Qatar National Bank, the state-backed lender of Qatar, is extending its Middle East reach through acquisitions as it takes advantage of the downsizing of European banks and of Doha's new-found political clout.
The lender, which is 50 per cent-owned by Qatar’s sovereign wealth fund, is in early talks to buy French bank Société Générale’s majority stake in its Cairo-based unit, according to a stock market filing on August 30. On the same day, the Qatari lender, now the biggest in the Middle East and north Africa with $91bn in assets, boosted its stake in Dubai-based Commercial International Bank.
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