Qatar National Bank Q.P.S.C. (QNB) (Arabic: ??? ??? ????????) 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. It was founded in 1964 and currently has subsidiaries and associates in 30 countries spanning 3 continents. The bank's ownership is evenly divided between the Qatar Investment Authority and the private sector.
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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. 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.
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. By 2015, it had established 76 branches in Qatar.
International operations
For the twelve months ended 31 December 2016, Net Profit reached QAR12.4 billion (USD 3.4 billion), up by 10% from last year. Total assets reached QAR720 billion (USD198 billion), up by 34% from December 2015, the best absolute results in QNB Group's history. This was driven by a growth rate of 34% in loans and advances to reach QAR520 billion.
As of 2016, the bank has 615 subsidiaries and associates in more than 30 countries. Its first branch in the GCC was opened in Oman in 2007.
QNB acquired a majority stake in Indonesia's Bank Kesawan in January 2011 and rebranded it as QNB Kesawan. 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%. It renamed the bank to 'Qatar National Bank Tunisia' in April 2013. In March 2013, it purchased 100% of National Société Générale Bank's shares in Egypt, rebranding it as QNB Al Ahli.
QNB accumulated a 39.9% stake in UAE-based Commercial Bank International in August 2012. 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.
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". In March 2015, QNB Group established its "Qatar National Bank Q.P.S.C. Ho Chi Minh City Representative Office" in Vietnam.
Other investments
The Group has recently completed the acquisition of 99.81% stake in Turkey's Finansbank A.?., the 5th largest privately owned universal bank in Turkey by total assets, customer deposits and loans. QNB owns a 20.0% stake (both ordinary and QNB convertible preference shares) in Ecobank Transnational Incorporated (Ecobank), the leading pan-African bank. In 2013, the Group successfully completed the acquisition of a controlling stake of the second largest private bank in Egypt, QNB ALAHLI (QNBAA), amounting to 97.12%. 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), 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 Q.P.S.C. 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.
Source of the article : Wikipedia
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