QNB to take majority stake in Morocco bank
TRIBUNE NEWS NETWORK
QATAR National Bank, Qatar’s largest lender by market value, said on Tuesday it has signed an agreement to take a majority stake in Morocco-based Union Marocaine des Banques (UMB).
“The acquisition is subject to the approval of regulatory authorities in both countries, which will enable QNB to become a strategic partner of UMB,” the bank said in a statement.
With this agreement, the ordinary and extraordinary general assembly of the UMB will be invited to approve the move to make QNB a strategic partner, the statement further said QNB Group aims to expand its presence in Africa, through its current operation in Sudan, South Sudan, Libya, Tunisia, Algeria and Mauritania. The potential addition of UMB in Morocco will further strengthen QNB Group’s presence across Africa.
QNB, which is 50 percent government owned, is currently bidding for Denizbank, the Turkish arm of the Franco-Belgian bank Dexia.
In 2011, QNB’s net profit rose 32 percent to QR7.5 billion.
The bank’s high quality assets along with its capabilities to achieve sustained growth in all activities are demonstrated in its credit rating by Standard & Poor’s, Fitch and Moody’s.
QNB Group is currently present in more than 24 countries around the world through branches, subsidiaries and associates.