Doha, 30 December, 2007 – Qatar National Bank (QNB) announced today that its branch in the Sultanate of Oman has started its operations offering full banking services to Omani and Qatari businesses and individuals.
QNB was granted a license to operate in Muscat, the capital of Oman in January this year. The bank lived up to its commitment that the branch in Oman will start serving the Omani by the end of 2007.
QNB is the first Qatari bank to open a branch in Oman, thus falling in line with QNB’s strategy to develop its regional and international presence and business.
Mr. Ali Shareef Al Emadi, QNB’s Group Chief Executive Officer said: “Oman and Qatar share close ties and opening this new branch will foster better trade relations between the two countries. With our customer base increasing rapidly within our country and beyond, it has become imperative for us to expand our services in new markets.”
“Backed by more than 40 years of experience in the various banking operations, the new branch will offer comprehensive services such as various types of accounts, loans, fund management and other corporate level services in the Omani market,” Mr. Al Emadi added.
The opening of QNB’s branch is expected to help increase the trade volume between the two countries, facilitate the banking transactions and elevate the service of customers, including recent and potential individuals and corporates in Qatar and Oman.
In the year 2007, QNB aggressively drove its regional and international expansion plans by establishing joint ventures in Syria and acquiring new stakes in Jordan’s second biggest lender and opening offices in countries like Libya, Yemen and Singapore. In the same vein, QNB recently acquired approval to open a branch in Mauritania.