Qatar's QNB ups stake in Jordanian bank

INTERNATIONAL PROFILE: QNB has also sponsored major sporting events. (Getty Images)

QNB, Qatar’s largest lender by assets, has increased its stake in Jordan-based Housing Bank for Trade and Finance (HBTF) to 32.46 percent, the Qatari daily Gulf Times reported on Monday.

"As part of strategic plan for international expansion, the bank has increased its share in the capital of HBTF by acquiring additional two million shares," QNB said in a statement to the Doha Securities Market.

QNB, in which Qatar Investment Authority (QIA) has a 50 percent stake, did not say how much it had paid for the shares.

HBTF has operations in Palestine, Bahrain, Algeria, Syria, the UAE, Libya, Iraq and Jordan.

QNB had increased its hold to 31.72 percent after buying the 20.6 percent owned by the QIA in the Jordanian bank, which provides commercial banking services, loans and credit cards, corporate and retail financing products and investment banking services, the paper said.

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