Qatar National Bank, the first commercial bank owned by the nation and the country’s largest, was established in 1964 and has grown to become one of the largest financial institutions in the region.
The Qatar Investment Authority owns a 50 percent equity stake in the bank, which has steadily grown to develop among the largest distribution networks in the country.
Qatar National Bank operates 42 branches in the region, 11 of which are dedicated to Islamic finance services.
The bank is rapidly establishing an international presence by acquiring stakes in financial institutions throughout the MENA region, including Tunisia, Algeria, Syria and Iraq. Recently, QNB obtained licences to operate in Sudan and Mauritania.
Net income in the quarter ended March 31 rose 10 percent to $278m on the year. Qatar’s central bank has bought $1.87bn of investment portfolios owned by local banks to protect them against the international financial crisis.