Qatar National Bank to open branches in Saudi Arabia, India

Qatar National Bank (QNB) is looking to open branches in Saudi Arabia and India this year as part of a strategy to earn half of its net profit from international operations, local media reported on Monday, citing QNB chairman and Qatar finance minister Ali Sherif Al-Emadi.

The bank obtained regulatory approvals last year from the Saudi Arabian Monetary Authority (SAMA) and the Reserve Bank of India last year to open branches in the two countries, Al-Emadi told shareholders.

“Opening branches in these two countries will give us presence in two of Asia's largest and most dynamic markets,” he added.  

The Qatar-listed lender plans to accelerate international growth, particularly in the Middle East, Africa and Southeast Asia, in addition to strengthening its domestic position, Al-Emadi said.

QNB last month reported a net profit of QAR 12.4 billion ($3.4 billion) for the twelve months ended Dec. 31, 2016, up 10 percent year-on-year.