QNB hopes to play a ‘significant’ role in RMB requirements

The QNB Group hopes to play a “significant” future role in assisting the Middle Eastern and African clients for their Renminbi (RMB) requirements, its top official said.This is derived from its strong South East Asian presence and its ability to conduct specialist business transactions across the areas of currency clearing, trade finance, asset and wealth management and treasury services.“The creation of the first official Middle East and Africa based clearing hub for Renminbi will serve client needs and place Doha at the heart of Middle East-China trade,” Noor al-Noaimi, acting GM Treasury, said.Stressing that as the biggest bank in Qatar, QNB is fully aligned and supportive of the Qatar Central Bank (QCB)-led initiative; he said the Qatar Renminbi Centre (QRC) will provide a significant “East-West” corridor for those clients and businesses who wish to transact in RMB currency and do business in one of the largest economies in the world.The regional clearing hub concept was one of the key provisions of the financial agreements signed between Qatar and China following parleys held between the two countries in November 2014. “As the only Qatari Bank based in China, we believe that QNB is well-placed to commercially benefit from this direct clearing infrastructure and provide future value and benefit for a growing number of clients who have an international perspective,” he said.QNB’s network of operations will now take on the role of extending intermediary services in the field of investment and trade with Middle East companies that are looking to establish their business in China or looking to invest in Asia, as part of its growing Asian expansion plans.In addition, QNB will also act as intermediary with Chinese and Asian companies that are looking to expand into the growing Middle East and Africa markets and facilitate investment activities, he said.The QNB group approach and support for the regional clearing hub concept revolves around the twin pillars of robust financial performance and prudent international expansion, according to him.The establishment of the QRC is further testament to the success and growing influence of Qatar’s position within international financial markets, a bank spokesman said.