DOHA: Qatar National Bank, the biggest lender in the Gulf region, is to open its first branch in Hong Kong, it said on Thursday, part of its plans to boost international operations.
QNB, which received approval for the branch from the Hong Kong Monetary Authority, said it would provide a full range of banking products and services and that the launch was part of an international expansion plan to establish a foothold in key markets like Hong Kong and mainland China.
"Growth in both Hong Kong and China is expected to continue, driven by trade opportunities, direct investments, and large infrastructure spending opportunities," said Abdulla Mubarak Al Khalifa, QNB Group Acting CEO.
"The Hong Kong branch offers the opportunity to leverage QNB's in-depth expertise to capture investment and trade flows in this promising market," said Khalifa.
QNB, which is 50% owned by Qatar's sovereign wealth fund Qatar Investment Authority, posted a 4% increase in first-half net profit in July.
