National Bank of Kuwait acquires an interest in Grindlays Qatar Bank

This agreement which increases the shareholders¡¦ equity of the bank to approximately USD 100 million is considered one of the most important banking transactions within the region during the last few years.

Also announced was the planned change of name from ¡§Grindlays Qatar Bank¡¨ to ¡§International Bank of Qatar¡¨ the name change reflects the Bank¡¦s role in the region and a new phase of development and growth.

NBK Chairman Mr. Mohamed Abdul Rahman Al Bahar anticipates that NBK¡¦s expertise in banking and management and its network of branches regionally and internationally in addition to GQB¡¦s local activities and expertise will play a major part in the development of International Bank of Qatar to become a key player in the Qatari Banking sector. Customers can be assured of continuity of services with no changes in staff or management planned.

Al Bahar added that this deal will be of benefit to both parties in addition to it developing the cooperation between the two countries. On one side NBK considers this step as a major move towards the realisation of its strategies to grow and spread regionally adding a new link to its recent growth within the area, which includes Jordan, Kingdom of Saudi Arabia and Iraq. Al Bahar emphasised the benefits to be gained by International Bank of Qatar and its shareholders through this relationship, as both the increase in capital and NBK expertise will create ideal opportunities to develop the Bank¡¦s activities and contribute to the growth and enhancement of Qatar¡¦s economy.

GQB General Manager Desmond Holmes expressed the view that the partnership and cooperation with NBK will provide a new impetus to GQB in the development of its existing business and its plans to expand into new banking areas.