Qatar National Bank Group increases its stake in Mansour Bank in Iraq to 51%
Qatar National Bank (QNB) Group announced that it has obtained the approval of the Central Bank of Iraq to increase its stake in Mansour Bank in Iraq from 23% to 51%.
Iraq: Monday, April 23 - 2012 As a result of this stake increase, QNB Group will augment its representation on the Mansour Bank's Board of Directors in proportion to its ownership.
In accordance with the memorandum of understanding, signed between the two banks, QNB Group will effectively manage Mansour Bank and provide it with needed technical and logistical support.
This will enhance Mansour Bank's abilities to offer a wide range of advanced products and services in the Iraqi market, benefiting from the support from QNB Group's international network.
Mansour Bank began its operations in the second half of 2006, initially providing services through its head office in Baghdad, thereafter increasing its presence to seven branches and one office, covering a number of provinces in Iraq and employing 186 staff.
QNB Group provides specialized services through its subsidiaries and wholly-owned companies, including QNB International Holdings, which is headquartered in Luxembourg, QNB Capital, registered in the Qatar Financial Centre, QNB Banque Privée (Suisse) the full service private banking subsidiary of the QNB Group in Geneva Switzerland; and QNB Financial Services, which offers best-in-class financial brokerage services to retail and institutional clients allowing access to local, regional and international markets.
QNB Group has achieved strong financial results for the first quarter of 2012 with a net profit of QR2.0bn, up by 17.4% compared to the same period last year. Total assets increased by 28.2% since 31 March 2011 to reach QR311.1bn, the highest ever achieved by the Group.
In line with QNB Group's international expansion plans, the Group has recently acquired a 49% stake in the Bank of Commerce & Development, one of Libya's leading private sector banks. The Group is currently present in more than 24 countries around the world through branches, subsidiaries and associates. The Group, which employs nearly 7,000 staff, provides an array of banking services to a global standard through 335 branches & offices with an ATM network of more than 650 machines.
As a result of QNB Group's continuous strong performance, the Bank was recently named one of the World's 50 Safest Banks and one of the Safest Banks in the Middle East, according to the latest update published by Global Finance in April 2012. QNB Group is rated the number 1 brand in the MENA region, with a world ranking of 114, of the world's top 500 banking brands, from 189 in 2011.
Notes and media contacts
About QNB Group:
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%) and the private sector (50%).
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% 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 7,000 staff from 334 branch and offices that are supported by an ATM network that exceeds 600 machines.
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), 24% in Commercial Bank International (CBI) based in the United Arab Emirates (UAE), 50% of the Tunisian-Qatari Bank, 23% in the Iraqi-based Mansour Bank and 20% stake in Al Jazeera Finance Company in Doha. QNB Group also retains 51% 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 (QNB FS) commenced trading on the Qatar Exchange in May 2011 and is the first independently regulated, licensed brokerage unit launched by a bank in Qatar. 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 FS' technology platform is enhanced by its in-house research team who provide fundamental research and analysis, sector reviews, and daily commentary on QE listed equities. Its advisory and brokerage teams are structured to service institutional investors, mutual funds, high-net worth individuals, retail and corporate clients locally, regionally, and globally.
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 specialized financial publications.
QNB Group has an active community support program and sponsors various social, educational, and sporting events
Qatar National Bank (QNB) Group announced that it has obtained the approval of the Central Bank of Iraq to increase its stake in Mansour Bank in Iraq from 23% to 51%.
Iraq: Monday, April 23 - 2012 As a result of this stake increase, QNB Group will augment its representation on the Mansour Bank's Board of Directors in proportion to its ownership.
In accordance with the memorandum of understanding, signed between the two banks, QNB Group will effectively manage Mansour Bank and provide it with needed technical and logistical support.
This will enhance Mansour Bank's abilities to offer a wide range of advanced products and services in the Iraqi market, benefiting from the support from QNB Group's international network.
Mansour Bank began its operations in the second half of 2006, initially providing services through its head office in Baghdad, thereafter increasing its presence to seven branches and one office, covering a number of provinces in Iraq and employing 186 staff.
QNB Group provides specialized services through its subsidiaries and wholly-owned companies, including QNB International Holdings, which is headquartered in Luxembourg, QNB Capital, registered in the Qatar Financial Centre, QNB Banque Privée (Suisse) the full service private banking subsidiary of the QNB Group in Geneva Switzerland; and QNB Financial Services, which offers best-in-class financial brokerage services to retail and institutional clients allowing access to local, regional and international markets.
QNB Group has achieved strong financial results for the first quarter of 2012 with a net profit of QR2.0bn, up by 17.4% compared to the same period last year. Total assets increased by 28.2% since 31 March 2011 to reach QR311.1bn, the highest ever achieved by the Group.
In line with QNB Group's international expansion plans, the Group has recently acquired a 49% stake in the Bank of Commerce & Development, one of Libya's leading private sector banks. The Group is currently present in more than 24 countries around the world through branches, subsidiaries and associates. The Group, which employs nearly 7,000 staff, provides an array of banking services to a global standard through 335 branches & offices with an ATM network of more than 650 machines.
As a result of QNB Group's continuous strong performance, the Bank was recently named one of the World's 50 Safest Banks and one of the Safest Banks in the Middle East, according to the latest update published by Global Finance in April 2012. QNB Group is rated the number 1 brand in the MENA region, with a world ranking of 114, of the world's top 500 banking brands, from 189 in 2011.
Notes and media contacts
About QNB Group:
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%) and the private sector (50%).
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% 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 7,000 staff from 334 branch and offices that are supported by an ATM network that exceeds 600 machines.
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), 24% in Commercial Bank International (CBI) based in the United Arab Emirates (UAE), 50% of the Tunisian-Qatari Bank, 23% in the Iraqi-based Mansour Bank and 20% stake in Al Jazeera Finance Company in Doha. QNB Group also retains 51% 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 (QNB FS) commenced trading on the Qatar Exchange in May 2011 and is the first independently regulated, licensed brokerage unit launched by a bank in Qatar. 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 FS' technology platform is enhanced by its in-house research team who provide fundamental research and analysis, sector reviews, and daily commentary on QE listed equities. Its advisory and brokerage teams are structured to service institutional investors, mutual funds, high-net worth individuals, retail and corporate clients locally, regionally, and globally.
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 specialized financial publications.
QNB Group has an active community support program and sponsors various social, educational, and sporting events