QNB raises stake in UAE Commercial Bank
Doha, September 1, 2012
Qatar’s QNB Group has completed an increase in its stake in the UAE based Commercial Bank International (CBI) to 40 per cent, in line with the bank’s expansion strategy in the Middle East and Africa.
CBI operates a network of 19 branches across the UAE. Total assets as at June 30 reached Dh12.0 billion ($3.3 billion) and net profit for the six months of 2012 stood at Dh141.3 million ($38.5 million).
QNB Group has achieved strong financial results for the first half of 2012, with net profit of QR4.1 billion ($1.12 billion), up by 17.1 per cent compared to the same period last year. Total assets increased by 25.5 per cent since 30 June 2011 to reach QR330.8 billion, the highest ever achieved by the Group.
In line with QNB Group’s international expansion plans, the Group has recently increased its stake in Mansour Bank in Iraq to 51 per cent and has also acquired a 49 per cent stake in the Bank of Commerce & Development, one of Libya’s leading private sector banks.
The Group is currently present in 24 countries around the world through its network of branches, subsidiaries and associates. The Group employs nearly 7,600 staff and has a network of 345 branches and offices and an ATM network of more than 670 machines. – TradeArabia News Service