Qatar National Bank Group (QNB), the leading financial institution in the State of Qatar and one of the largest Banks in the MENA region, announced that it has received approval from the Central Bank of Lebanon (Banque du Liban) to open a full service branch in the country.
This overseas license supports the international expansion plan which in recent years has become an integral part of QNB’s growth strategy and commitment to diversify the sources of its revenue by exploring new and promising opportunities.
QNB’s Lebanon branch will provide a full range of banking services and products to individuals, corporate entities and government. These include retail banking services such as fixed deposits and current accounts, as well as a broad range of corporate banking and advisory services including corporate, project and trade finance.
QNB Group Chief Executive Mr. Ali Shareef Al-Emadi said: “We are very pleased to receive this license which supports the Group’s strategic growth plans and more importantly gives QNB the opportunity to be a key partner that supports the cross-border economic growth of individuals, corporates and government entities in both Lebanon and Qatar”.
Mr. Al-Emadi also added: “The results achieved have been positive with revenues attributable to the Group’s international activities growing significantly in recent years. QNB has succeeded in strengthening its global footprint from Asia to Europe and particularly in the MENA region. The success of the Bank’s international growth plans is recognition of a prudent risk management strategy and a conservative approach to diversifying Group activities in Qatar and internationally”.
Lebanon’s capital, Beirut is one of the most important banking hubs in the Middle East, whilst Doha is a fast emerging market. Additionally, with increasing economic activity between Qatar and Lebanon, QNB’s new branch will serve as valuable asset to amplify the strong business and banking relationship enjoyed by the two countries.
With the addition of Lebanon to its network, QNB Group extends its international reach to cover 24 countries from Europe to Asia and Africa. Additionally, with this new license, QNB completes its presence in the Arab Levant region where it is present in the Syrian Republic through QNB-Syria and The Hashemite Kingdom of Jordan and the State of Palestine through its partnership with the Housing Bank for Trade and Finance (HBTF) in Jordan.
It is noteworthy mentioning that QNB is one of the highest rated banks in the Middle East and North Africa Region based on leading credit rating agencies including Standard & Poor’s, Moody’s, Fitch, and Capital Intelligence.