QNB will start operations in India soon as the Middle East and North Africa’s largest bank received all regulatory approvals to establish a fully owned subsidiary in Asia’s third largest economy.
Doha-based QNB yesterday said its fully-owned subsidiary, QNB (India) Private Limited was expected to commence operations during the third quarter of this year.
“QNB (India) will take the role of extending consultancy and advisory services in the field of investment and finance for the Middle East companies that are willing to establish businesses and/ or invest in India.
“As part of our international expansion strategy, QNB Group is seen to always seek presence and competition in leading markets. Indian economy is the 10th largest in the world by nominal GDP (Gross Domestic Product) and the third-largest by PPP (Purchasing Power Parity),” QNB said.
When contacted Indian ambassador Sanjiv Arora said the commencement of QNB Group’s operations in India, through its wholly-owned subsidiary QNB (India) Private Limited, was another positive development in his country’s co-operation with Qatar.
“QNB is the largest bank in Qatar and in Mena region and its presence in India would contribute to the growth of trade and investments in both directions,” Arora told Gulf Times in Doha yesterday.
“I had useful meetings with the chairman-designate of QNB (India) Pvt Ltd, both before as well as after his recent visit to Mumbai in connection with this project.
“It is heartening that QNB’s official announcement comes within a day of the Doha visit of India’s Finance Minister P Chidambaram, during which both sides expressed keenness to expand cooperation in a number of areas, including banking and finance,” Arora said.
Bloomberg Markets, the leading provider of business, financial and economic news recently chose QNB as the “World’s strongest bank” in its 2012 ranking.
The 78 banks in Bloomberg’s ranking list included some of the largest and most renowned financial institutions in the world, with QNB being the only bank from the MENA region.
QNB Group is among the highest rated regional banks from leading credit rating agencies including Standard & Poor’s (A+), Moody’s (Aa3), Fitch (A+), and Capital Intelligence (AA-).
Based on the group’s continuous strong performance and the expanding international presence, the bank is currently ranked as the “most valuable brand in the Mena region”, with a current world ranking of 120 in 2013.
QNB or Qatar National Bank was established in 1964 as the country’s first Qatari-owned commercial bank. It’s ownership structure is split between Qatar Investment Authority (50%) and the private sector (50%).
QNB Group has steadily grown to be the largest bank in the MENA region and is by far the leading financial institution in the country with a market share exceeding 45% of banking sector assets.
“It is heartening that QNB’s official announcement comes within a day of the Doha visit of India’s Finance Minister P Chidambaram, during which both sides expressed keenness to expand co-operation in a number of areas, including banking and finance”