Posted on October 18, 2013

An official source from QNB Group today stated that QNB policy does not comment on rumors and it denies the existence of any talks to dispose NSGB and ensures its commitment of the strategic partnership with NSGB.

Qatar National Bank (QNB Group), which has steadily grown to be the largest bank in the Middle East and North Africa Region, completed the acquisition of a controlling stake in Egypt's NSGB amounting to 97.12% during Q1, 2013.

QNB Group was established in 1964 as the country's first Qatari-owned commercial bank, has an ownership structure split between the Qatar Investment Authority (50%) and the private sector (50%). The Group is by far the leading financial institution in the country with a market share exceeding 45% of banking sector assets.

Bloomberg Markets, the leading provider of Business, Financial and Economic news has ranked QNB as the World’s Strongest Bank in its 2012 ranking. The 78 banks in Bloombergs ranking list included some of the largest and most renowned financial institutions in the world, with QNB being the only bank from the MENA Region. QNB also got 3 prestigious awards from Global Finance Magazine, among them is Best Investment Bank in Frontier Markets, and became the first bank worldwide to get this newly introduced category award.

The Group recorded net profit, for the nine months ended 30th September, of QR 7.1 billion, up by 14.1%4.Compared to the same period last year. Total assets increased by 24.5% since 30 September 2012 to QR 437 billion, the highest ever achieved by the Group.

QNB Group continued to witness robust international expansion as the Group successfully completed the acquisition of a controlling stake in Egypt's NSGB amounting to 97.12% during Q1, 2013. The Group has also extended its regional reach by acquiring stakes in various financial institutions including 35% stake in the Jordan-based, the Housing Bank for Trade and Finance (HBTF), 40% in Commercial Bank International (CBI) based in the United Arab Emirates (UAE), 99.96% of the QNB-Tunisia, 51% in the Iraqi-based Mansour Bank, 49% of the Libyan based Commerce & Development Bank and 20% stake in Al Jazeera Finance Company in Doha. QNB Group also retains 51% stake in QNB-Syria and a 70% stake in QNB Kesawan in Indonesia.

Qatar Airways now flies 4 times weekly to Warsaw, Poland