SINGAPORE: Qatar National Bank (QNB) is putting South-East 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 South-East 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.”The lender reported record profit in 2019, helped by higher interest income.
Al-Khalifa was promoted to QNB’s top job in December after 13 months as acting CEO and more than two decades working for the lender.Article type: free
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sabah Law Society renews call for judges with 'Bornean experience' to hear cases from East MalaysiaKUCHING: The Sabah Law Society (SLS) has renewed its call for judges with Bornean judicial experience to form part of the appellate courts' panel when hearing cases from Sabah and Sarawak.
Read more »
Sabah group wants East Malaysian judge on panels hearing Borneo cases | Malay MailKUCHING, Jan 17 — The Sabah Law Society (SLS) said at least one judge with “Bornean judicial experience” must be included in Court of Appeal and Federal Court benches hearing matters arising from cases from the High Court of Sabah and Sarawak. SLS president Roger Chin said judges with Bornean...
Read more »
Putrajaya to ensure judges with Bornean experience for East Malaysia casesSuch judges can best appreciate cases with unique local conditions, culture and customs in Sabah and Sarawak: Liew
Read more »
South Koreans among seven missing in Himalayan avalanche | Malay MailKATHMANDU, Jan 18 — An avalanche in Nepal’s Annapurna region has left at least seven people missing, including four South Koreans and three Nepalis, officials said today. The incident occurred at an altitude of around 3,230 metres close to the base camp for Annapurna, one of the highest peaks...
Read more »
North vs south: Bersatu polls shaping up to be platform for big names in partyKUALA LUMPUR: The first Parti Pribumi Bersatu Malaysia (Bersatu) party polls is seen to be shaping up as the platform for two big names in the party to consolidate party grassroots support across the nation.
Read more »
South Koreans among 7 missing in Himalayan avalancheLocal police say poor weather is hampering rescue efforts. FMTNews Annapurna Avalanche
Read more »