QATAR'S biggest bank said yesterday that it has upgraded its Singapore operations from representative office to a branch offering a range of commercial banking services and products.
The Qatar National Bank (QNB), the first Qatari bank to operate here, said it will now offer services including project finance, trade finance, fixed deposits, current accounts and corporate loans.
QNB opened its representative office in April last year and has been keen to expand its operations here.
The bank is listed on the Monetary Authority of Singapore website as having representative office status.
'The bank is very keen on operating as a full branch in Singapore, a strategically located country in the heart of South-east Asia and one of the region's banking centres,' the bank said in a statement.
It added that its 'presence in Singapore further bridges the economies of Qatar and Singapore. The new branch will be a valuable asset to both economies as emerging opportunities will boost the business trade between Qatar, Singapore, and other Asian countries'.
The listed QNB aims to be a leading bank in the Middle East and North Africa. And it has been on a rapid global expansion in the past few years, with its reach extending to Yemen, Libya and Oman this year.
It now has a presence in 22 countries including institutions in which it holds shares, said the company.
QNB is Qatar's biggest bank with total assets of 95.4 billion Qatari riyals (S$37.5 billion) and is 50 per cent cent owned by the Qatar government.
This article was first published in The Straits Times on September 10, 2008.
