Category: General News
Posted Jul 24, 2017 18:34 (GMT +7)
QNB Group Commences Operations in India
DOHA, Qatar--(BUSINESS WIRE)--Jul. 23, 2017
QNB Group, the largest financial institution in the Middle East and Africa, has recently commenced operations in the city of Mumbai, the economic capital of the Republic of India.
The start of the Group’s operations in the Republic of India comes in support of its vision to become a leading bank in the Middle East, Africa, and Southeast Asia by 2020, in addition to establishing a foothold in highly competitive markets.
Through its new branch in India, the Group offers a full spectrum of banking products and services. The Group also offers its rich experience in wealth management, investment portfolios, project finance, and the provision of smart banking solutions and a range of innovative products and services designed to suit the requirements of the Indian market.
The Indian economy is the seventh largest in the world with an annual GDP of USD2.3tn in 2016. It is the world’s second most populated country and the fastest growing major economy. It has expanding trade and population ties with Qatar and the Middle East region more broadly. In particular, India is the third largest importer of liquefied natural gas from Qatar.
It is worth mentioning that QNB recently topped The Banker magazine’s and ranked Best Bank in the Middle East and Africa by Tier 1 capital, as well as ranking 82nd among the Top 1000 World Banks.
QNB Group’s total assets reached USD211 billion as of 30 June 2017, the highest ever achieved by the Group, and net profit for the six months ended 30 June 2017 reached USD1.8 billion.
QNB Group’s presence through its subsidiaries and associate companies extends to more than 31 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees is more than 27,900 operating through more than 1,250 locations serving more than 21 million customers, with an ATM network of more than 4,300 machines.
*Source: ME NewsWire
View source version on businesswire.com: http://www.businesswire.com/news/home/20170723005034/en/
Maha Mubarak Ali, +97444975704
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