JEDDAH — QNB Group welcomed the Saudi Cabinet's approval to open its branch in the Kingdom, this move will enable QNB to enter one of the biggest markets in the GCC and the world's financial market. “QNB Group CEO Ali Ahmed Al Kuwari has expressed his deep gratitude and thanks to the government of the Custodian of the Two Holy Mosques King Salman for its continuous efforts and keenness to support the banking sector in the kingdom for the benefit of everyone,” the bank said in a statement over the weekend. “The approval of the Saudi Cabinet to license the Group represents a milestone in QNB's journey and strategy to expand in selected markets, especially that the Kingdom of Saudi Arabia is one of the largest and most important markets that leads the Arab economies and one of the most effective and influencing markets in the world,” added Al Kuwari. QNB Group CEO also said: “The banking sector in the kingdom enjoys a solid infrastructure and provides a healthy competitive environment with its well-established financial institutions; thus, QBN Group - with its expertise and large network covering three continents - is delighted to be an active part of this promising Saudi market.” The Saudi economy is the largest in the GCC region and the largest oil producer in the world, offering great opportunities for the private sector. It also has many advantages including stable performance and large international reserves in light of the low levels of debt and the strong growth rates. QNB Group, the leading financial institution in the MENA region, currently present through its subsidiaries and associate companies in more than 27 countries across Asia, Africa, and Europe providing a comprehensive range of advanced products and services. The total number of employees is more than 14,900 operating through more than 630 locations, with an ATM network of more than 1,340 machines. – SG
