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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.
The problem with many South Asians in general and Indians in particular is that greed has no limit for them. No matter how much they get, which is often... more
Wednesday, 19 June 2013 10:59 AM - Fahd
In those so called democratic (they should change it to Hypocratic) there is freedom of speech but no freedom after the speech.
When the guys speaking... more
If Boeing can develop a 777 that can fly for 20 hours, then why bother flying through Dubai? Most EK traffic is transfer passengers. 20 hours nonstop would... more
Wednesday, 19 June 2013 5:04 PM - John HarteThe problem with many South Asians in general and Indians in particular is that greed has no limit for them. No matter how much they get, which is often... more
Wednesday, 19 June 2013 10:59 AM - Fahd
@anguilla: Kalba town is part of the Sharjah Emirate.
along with khor fakkan and dibba al hisn.
http://en.wikipedia.org/wiki/Sharjah_%28emirate... more
I am wondering why this article is being published here? it is really useless. anyway, I in certain ways agree with the Mufti. god bless Saudi Arabia more
Tuesday, 18 June 2013 9:27 AM - Faisal@ Henry, enough of whining, the host country does not need you, it is your employer that needs your services and you know well enough that you can be made... more
Saturday, 1 June 2013 11:32 AM - ZainOrganizations like HRW, Green peace, ILO, UNHCR are so self serving that it is amazing they still exist! they spend 60/70 percent of their budgets (meant... more
Thursday, 30 May 2013 7:53 PM - NavinThe problem with many South Asians in general and Indians in particular is that greed has no limit for them. No matter how much they get, which is often... more
Wednesday, 19 June 2013 10:59 AM - Fahd
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