Mideast’s Biggest Lender Focuses on Southeast Asia to Expand - Bloomberg

Mideast’s Biggest Lender Focuses on Southeast Asia to Expand - Bloomberg:

Qatar National Bank is putting Southeast Asia as the focus of its expansion, the chief executive officer of the Middle East’s biggest lender said.

“Our focus really was the Middle East and then we expanded to Southeast Asia where we’re now focusing,” Abdulla Al-Khalifa said in an interview with Bloomberg TV. “If we find the right opportunity for acquisition, we will consider it,” he said, adding there are no deals currently under review.

Lower oil prices are forcing Gulf lenders to consolidate and look for business outside their home markets. QNB has been expanding with the purchase of National Bank of Greece SA’s Turkish unit and Societe Generale SA’s Egypt subsidiary. The bank’s regional growth has been curtailed as Qatar has been locked in a standoff with Saudi Arabia, the United Arab Emirates, Bahrain and Egypt since mid-2017. 

Expanding abroad is part of how the bank will continue growing despite the small scale of Qatar’s local market, Al-Khalifa said. “We know that Qatar, at one point in time, will not be itself sufficient to satisfy our expansion growth, or the growth potential that we have.”