Qatar National Bank Group gets nod for India subsidiary
Dubai: The Qatar National Bank (QNB) Group has announced that it has received all regulatory approvals to establish a fully owned subsidiary under the name of QNB (India) Private Limited, which is expected to commence its operations during the 3rd quarter of 2013.
"QNB(India) will take the role of extending consultancy and advisory services in the field of investment and finance for the Middle East companies that are willing to establish businesses and/ or invest in India," the bank said.
"As part of its international expansion strategy, QNB Group is seen to always seek presence and competition in leading markets. The Indian economy is the tenth-largest in the world by nominal GDP (Gross Domestic Product) and the third-largest by PPP (Purchasing Power Parity)," the statement said.
QNB Group was established in 1964 as the country’s first Qatari-owned commercial bank and has an ownership structure equally shared between the Qatar Investment Authority (50 percent) and the private sector (50 percent).