On the back of the tiny nation state’s growing oil and gas riches, Qatar National Bank (QNB) is the largest bank in the Middle East for second year in a row.
The bank is also one of the region’s profitable financial institutions – QNB’S profits have risen by an average of 27 per cent a year during the past five years.
During 2012, the bank purchased stakes in Iraqi and Libyan lenders. In March 2013, it bought the Egyptian branch of France’s Societe General for $2.45 billion.
QNB is 50 per cent owned by the Qatar Investment Authority (QIA), the $100 billion fund that absorbs much of the country’s commodity revenues.
QIA has large stakes in Agricultural Bank of China, Barclays, Credit Suisse and Tiffany & Co.