QNB acquires 23.8% of the UAE based Commercial Bank International (CBI) |
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Doha - As part of its strategic plan to expand outside the State of Qatar, Qatar National Bank (QNB)Qatar National Bank (QNB)
announced today that it has acquired 23.8% of the shares of Commercial Bank International (CBI)Commercial Bank International (CBI) based in the United Arab Emirates. The total amount of the deal was equivalent to QR1.1 billion. CBICBI
, was founded in 1991 and offers banking services to both retail and corporate through its 12 branches in the UAE (three branches in Dubai, one branch in Abu Dhabi, one branch in the city of Al Ain, two branches in Sharjah, two branches in Ras Al Khaimah, two branches in Al Fujairah and one branch in Umm Al Quwain).Total assets of CBICBI
as of 30 June 2008 reached QR11.1 billion. The Bank achieved a net profit of QR131 million during the first half of 2008. - Ends -
About Qatar National Bank (QNBQNB
)Qatar National Bank (QNB)Qatar National Bank (QNB)
was established in 1964 as the country's first Qatari-owned commercial bank, with an ownership structure split between Qatar Investment Authority (50%) and the private sector (50%). QNBQNB
has steadily grown to be among the largest banks in the region and is by far the leading financial institution in the country with a market share approaching 40% of banking sector assets. QNBQNB has the largest distribution network of 42 branches and offices (including 3 mobile branches), in addition to 11 Islamic branches and offices, and more than 130 Automated Teller Machines (ATMs).QNBQNB
's international presence is rapidly expanding to include new locations around the world to supplement existing branches in London and Paris and the Representative Office in Iran. In 2007, QNBQNB opened new branches in Yemen, Oman & Kuwait and its Representative Offices in Libya & Singapore. Recently, QNBQNB, obtained licenses to operate in Sudan and Mauritania. As part of the same expansion plan, QNBQNB
has acquired 31% of the shares of the Jordan based, The Housing Bank for Trade and Finance (HBTF) which also operates in Palestine, Bahrain, Algeria, Syria, UAE, Libya and Iraq. QNBQNB also signed an agreement to establish the Qatar National Bank-Syria jointly with other Syrian private and public sectors institutions with a 49% stake for QNBQNB. In 2008, QNBQNB
entered the Tunisian market through acquiring 50% of the Tunisian-Qatari bank. QNBQNB has also taken a 30% stake in "The Kuwaiti-Qatari Company for Ijara and Investment, which will offer Islamic financing services within the Gulf Cooperation Council countries and has acquired a 20% stake in the Doha-based Al Jazeera Islamic Company. The bank recently received approval from Qatar Financial Center to establish a new investment company; QNBQNB Capital, which will be providing investment banking services.QNBQNB
offers a full range of retail, corporate, investment, treasury, wealth management, and Islamic banking products and services for individuals, corporate institutions and government entities. QNBQNB is constantly striving to provide intelligent banking solutions and its range of products and services, and delivery channels across all disciplines continues to be unrivalled. QNBQNB
was the first conventional bank in Qatar to offer Islamic Banking products and services through QNBQNB Al Islami and the first Qatari bank to launch equity funds for companies listed in the Doha Securities Market. The London-based Ansbacher, QNBQNB
's Wealth Management and Private Banking subsidiary, operates in Switzerland, Channel Islands, the Bahamas, Dubai International Financial Center and Qatar Financial Center. Ansbacher was the first financial institution to be granted a license to operate at Qatar Financial Centre providing a wide range of wealth management services in Qatar and the region.QNBQNB
has the highest credit rating among regional banks from leading rating agencies including Standard & Poor's, Moody's, Fitch, and Capital Intelligence. The Bank has also been the recipient of many awards for its innovative products, services and remarkable performance from leading international specialized financial publications.QNBQNB
has an active community support program and sponsors various social, educational, and sports events. For further information, please contact:
QNB
Public Relations Department
Tel: (974) 4252591
Fax (974) 4252589
Email: PR@qnb.com.qa
Website www.qnb.com.qa
© Press Release 2008
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