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| File:Head office QNB.JPG QNB Building in Doha, Qatar. | |
Native name | بنك قطر الوطني |
|---|---|
| Industry | Banking |
| Founded | June 6, 1964 as Qatar National Bank[1] |
| Headquarters | , |
Area served | 27 countries[2] |
Key people | Ali Al-Kuwari CEO |
| Total assets |  QAR 486.357 billion (2014)[3] |
| Website | QNB.com |
Qatar National Bank (QNB) (Arabic: بنك قطر الوطني) is a Qatari commercial bank headquartered in Doha, Qatar. It is the largest bank in the Persian Gulf region by market value.[4] It was founded in 1963 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
editQNB 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.[5] 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.[5]
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.[5] By 2015, it had established 76 branches in Qatar.[5]
Subsidiaries and associates
editThe bank has subsidiaries and associates in 27 countries.[2] QNB acquired a majority stake in Indonesia's Bank Kesawan in January 2011 and rebranded it as QNB Kesawan.[6][7] 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%.[8] It renamed the bank to 'Qatar National Bank Tunisia' in April 2013.[9] In March 2013, it purchased 100% of National Société Générale Bank's shares in Egypt[10], rebranding it as QNB Al Ahli.[11]
QNB accumulated a 39.9% stake in UAE-based Commercial Bank International in August 2012.[12] 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.[13]
References
edit- ^ "Qatar National Bank". Forbes. Retrieved 6 July 2015.
- ^ a b c d "About QNB". Qatar National Bank. Retrieved 6 July 2015.
- ^ "Balance sheet: QNB". Financial Times. Retrieved 6 July 2015.
- ^ "Qatar National Bank mandates banks to arrange $3 bln loan". Reuters. 9 February 2015. Retrieved 6 July 2015.
- ^ a b c d "50 years of national pride". Gulf Times. 9 June 2014. Retrieved 6 July 2015.
- ^ "QNB's Bank Kesawan acquisition concluded". The Jakarta Post. 29 January 2011. Retrieved 6 July 2015.
- ^ "Qatar and Indonesia: Exploring new business sectors". theedge.me. 3 July 2013. Retrieved 6 July 2015.
- ^ "Qatar's QNB ups stake in Tunisian bank". Al Arabiya. 25 January 2013. Retrieved 6 July 2015.
- ^ "La TQB change de nom et devient Qatar National Bank Tunisia". businessnews.com.tn. 2 April 2013. Retrieved 6 July 2015.
- ^ "Qatar National Bank buys 100% of NSGB". Daily News Egypt. 25 February 2013. Retrieved 6 July 2015.
- ^ "QNB acquires 23.5% of Togo-based Ecobank". Arab Bankers Association. Retrieved 6 July 2015.
- ^ Gregor Stuart Hunter (31 August 2012). "Mystery buyer of bank stake revealed as QNB". The National. Retrieved 6 July 2015.
- ^ Arif Sharif (15 September 2014). "Qatar's QNB Buys Stock to Become Top Ecobank Shareholder". Bloomberg. Retrieved 6 July 2015.