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DOHA

QATAR National Bank (QNB) is increasing its stake in Iraq’s Mansour Bank to 51 percent from 23 percent as it seeks further opportunities to expand in the region, the lender said on Monday.

QNB Group will increase its representation on Mansour Bank’s board after the deal, which QNB said had been approved by the Central Bank of Iraq.

Mansour Bank, which employs 186 people, has seven branches including its head office in Baghdad.

In accordance with the memorandum of understanding signed between the two banks, QNB Group will effectively manage Mansour Bank and provide it with technical and logistical support.

“This will enhance Mansour Bank’s abilities to offer a wide range of advanced products and services in the Iraqi market, benefiting from the support from QNB Group’s international network,” said a press release issued by QNB in Doha on Monday.

Mansour Bank began its operations in the second half of 2006, initially providing services through its head office in Baghdad, thereafter increasing its presence to seven branches and one office, covering a number of provinces in Iraq.

Earlier this month QNB said it had acquired a 49 percent stake in Libya’s Bank of Commerce and Development as part of the Qatari lender’s aggressive expansion strategy.

QNB is also said to be in negotiations to acquire Turkey’s Denizbank, the fast-growing Turkish arm of eurozone debt casualty Dexia.