Qatari bank sees gradual growth in #Saudi after end of rift | Reuters

Qatari bank sees gradual growth in Saudi after end of rift | Reuters

Qatar National Bank (QNB), Gulf’s biggest bank by assets, expects its business in Saudi Arabia will pick up only gradually after reviving its Riyadh branch that was dormant for more than three years due to a diplomatic and economic rift.

A QNB executive made the comments to analysts on Monday after Riyadh announced a deal on Jan. 5 to end the dispute with Doha that forced Qatari firms to halt business in the kingdom and its airline to reroute flights around Saudi airspace.

QNB opened its branch in the Saudi capital in May 2017, just a month before the dispute erupted.

QNB Group Chief Financial Officer Ramzi Mari told analysts that the impact of reopening its Riyadh branch would be gradual, analysts who joined the call told Reuters.

The bank would rebuild its information technology infrastructure and the banking team in Riyadh, Mari said, according to the analysts who did not give further details.