. 13 January 2016. Retrieved 3 February 2016.
  4. ↑ William Wallis (15 September 2014). "Qatar National Bank increases stake in African lender Ecobank". Financial Times. Retrieved 12 July 2015.
  5. 1 2 3 4 "50 years of national pride". Gulf Times. 9 June 2014. Retrieved 6 July 2015.
  6. 1 2 Sarah Townsend (18 May 2015). "Qatar's QNB plans further expansion in South East Asia". Arabian Business. Retrieved 15 July 2015.
  7. ↑ "QNB’s Bank Kesawan acquisition concluded". The Jakarta Post. 29 January 2011. Retrieved 6 July 2015.
  8. ↑ "Qatar and Indonesia: Exploring new business sectors". theedge.me. 3 July 2013. Retrieved 6 July 2015.
  9. ↑ "Qatar’s QNB ups stake in Tunisian bank". Al Arabiya. 25 January 2013. Retrieved 6 July 2015.
  10. ↑ "La TQB change de nom et devient Qatar National Bank Tunisia". businessnews.com.tn. 2 April 2013. Retrieved 6 July 2015.
  11. ↑ "Qatar National Bank buys 100% of NSGB". Daily News Egypt. 25 February 2013. Retrieved 6 July 2015.
  12. ↑ "QNB acquires 23.5% of Togo-based Ecobank". Arab Bankers Association. Retrieved 6 July 2015.
  13. ↑ Gregor Stuart Hunter (31 August 2012). "Mystery buyer of bank stake revealed as QNB". The National. Retrieved 6 July 2015.
  14. ↑ Arif Sharif (15 September 2014). "Qatar’s QNB Buys Stock to Become Top Ecobank Shareholder". Bloomberg. Retrieved 6 July 2015.
  15. 1 2 "An important development in its International Expansion Strategy: QNB group opens a representative office in Vietnam". Zawya. 31 March 2015. Retrieved 15 July 2015.
  16. ↑ "Ooredoo Qatar says 2,000 firms sign up for payroll service". Telecom Paper. 12 November 2015.
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