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Qatar's Biggest Bank Turns to Asia to Offset Saudi-Led Sanctions

  • QNB applying for license in Hong Kong this year, CEO says
  • Standoff has had ‘little impact’ on lender’s operations
Bloomberg business news

QNB's Al Kuwari Says Bank to Grow Organically

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Qatar National Bank QPSC’s expansion into Asia is helping the lender offset the impact of the ongoing Saudi-led campaign to isolate the gas-rich Arab state, its chief executive officer said. The shares rose.

The Middle East’s biggest bank by assets aims to cut the income generated from its domestic market to 50 percent by 2020 from about 63 percent currently, Ali al-Kuwari said in a Bloomberg TV interview, his first since the standoff began on June 5. The bank will apply to open a branch in Hong Kong this year and convert its China representative office to a branch, he said.