Qatar National Bank expands operations in Saudi Arabia
The new branch aims to meet the financial needs of its growing Saudi customer base. It is part of the Qatari lender's regional expansion strategy.
Qatar National Bank (QNB) has opened its second branch in Saudi Arabia to strengthen its regional presence.
Located in the port city of Jeddah, the new office will offer solutions to retail and corporate customers in the Kingdom's western region, according to a press release on Zawya.
The new branch aims to meet the financial needs of its growing Saudi customer base. It is part of the Qatari lender's regional expansion strategy. It aims to strengthen its position in the GCC banking market.
“We are pleased to have obtained the official licenses necessary to open our second branch in the Kingdom of Saudi Arabia. The city of Jeddah is one of the most important economic markets in the region, which makes it a valuable addition to our international network," said Abdullah Mubarak Al Khalifa, CEO of QNB Group.
"This supports our efforts to strengthen and develop our banking business within the Kingdom, in particular, and in the region, in general” he added.
The bank, founded in Saudi Arabia in 2017, operates in 28 countries with an ATM network of over 4,900 units and made its debut in Riyadh.
The Qatari lender is also listed on the Egyptian stock exchange under the trading symbol QNBA and the name QNB Al Ahli.
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Edited by Megha Reddy