First Qatari bank to open in Yemen

Qatar National Bank (QNB) will become the first Qatari bank to open a branch in Yemen when it begins operations there on Thursday.

QNB was given official approval to open a full service branch there at the end of 2006.

The branch will offer services to corporations and institutions, and investment opportunities for QNB's clients in both Yemen and Qatar.

The bank opened new representative offices in Libya and Singapore in April this year. It is currently preparing to open new branches in Oman and Kuwait, supplementing existing branches in London and Paris.

Its wealth management and private banking subsidiary Ansbacher operates in Switzerland, the Channel Islands, the Bahamas, Dubai International Financial Centre and Qatar Financial Centre.

Earlier this month, QNB signed an agreement to establish a joint Qatari-Syrian bank along with a number of public and private institutions in Syria. It also acquired 30% of the shares of the Jordan-based Housing Bank for Trade and Finance (HBTF) for around $640 million.

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