Qatar National Bank (QNB Group), the Doha-based bank, has announced that it has obtained regulatory approval from the Hong Kong Monetary Authority (HKMA) to open a branch in Hong Kong, the world's fourth-largest financial centre.
The branch will provide a full range of banking products and services. It will also offer its award-winning expertise in the areas of trading securities and wealth management, as well as other innovative banking solutions.
On this occasion, Abdulla Mubarak Al-Khalifa, QNB Group acting CEO, said: "Receiving the approval to open a branch in such an important market is another vital step in QNB Group's international expansion plans to support its growth strategy and market leadership in MEASEA, as well as establish a foothold in highly competitive markets."
Al-Khalifa added: "Growth in both Hong Kong and China is expected to continue, driven by trade opportunities, direct investments, and large infrastructure spending opportunities, and the Hong Kong branch offers the opportunity to leverage QNB's in-depth expertise to capture investment and trade flowsin this promising market."
A significant volume of Hong Kong's trade flows through countries where QNB Group is present. Hong Kong is the gateway for QNB Group's clients to Mainland China and wider Asia and is the first stop for globalizing Chinese corporates. Moreover, the branch can further assist Chinese investments in the Middle Eastand Africa.