Qatar National Bank opens first branch in Saudi Arabia

07/05/2017 Argaam

Qatar National Bank, the largest lender by assets in the Middle East, has opened its first branch in Saudi Arabia, it said in a statement on Sunday.

 

The new branch is located in the capital city of Riyadh and will provide services to individuals and companies.

 

Ali Ahmed Al-Kuwari, QNB Group CEO, said the move its part of the group’s larger strategic plan to be present in all markets “that have a strong and resilient economy.”

 

Saudi Arabia had in September 2015 approved QNB license to open a branch in the Kingdom, Argaam earlier reported.

 

With QNB’s latest branch, the total number of foreign banks operating in Saudi Arabia has gone up to 13. 

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