QNB Group has welcomed the Saudi Cabinet’s approval to open its branch in the kingdom, which Mena’s top financial institution said, will enable it to enter “one of the biggest markets in the GCC and the world’s financial market.”
QNB Group CEO Ali Ahmed al-Kuwari has expressed his “deep gratitude and thanks to the government of His Majesty Custodian of the Two Holy Mosques for its continuous efforts and keenness to support the banking sector in the kingdom for the benefit of everyone”.
“The approval of the Saudi Cabinet to licence the Group represents a milestone in QNB’s journey and strategy to expand in selected markets, especially that the Kingdom of Saudi Arabia is one of the largest and most important markets that leads the Arab economies and one of the most effective and influencing markets in the world, al-Kuwari said.
QNB Group CEO also said, “The banking sector in the kingdom enjoys a solid infrastructure and provides a healthy competitive environment with its well-established financial institutions; thus, QBN Group — with its expertise and large network covering three continents — is delighted to be an active part of this promising Saudi market.”
The Saudi economy is the largest in the GCC region and the largest oil producer in the world, offering great opportunities for the private sector. It also has many advantages including stable performance and large international reserves in light of the low levels of debt and the strong growth rates.
Currently, QNB Group is present through its subsidiaries and associate companies in some 27 countries across Asia, Africa, and Europe providing a comprehensive range of advanced products and services.
The total number of employees is more than 14,900, operating through more than 630 locations, with an ATM network comprising 1,340 machines.

QNB said to bid for Kuwait Finance House’s Malaysia business
QNB, the biggest Middle East lender by market value, is among suitors that submitted final bids for Kuwait Finance House KSC’s Malaysian operations, people with knowledge of the matter said, according to a Bloomberg report.
A QNB spokesman said he couldn’t immediately comment.
Kuwait Finance House is evaluating offers from QNB and at least one other party, according to the people. It may not proceed with the sale unless it can agree on a high-enough price, one of the people said, asking not to be identified as the information is private.
QNB has been expanding overseas to reduce its reliance on a home market of 2mn people. It has spent $3bn on acquisitions since 2012, including purchasing Societe Generale’s Egyptian unit and increasing its stakes in banks in Togo and Tunisia, data compiled by Bloomberg show.
Kuwait Finance House’s Malaysian unit had a book value of 1.7bn ringgit ($395mn) and total assets of 10.5bn ringgit at the end of December, according to its 2014 annual report. Offers for the business were affected by the difficult economic environment in the country, one of the people said.
Listed Malaysian banks trade at a median 1.16 times their latest book value, down from 1.56 times at the end of 2014, according to data compiled by Bloomberg. The country has been struggling to boost confidence in its economy since oil prices started slumping late last year and growth slowed to 4.9% in the second quarter from a year earlier.