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Qatar's top lender soars, expands to China
- Qatar: Thursday, January 10 - 2013 at 14:39
The QE 20 Index added one percent to reach 8,781.70 Thursday amid a general bullish sentiment at global stock exchanges. Qatar National Bank, known as QNB, gained 2.86% to hit QR140.40. Earlier in the day, the bank said it obtained the necessary approvals to open a representative office in China. This step is in line with QNB Group's strategy to expand in selected countries, said the lender. "By entering the Chinese market, the number of countries in which the group operates will increase to 25 countries spread across the continents of Asia, Europe and Africa." QNB follows similar moves by the UAE's two largest banks Emirates NBD and National Bank of Abu Dhabi which opened representative offices in Beijing and Shanghai last year. Since the year 2000, exports from China to the GCC have increased more than seven-fold, while GCC exports to China have increased five-fold. The consulting group McKinsey and Company forecasts that trade flows between China and the Middle East will reach between $350bn and $500bn by 2020.
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Gérard Al-Fil, Financial JournalistThursday, January 10 - 2013 at 14:39 UAE local time (GMT+4)
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