The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

QNB flies flag for Qatar’s growth

QNB became the Middle East’s biggest bank last year and is now stepping up acquisitions abroad. Can it follow Qatar’s corporate champions and transform into an emerging market-focused bank worthy of the state’s newfound financial power?

Change planes in Doha and you cannot miss the three letters covering the side of the bus transferring you to the terminal: QNB.

Qatar National Bank until recently kept a lower profile than Qatar’s other state-backed corporate flagships, such as Qatar Telecom (Qtel) or Qatar Airways. But that has begun to change: in January, Paris football club PSG said it would carry QNB’s logo – the bank’s first big sports sponsorship deal outside Qatar.

Qatar Investment Authority (QIA) indirectly bought a stake in PSG last year. Now the sovereign wealth fund, which owns 50% of QNB after subscribing to a $4 billion rights issue in 2011, has given the go-ahead to QNB’s other new foreign acquisition plans.

Indeed, QNB is joining the club of state-sponsored so-called Q companies stalking the emerging world.

"The Qatar model is to build champions in many businesses, such as Qatar Airways, Qtel or [property developer] Qatari Diar," says Ali Al-Kuwari, QNB’s chief business officer. "These champions are the ambassadors of Qatar’s success outside of Qatar, and QNB considers itself Qatar’s financial champion. There is no other."

Christian Eichner, QNB’s head of group strategy, says the bank’s new five-year plan, formulated partly with advice from management consultants McKinsey, envisages QNB replicating the success and profile of emerging-market banks of the calibre of Brazil’s Itaú or Singapore’s DBS by 2017.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree