Posted on : Sun, 25 July 2010

Qatar National Bank (QNB), the leading financial institution in the State of Qatar and one of the largest Banks in the MENA region, announced the opening of its first branch in Mauritania, located in the country’s capital and largest city Nouakchott.

QNB’s new branch in Mauritania holds a full banking license and will provide a complete range of banking products and services serving corporate clients and government entities.

The Bank received approval to open a branch from Banque Centrale de Mauritani (BCM), the country’s central bank, and becomes the first Qatari and GCC financial institution to establish a branch in the country.

QNB’s international expansion plan has in recent years become an integral part of its growth strategy and commitment to diversify the sources of its revenue by exploring new and promising opportunities. Concurrent growth in Qatari foreign economic ties, development of cross border trade and a wave of globalization has also led to the successful implementation of the Bank’s strategic growth plans while strengthening its presence regionally and internationally.

In addition to expanding the presence of QNB Group through overseas branches and representative offices, the Group has also acquired strategic shareholdings in leading financial organizations from the MENA region.

It is noteworthy mentioning that QNB is one of the highest rated banks in the Middle East and North Africa Region based on leading credit rating agencies including Standard & Poor’s, Moody’s, Fitch, and Capital Intelligence.

Mauritania is the 5th country in North Africa where QNB has a presence, following Tunisia, Sudan, Libya and Algeria where the Bank has full branches or offices operated by QNB Group or through affiliates and subsidiaries.

With the addition of Mauritania the Group’s presence now includes 23 countries worldwide, spanning Europe and Asia.