By Staff writer
Qatar National Bank, the Gulf's largest lender, starts ops from Ho Chi Min as part of global expansion plans
Qatar National Bank (QNB), the Gulf's largest lender, has announced that it has launched a representative office in Vietnam as part of its global expansion plan.
The bank said it has started operating its Ho Chi Min office after receiving all the necessary and required regulatory approvals.
In a statement, QNB said at the heart of the Vietnam Office business proposition is the promotion of and stimulation of developing "East-West" flows of trade between Qatar and Vietnam.
It added that the office will now take on the role of extending intermediary services in the field of investment and trade with Middle East companies that are looking to establish their business in Vietnam or looking to invest money in the country.
QNB said it will also act as a liaison with Vietnamese companies that are looking to expand into the growing Middle East market and facilitate investments.
The opening of the QNB Vietnam Office is another addition to the bank's growing network of locations in key markets around the world.
As part of its Asian expansion plans, the Vietnamese economy enjoys one of the fastest growth rates amongst emerging markets. In 2014, the Vietnam economy grew by 6 percent and it is projected to sustain the same growth rate in 2015.
The bank is targeting a profit contribution of about 40 percent from its overseas operations by 2017, the year it wants to be the biggest bank in the Middle East and Africa.
In January, QNB posted a 3.3 percent rise in fourth-quarter net profit as faster lending growth and net fee and commission income bolstered its performance.
QNB said it currently operates in more than 27 countries and across three continents.