COMMERCIAL NEWS
QNB Group starts operation in India
Jul 24, 2017 8:35 AM
QNB Group the largest financial institution in the Middle East and Africa has recently commenced operations in Mumbai the economic capital of India. The start of the group s operations in India comes in...
QNB Group, the largest financial institution in the Middle East and Africa, has recently commenced operations in Mumbai, the economic capital of India.
The start of the group’s operations in India comes in support of its vision to become a leading bank in the Middle East, Africa, and Southeast Asia by 2020, in addition to establishing a foothold in highly competitive markets, said the bank.
Through its new branch in India, the group offers a full spectrum of banking products and services. The group also offers its rich experience in wealth management, investment portfolios, project finance, and the provision of smart banking solutions and a range of innovative products and services designed to suit the requirements of the Indian market.
The Indian economy is the seventh largest in the world with an annual GDP of $2.3 trillion in 2016. It is the world’s second most populated country and the fastest growing major economy. It has expanding trade and population ties with Qatar and the Middle East region more broadly. In particular, India is the third largest importer of liquefied natural gas from Qatar.
QNB Group’s total assets reached $211 billion as at June 30, 2017, the highest ever achieved by the group, and net profit for the six months ended June 30, 2017 was $1.8 billion.
QNB Group’s presence through its subsidiaries and associate companies extends to more than 31 countries across three continents providing a comprehensive range of advanced products and services. – TradeArabia News Service
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