| Home | GCC | World | Industries | Markets | Opinion | Interviews | Photos | Video | Lists | Lifestyle | StartUp | Topics | Jobs | Property | Smart TV |
Help, I forgot my username and/or password
Qatar National Bank has acquired an additional 49.96 percent stake of Tunisian Qatari Bank, bringing its ownership stake to 99.96 percent, pending regulatory approval, the lender has said.
QNB is buying the stake from the Tunisian government, a company statement said. It had bought 50 percent in 2008.
The acquisition "would strengthen and support the technical and administrative resources of the Tunisian Qatari Bank, and strengthen the risk management framework to allow it to benefit from the Group's international reach," the statement said.
The Gulf state's largest lender, which has snapped up several banking stakes as part of a regional expansion strategy, said in December it was looking at a majority stake in a top 10 Turkish bank as a means to add value.
QNB, which already has stakes in lenders in countries such as Indonesia, Jordan and Tunisia, wants its international business to contribute around 40 percent of profit and 45 percent of total assets by 2017, chief financial officer Ramzi Mari said in December.
The lender, which is 50 percent owned by sovereign wealth fund Qatar Investment Authority and has a market value of around $26bn, raised its stake in Abu Dhabi-based Commercial Bank International to 39.9 percent from 16.5 percent last year.
It also boosted its stake in Iraq's Mansour Bank to 51 percent and bought a 49 percent stake in Libya's Bank of Commerce and Development in April.
The acquisitive Gulf Arab lender earlier this month posted fourth-quarter net profits of QR2.1bn, which were essentially flat compared with the previous year.
Could you imagine what would happen if a large proportion of the educated, professional worker population suddenly left (let alone the domestic workers... more
Friday, 24 May 2013 1:26 PM - KhalidI was in Qatar yesterday and I had a good chuckle to myself about it all. There are three possible outcomes - all of which will be a monumental mess. ... more
Thursday, 23 May 2013 3:35 PM - SteveSadly, The cops don't even understand English & they are not willing to listen to anything. They do as they like, It is my wish that wherever the citizens... more
Friday, 24 May 2013 6:02 PM - Expat in KuwaitAs much as I love the UAE, this will be a problem for them in the future. Lets look at this from any democratic Country on Earth. If I decided not to turn... more
Wednesday, 22 May 2013 11:56 AM - Ty SayCould you imagine what would happen if a large proportion of the educated, professional worker population suddenly left (let alone the domestic workers... more
Friday, 24 May 2013 1:26 PM - KhalidIf one wants to visit or live in Bahrain one must abide by the laws. Living without pork is no huge sacrifice. Muslim and Jewish nations subscribe to this... more
Saturday, 25 May 2013 6:05 PM - Jeffrey Kershaw
Top managment greed is one of the main reasons that caused the 2008 crises. hope i delivered the message..
more
As much as I love the UAE, this will be a problem for them in the future. Lets look at this from any democratic Country on Earth. If I decided not to turn... more
Wednesday, 22 May 2013 11:56 AM - Ty SayCould you imagine what would happen if a large proportion of the educated, professional worker population suddenly left (let alone the domestic workers... more
Friday, 24 May 2013 1:26 PM - Khalid
Join the Discussion
Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.
Please post responsibly. Commenter Rules