qnb raises stake in cbi to 40
Last Updated : GMT 10:29:03
Arab Today, arab today
Arab Today, arab today

QNB raises stake in CBI to 40%

Arab Today, arab today

Arab Today, arab today QNB raises stake in CBI to 40%

Dubai - Arabstoday

QNB Group announced that it has successfully completed an increase in its stake in the UAE-based Commercial Bank International (CBI) to 40 per cent. This move is in line with the Bank’s international expansion strategy in the Middle East and Africa (MEA) and reflects the confidence in the prospects of the financial sector in the UAE. This action also reflects QNB Group’s confidence in the financial position of CBI and its future plans, which will allow an increased level of co-operation between the two institutions. CBI operates a network of 19 branches across the UAE. Total assets as at June 30, 2012 reached Dhs12.0 billion ($3.3 billion) and net profit for the six months of 2012 stood at Dhs141.3 million ($38.5 million). QNB Group has achieved strong financial results for the first half of 2012, with net profit of QR4.1 billion, up by 17.1 per cent compared to the same period last year. Total assets increased by 25.5 per cent since 30 June 2011 to reach QR330.8 billion, the highest ever achieved by the Group. In line with QNB Group’s international expansion plans, the Group has recently increased its stake in Mansour Bank in Iraq to 51 per cent and has also acquired a 49 per cent stake in the Bank of Commerce & Development, one of Libya’s leading private sector banks. The Group is currently present in 24 countries around the world through its network of branches, subsidiaries and associates. The Group employs nearly 7,600 staff and has a network of 345 branches and offices and an ATM network of more than 670 machines. Qatar National Bank (QNB), established in 1964 as the country’s first Qatari-owned commercial bank, has an ownership structure split between the Qatar Investment Authority (50 per cent) and the private sector (50 per cent). QNB Group has steadily grown to be among the largest banks in the Middle East and North Africa Region and is by far the leading financial institution in the country with a market share exceeding 45 per cent of banking sector assets. QNB Group has witnessed rapid international expansion in the past few years and operates in 24 countries around the world through its network, subsidiaries and associate companies employing about 7,600 staff from 345 branch and offices that are supported by an ATM network that exceeds 670 machines. The Group has also extended its regional reach by acquiring stakes in various financial institutions including 35 per cent stake in the Jordan-based, The Housing Bank for Trade and Finance (HBTF), 24 per cent in Commercial Bank International (CBI) based in the United Arab Emirates (UAE), 50 per cent of the Tunisian-Qatari Bank, 51 per cent in the Iraqi-based Mansour Bank, 49 per cent in the Libyan Bank of Commerce and Development and 20% stake in Al Jazeera Finance Company in Doha. QNB Group also retains 51 per cent stake in QNB-Syria, a private stock company established jointly with other Syrian private and public sector institutions which started operations mid November 2009 and operates today more than 15 branches in the Syrian Republic. QNB Capital, a subsidiary of QNB Group, was established in 2008 providing an array of investment banking services to corporate, government and institutional clients within Qatar and globally. These include one of the best corporate finance teams in the GCC region offering extensive transaction experience, in depth advisory services — including mergers and acquisitions, equity, debt and project advisory, as well as first-class research capabilities. QNB Financial Services commenced trading on the Qatar Exchange in May 2011 and is the first independently regulated, licensed brokerage unit launched by a bank in Qatar. Trading platform QNB FS brokerage offers a multi-market, multi-currency trading platform with access to several GCC markets including Qatar, UAE, and Oman. It also provides a trading solution for buying and selling securities on the US and European markets. QNB Group is among the highest rated regional banks from leading credit rating agencies including Standard & Poor’s, Moody’s, Fitch, and Capital Intelligence. The Bank has also been the recipient of many awards from leading international specialised financial publications. QNB Group has an active community support programme and sponsors various social, educational, and sporting events From gulftoday

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