QNB Group

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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$151.1 billion (2016)
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.[3] 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.[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]

A leak of data from QNB was published in April 2016.[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),[16] up by 8% compared to last year. Total assets increased by 11% from December 2014 to reach QAR539 billion (USD147.9 billion), [16] 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).[16]

For the three months ended 31 March 2016, the Group recorded a net profit of QAR2.9 billion (USD787 million), up by 7% compared to the same period last year. Total assets increased by 10% from March 2015 to reach QAR550 billion (USD151.1 billion), the highest ever achieved by the Group. This was driven by a growth rate of 16% in loans and advances to reach QAR402 billion (USD110.4 billion).

Other investments

QNB Group partnered with Ooredoo to provide a mobile payroll service to Qatari companies.[17]

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.[16] QNB Group expects to finalise the transaction during the first half of 2016.[16]

References

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  2. ↑ 2.0 2.1 2.2 Lua error in package.lua at line 80: module 'strict' not found.
  3. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  4. ↑ 4.0 4.1 4.2 4.3 Lua error in package.lua at line 80: module 'strict' not found.
  5. ↑ http://www.wsj.com/articles/qatar-national-bank-probes-alleged-leak-of-clients-data-1461764072
  6. ↑ 6.0 6.1 Lua error in package.lua at line 80: module 'strict' not found.
  7. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  8. ↑ Lua error in package.lua at line 80: module 'strict' not found.
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  16. ↑ 16.0 16.1 16.2 16.3 16.4 Lua error in package.lua at line 80: module 'strict' not found.
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