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Qatar National Bank Q.P.S.C.
Société Anonyme
Industry Banking
Financial services
Insurance
Founded June 6, 1964 (1964 -06-06) as Qatar National Bank[1]
Headquarters Doha, Qatar
Number of locations
4300 branches (2016)
Area served
Worldwide[2]
Key people

Ali Sharif Al Emadi
(Chairman)

, Ali Ahmed Al-Kuwari
(CEO)
Products Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, securities, asset management
Revenue Increase US$6,4 billion (2016)
Increase US$3,6 billion (2017)
Total assets Increase US$229.1 billion (2018)
Total equity Increase US$19 billion (2016)
Number of employees
Increase 28000 (2016)
Parent Qatar Investment Authority (50%)
Website www.qnb.com

Qatar National Bank (QNB Group) (Arabic: بنك قطر الوطني‎) is a Qatari commercial bank headquartered in Doha, Qatar. QNB Group has steadily grown to be the biggest bank in Qatar and the largest financial institution in the Middle East and Africa region.[3] It was founded in 1964 and currently has subsidiaries and associates in 31 countries spanning 3 continents.[2] The bank's ownership is evenly divided between the Qatar Investment Authority and members of the public.[2]

HistoryEdit

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.[4] 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.[4]

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.[4] By 2015, it had established 76 branches in Qatar.[4]

AcquisitionsEdit

In 2013, the Group successfully completed the acquisition of 97.12% stake in the second largest private bank in Egypt, QNB ALAHLI (QNBAA). The Group has also extended its regional footprint by acquiring stakes in various financial institutions including a 20.1% stake in Ecobank Transnational Inc. (Ecobank), the leading pan-African bank based in Togo, 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), 99.96% of QNB Tunisia, 51% in the Iraqi-based Al-Mansour Investment Bank, 49% of the Libyan based Bank of Commerce & Development and 20% stake in Al Jazeera Finance Company in Doha. QNB Group also retains 51% stake in QNB-Syria, an 82.59% stake in QNB Indonesia.

In 2015, the Group officially started operating its Qatar National Bank S.A.Q Hoh Chi Minh City Representative Office in Vietnam. It also received approval from the Saudi Cabinet to open a branch in the Kingdom. In 2016, the Group commenced operations in Myanmar through a representative office.

In June 2016, QNB Group completed the acquisition of 99.88% stake in Turkey’s Finansbank A.Ş.(now known as QNB Finansbank), the 5th largest privately owned universal bank.

ReferencesEdit

  1. ^ "Qatar National Bank". Forbes. Retrieved 6 July 2015. 
  2. ^ a b c "About QNB". Qatar National Bank. Retrieved 6 July 2015. 
  3. ^ William Wallis (15 September 2014). "Qatar National Bank increases stake in African lender Ecobank". Financial Times. Retrieved 12 July 2015. 
  4. ^ a b c d "50 years of national pride". Gulf Times. 9 June 2014. Retrieved 6 July 2015.