Millennium Post

Qatar bank group gets nod for Indian arm

The Qatar National Bank (QNB) Group has announced that it has received all regulatory approvals to establish a fully owned subsidiary under the name of QNB (India) Private Ltd, which is expected to commence its operations during the third quarter of 2013.

‘QNB(India) will take the role of extending consultancy and advisory services in the field of investment and finance for the Middle East companies that are willing to establish businesses and/ or invest in India,’ the bank said.

‘As part of its international expansion strategy, Qatar National Bank Group is seen to always seek presence and competition in leading markets.

The Indian economy is the tenth-largest in the world by nominal GDP (Gross Domestic Product) and the third-largest by PPP (Purchasing Power Parity),’ the statement said.

Qatar National Bank Group was established in 1964 as the country’s first Qatari-owned commercial bank and has an ownership structure equally shared between the Qatar Investment Authority and the private sector.
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