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Wednesday, 8 February 2017

Biggest Mideast Bank Eyes Southeast Asia After Beating Expansion Goal - Bloomberg

Biggest Mideast Bank Eyes Southeast Asia After Beating Expansion Goal - Bloomberg:

"Qatar National Bank SAQ, the biggest bank in the Middle East and Africa, is turning its focus to Southeast Asia for growth after hitting expansion goals in the region earlier than planned. “Our previous target to become a Middle East and Africa icon by 2017, was achieved in 2014, so we have upscaled our aspiration to become a Middle East, Southeast Asia and Africa bank,” Chief Executive Officer Ali Al Kuwari said in an interview with Bloomberg TV at his office in Doha on Tuesday. “The business environment in Southeast Asia is great for us.” QNB, as the bank is known, is turning its Singapore operation into an Asian hub, adding staff there and introducing Islamic finance products, along with boosting its presence in India, Indonesia, Vietnam and Myanmar, and opening its first branch in Saudi Arabia this year. While the bank isn’t actively pursuing a large acquisition at the moment, it will make use of opportunities as long as they fit the lender’s strategy, Al Kuwari said."



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