QNB to start India operations
Doha, May 22, 2013
Qatar National Bank (QNB) will start operations in India in the third quarter of this year, said the lender, expanding its reach to Asia's third-largest economy.
The state-owned bank, which has a presence in nearly 25 countries, said it had received all regulatory approvals to establish a fully-owned subsidiary under the name of "QNB India Private Limited," which is expected to begin operations in the third quarter.
QNB said it would offer consultancy and advisory services in investment and finance for Middle Eastern companies looking to establish businesses and/or invest in India.
The bank, which also has stakes in lenders in countries such as Indonesia, Jordan and Tunisia, wants its international business to contribute around 40 per cent of profit and 45 per cent of total assets by 2017, chief financial officer Ramzi Mari said in December.
Late last year, QNB agreed to buy the Egyptian arm of French bank Societe Generale for $2 billion, its largest acquisition to date.-Reuters
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