QNB Eyes Saudi Investment Banking

Following the opening of its first branch in Saudi Arabia last week, Qatar National Bank, the Middle East’s largest bank by assets, has revealed its next target in the kingdom: investment banking, IMEinfo reported. The lender has said that it will apply for a license from the Capital Market Authority of the region’s biggest economy for its investment bank. “One of the plans is to have an investment license company,” Ali Ahmad Al Kuwari, QNB Group chief executive officer, said while speaking at the inauguration of the new branch in Riyadh. The bank, however, has no plans to acquire banks in the kingdom. While speaking to AMEinfo on the sidelines of the Top CEO Conference and Awards, held at King Abdullah Economic City in Jeddah in April, Layth Saleh Al-Shaiban, country general manager of QNB, said that branch will be located in Riyadh and it was proud to enter the largest market in the region.