Qatar National Bank (QNB) announced today that the Central Bank of Kuwait has granted QNB the official approval to open a full service branch in Kuwait.
This approval is considered the first for a Qatari bank, which adds a new achievement to the bank's bright record of pioneering initiatives. Furthermore, this important step comes in line with QNB’s continuous efforts to expand its presence regionally and internationally.
The previous period witnessed a remarkable expansion of QNB's operations around the world. This was the fourth license for the bank during the last six months, where it previously received licenses to operate in Libya, Yemen and Singapore, in addition to its outstanding presence in London and Paris. The next stage will hopefully witness the inauguration of more branches in various countries.
This shows the deep foresight of the bank's upper management regarding the importance of having regional and international presence in view of the rapidly widening base of clients and the development in the banking industry. Add to this the importance of being available in business locations to meet corporate and individual demands for services.
Speaking on this occasion, Mr. Ali Shareef Al Emadi, Acting Chief Executive, QNB, said: " First, I would like to extend my truest gratitude to the Central Bank of Kuwait for providing QNB the opportunity to serve our clients in Kuwait, a country that has a close relationship with Qatar where our services will benefit Kuwaiti citizens and residents of the country at the same time. This step is a good indicator on the development of the financial markets in the Gulf Region and will definitely increase the economic growth in the region. We are confident that our presence in Kuwait will boost our shareholders' investments.”
QNB’s new branch will provide a wide range of first class banking services to both corporate and individual customers. In addition the Bank will offer advanced banking solutions and unique investment opportunities for its clients in both Doha and Kuwait.
The expansion and investment policy of QNB has proved its efficiency through the strong financial results achieved during the third quarter of this year, and through the high ratings of QNB.
QNB reported strong gains in its financial performance with net earnings increasing by 57% in the third quarter of 2006 compared to the same period last year. QNB record-breaking results for the first nine months of 2006 with net profits reaching QR1,606 million, up QR433.9 million (37%) on the QR1,172 million delivered in 30th September 2005. Total assets increased by 47.5% to reach QR 69.6 billion during the first nine months of this year. These results were noted by international rating agencies.
QNB is the highest rated bank in Qatar with the widest coverage from leading rating agencies such as Moody’s, Standard & Poor’s, Fitch and Capital Intelligence. During 2006 the bank’s rating was upgraded due to its strong capitalization, sound asset quality, dominant position in the financial sector, and its track record of strong financial performance.
Mr. Al Emadi hailed the decision of QNB going into the Kuwaiti market saying: "We see lots of potential to expand and grow in Kuwait, and with this new branch, QNB reinforces its position as the leading bank in Qatar and one of the fastest growing banks in the region. We believe that this step has come at the right time in line with our growing base of customers."
Mr. Al Emadi concluded that QNB’s success story will continue in the future. “For our customers, we promise to introduce a series of pioneering products and services. As for our shareholders, we are always on the lookout for ways to maximize their returns on investment.”
The new branch in Kuwait will be operating in the near future.
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 the Government of Qatar (50%) and the private sector (50%).
QNB 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 45% of banking sector assets. QNB has the largest distribution network of 37 local branches and offices and 100 ATM’s.
QNB international presence is rapidly expanding with new locations in Singapore and Libya (Representative Offices) and Yemen (Branch), supplementing existing branches in London and Paris and a Representative Office in Iran. The London-based Ansbacher, QNB’s Wealth Management and Private Banking subsidiary, operates in Switzerland, Channel Islands, 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.
QNB offers a full range of retail, corporate, investment, treasury, wealth management, and Islamic banking products and services for individuals, corporate institutions and government entities. QNB 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.
Through its affiliate, Al Watani Al Islami, QNB was the first commercial bank in Qatar to offer Islamic Banking products and services, and the first Qatari bank to launch equity funds (Al Watani Funds) for companies listed in the Doha Securities Market.
QNB has the highest credit rating among Qatari banks from leading rating agencies including Standard & Poor’s, Moody’s, Fitch, and Capital Intelligence. The Bank has also been the recipient of the “Best Bank in Qatar” Award from leading international specialized financial publications including: The Banker, Euromoney, Global Finance and Project Finance.
QNB has an active community support program and sponsors various social, educational, and sports events. QNB is the Official Bank of the 15th Asian Games Doha 2006.
