Qatar National Bank has obtained the regulatory approvals from the Hong Kong Monetary Authority to open a branch in Hong Kong, the group said in a statement on Thursday.
The branch will provide a full range of banking products and services. It will also offer its expertise in the areas of trading securities and wealth management, as well as other innovative banking solutions, the Qatar National Bank, or QNB group, added.
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 East and Africa.
Growth in Hong Kong and China Expected
QNB Group is a financial institution in the Middle East, Africa, and South East Asia (MEASEA). Its presence through its subsidiaries and associate companies extends to more than 31 countries across three continents providing a range of advanced products and services. The total number of employees is more than 30,000 operating through 1,100 locations, with an ATM network of more than 4,400 machines.
On this occasion, Abdulla Mubarak Al-Khalifa, QNB Group Acting CEO, said: «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 flows in this promising market.»
