Qatar National Bank (QNB) Group announced that it has obtained the approval of the Central Bank of Iraq to increase its stake in Mansour Bank in Iraq from 23% to 51%.
As a result of this stake increase, QNB Group will augment its representation on the Mansour Bank’s Board of Directors in proportion to its ownership.
In accordance with the memorandum of understanding, signed between the two banks, QNB Group will effectively manage Mansour Bank and provide it with needed technical and logistical support. This will enhance Mansour Bank’s abilities to offer a wide range of advanced products and services in the Iraqi market, benefiting from the support from QNB Group’s international network.
Mansour Bank began its operations in the second half of 2006, initially providing services through its head office in Baghdad, thereafter increasing its presence to seven branches and one office, covering a number of provinces in Iraq and employing 186 staff.
QNB Group provides specialized services through its subsidiaries and wholly-owned companies, including QNB International Holdings, which is headquartered in Luxembourg, QNB Capital, registered in the Qatar Financial Centre, QNB Banque Privée (Suisse) the full service private banking subsidiary of the QNB Group in Geneva Switzerland; and QNB Financial Services, which offers best-in-class financial brokerage services to retail and institutional clients allowing access to local, regional and international markets.
QNB Group has achieved strong financial results for the first quarter of 2012 with a net profit of QR2.0 billion, up by 17.4% compared to the same period last year. Total assets increased by 28.2% since 31 March 2011 to reach QR311.1 billion, the highest ever achieved by the Group.
In line with QNB Group’s international expansion plans, the Group has recently acquired a 49% stake in the Bank of Commerce & Development, one of Libya’s leading private sector banks. The Group is currently present in more than 24 countries around the world through branches, subsidiaries and associates. The Group, which employs nearly 7,000 staff, provides an array of banking services to a global standard through 335 branches & offices with an ATM network of more than 650 machines.
As a result of QNB Group’s continuous strong performance, the Bank was recently named one of the World’s 50 Safest Banks and one of the Safest Banks in the Middle East, according to the latest update published by Global Finance in April 2012. QNB Group is rated the number 1 brand in the MENA region, with a world ranking of 114, of the world’s top 500 banking brands, from 189 in 2011.