QNB Group, a Qatar-based bank, has secured the go-ahead from the Hong Kong Monetary Authority to set up a branch in Hong Kong.
Through the Hong Kong location, the bank will offer a range of services including wealth management, trading securities, and other banking solutions.
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The new branch in Hong Kong will serve as a gateway for the bank’s customers to investments in mainland China and wider Asia, while QNB also hopes the new entity can support Chinese investments in the Middle East and Africa.
The bank, along with its subsidiaries, has operations in over 31 countries across three continents. Its staff headcount is over 30,000.
In 2017, QNB started operations in India.
QNB acting CEO Abdulla Mubarak Al-Khalifa 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.
“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.”
