Qatar National Bank (QNB)Qatar National Bank (QNB)

Housing Bank for Trade and Finance (HBTF)Housing Bank for Trade and Finance (HBTF)

QNBQNB has picked up an additional two million shares in HBTFHBTF as part of its strategic plan for international expansion.

In late-September last year, QNBQNB had increased its stake in HBTFHBTF from 20 percent to 30 percent at a cost of $195m.

In July of 2007, QNBQNB had announced it had picked up a 20.6 percent holding in the Jordanian bank for $442m.

HTBF is Jordan's largest bank and provides retail banking services. The aim of QNBQNB's acquisition was to increase the bank's foothold in the rapidly-growing Jordanian market.

In July 2007, QNBQNB had said: "This could be done through HBTFHBTF's extensive network of branches which covers most of Jordan, in addition to the bank's strong presence in several other countries."

HBTFHBTF was set up in 1973 as a shareholding company to provide housing finance.

In 1997, it started offering full banking services and has 96 branches in Jordan in addition to a 151-strong ATM network. It also has branches in Palestine and Bahrain.

QNBQNB posted a first-half net profit of QR1.854bn this year and the second half will see the bank go into overdrive with overseas expansions.

It has plans to open branches in Sudan and Mauritania and its Singapore representative office is to be converted to a full-fledged branch. QNB Syria and QNB Geneva are due to be established by the end of this year.

Ali Shareef Al Emadi, QNBQNB CEO, had told reporters at a meting on first-half results the bank plans to look at project finance overseas, particularly in the Middle East and North Africa.

As it is, QNBQNB has at least a 90 percent involvement in the many projects here, Al Emadi said.

© The Peninsula 2008

 

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