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Qatar National Bank (QNB) announced that its Representative Office in Singapore has been upgraded into a full fledged branch effective 10 September, 2008.

QNB, which obtained its license as a Representative Office in April 2007, was the first Qatari bank to operate in Singapore. QNB Singapore Branch holds a wholesale banking license and will provide a full range of banking services and products including fixed deposits, current accounts, corporate loans, project finance and trade finance.

The conversion of the representative office in Singapore to a full Branch of QNB, is a clear indication of how banking as a service industry has grown significantly in recent years. The Bank is very keen on operating as a full branch in Singapore, a strategically located country in the heart of Southeast Asia and one of regions banking centers.

The expansion of QNB's foreign activities in the last few years has been prompted by its growing international clientele ranging from corporate clients to high net worth individuals. Concurrent growth in economic ties, development of foreign trade and a wave of globalization has led QNB to pursue more aggressive growth by acquiring shares in leading financial organisations and establishing representative offices and branches worldwide.

QNB's operations have witnessed remarkable expansion in the year 2008, with its reach extending to countries such as Yemen, Libya and Oman in addition to its investments in banks in Tunisia, Syria and Jordan. QNB has also obtained licences to operate in Sudan and Mauritania. QNB's presence is counted in 22 countries including institutions in which it holds shares.

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About QNB

Qatar National Bank (QNB) was established in 1964 as the country's first Qatari-owned commercial bank, with an ownership structure split between Qatar Investment Authority (50%) and the private sector (50%).

QNB has steadily grown to be among the largest banks in the region and is by far the leading financial institution in the country with a market share approaching 40% of banking sector assets. QNB has the largest distribution network of 42 branches and offices (including 3 mobile branches), in addition to 11 Islamic branches and offices, and more than 130 Automated Teller Machines (ATMs).

QNB's international presence is rapidly expanding to include new locations around the world to supplement existing branches in London and Paris and the Representative Office in Iran. In 2007, QNB opened new branches in Yemen, Oman & Kuwait and a Representative Office in Libya.The Banks Representative Office in Singapore received a new wholesale banking licence making it a full fledged Branch of QNB. Recently, QNB, also obtained licenses to operate in Sudan and Mauritania.

As part of the same expansion plan, QNB has acquired 32.4% of the shares of the Jordan based, The Housing Bank for Trade and Finance (HBTF) which also operates in Palestine, Bahrain, Algeria, Syria, UAE, Libya and Iraq. QNB also signed an agreement to establish the Qatar National Bank-Syria jointly with other Syrian private and public sectors institutions with a 49% stake for QNB. The Bank also acquired 23.8% of the shares of Commercial Bank International (CBI) based in the United Arab Emirates (UAE), thus making its first entry into the UAE financial market.

In 2008, QNB entered the Tunisian market through acquiring 50% of the Tunisian-Qatari bank. QNB has also taken a 30% stake in "The Kuwaiti-Qatari Company for Ijara and Investment, which will offer Islamic financing services within the Gulf Cooperation Council countries and has acquired a 20% stake in the Doha-based Al Jazeera Islamic Company. The bank recently received approval from Qatar Financial Center to establish a new investment company; QNB Capital, which will be providing investment banking services.

QNB offers a full range of retail, corporate, investment, treasury, wealth management, and Islamic banking products and services for individuals, corporate institutions and government entities. QNB is constantly striving to provide intelligent banking solutions and its range of products and services, and delivery channels across all disciplines continues to be unrivalled.

QNB was the first conventional bank in Qatar to offer Islamic Banking products and services through QNB Al Islami and the first Qatari bank to launch equity funds for companies listed in the Doha Securities Market.

The London-based Ansbacher, QNB's Wealth Management and Private Banking subsidiary, operates in Switzerland, Channel Islands, the Bahamas, Dubai International Financial Center and Qatar Financial Center. Ansbacher was the first financial institution to be granted a license to operate at Qatar Financial Centre providing a wide range of wealth management services in Qatar and the region.

QNB has the highest credit rating among regional banks from leading rating agencies including Standard & Poor's, Moody's, Fitch, and Capital Intelligence. The Bank has also been the recipient of many awards for its innovative products, services and remarkable performance from leading international specialized financial publications.

QNB has an active community support program and sponsors various social, educational, and sports events.

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