QNB Group, the largest financial institution in the Middle East and Africa, celebrates its 60th anniversary this year, marking its establishment in 1964 as the first and oldest financial and banking institution in Qatar.
This milestone crowns a continuous journey of success during which the group transformed from a local bank into one of the largest and most profitable financial institutions in the region. With over 29,000 employees, it provides services to more than 20 million clients in key financial and business capitals around the world.
On this occasion, QNB Group CEO Abdullah Mubarak Al Khalifa said, “Celebrating sixty years since the establishment of QNB Group is an opportunity for reflection on six decades during which the bank played a crucial role in supporting Qatar’s growth and comprehensive development under the guidance and purview of the country’s astute leadership, enhancing Qatar’s international standing.”
“We take pride in the Group’s success in establishing itself as a global banking brand and a leading financial institution in Qatar and the region throughout this prolonged journey.”
“Our commitment and continuous efforts have resulted in a lasting legacy of social responsibility, sustainable development, and creating positive change in the communities where we operate. This aligns with our ambitious strategy aimed at supporting the transition towards a sustainable, low-carbon economy, contributing to the achievement of our sustainability goals and aligning with Qatar’s National Vision 2030,” he said.
Looking ahead to the future, Khalifa said, “QNB Group anticipates entering a new chapter of success, expanding its reach and seizing promising opportunities in key markets, in line with our vision to become one of the leading banks in the Middle East, Africa, and Southeast Asia.”
Since its inception, QNB, formerly known as Qatar National Bank until its rebranding in 2004, has undergone a series of significant transformations over the past few decades.
The bank’s establishment dates back to the early 1960s when senior officials from the Ministry of Finance, led by His Highness Sheikh Khalifa bin Hamad Al Thani, laid the foundation for the first national bank in the country.
QNB Group was established by Decree No. (7) of 1964 as a Qatari joint-stock company, becoming the first privately-owned commercial bank. Its ownership is now divided between the Qatar Investment Authority and the private sector, and it is listed on the Qatar Stock Exchange.
Officially commencing operations in 1965, QNB expanded its branch network across the country, aligning with an intricate mapping of the country’s population and economic growth.
In its humble beginnings, financial data processing was manual before the bank introduced modern technology into its branch network. In 1989, the bank implemented the KAPITI online banking system, connecting its branch network to a mainframe computer, marking a technological revolution in banking.
The bank did not stop there; it introduced the first automated trading system, incorporating computer systems into its London branch in 1984, preceding the installation of the first ATMs in Qatar. In 1989, the bank introduced Visa credit cards for the first time, and by 1994, it had issued over 50 percent of “Premier” and “Classic” cards in Qatar.
Adapting to technological advancements in the 1990s, QNB implemented the latest trading technologies and established one of the most modern trading rooms in the Gulf region. In 1994, the bank opened its first branch for vehicle financing and continued to support the majority of government projects in various departments and ministries.
Today, QNB stands as the largest financial institution in the Middle East and Africa, and one of the highest-rated banks globally, according to the three major credit rating agencies: “Standard & Poor’s” (A), “Fitch” (A), and “Moody’s” (A+).
As one of the most prominent financial institutions supporting the country, QNB continues its efforts to bolster economic development by contributing to various national projects and initiatives, driving long-term development.
In alignment with these goals, the Group ensures its strategic objectives align with Qatar’s national vision, taking on the responsibility of supporting efforts to build an innovative and knowledge-based economy, in line with the Qatar’s National Development Strategy, and its own Sustainability Strategy.
QNB began assuming this role as far back as 1966 when it greatly contributed to financing the construction of Doha International Airport. Today, it continues to play a leading role in financing massive infrastructure projects, including Hamad International Airport.
The bank has also financed several industrial facilities and expansion projects, such as the North Gas Field project and gas projects in Ras Laffan for liquefied natural gas extraction, supporting Qatar’s position as the world’s largest exporter of natural gas.
Additionally, the bank has financed the construction of iconic towers, including the Shard Tower in London and the development of towers housing the Qatar Financial Centre headquarters. It has also supported global educational institutions like Qatar Education City, along with major healthcare, residential, and commercial projects.
QNB also played a significant role in Qatar’s successful hosting of the 2006 Asian Games and the 2019 World Athletics Championships, and it has been actively involved as an Official Supporter of the FIFA World Cup Qatar 2022 in the Middle East and Africa, being the Official Qatari bank for the Tournament.
The bank’s journey of expansion began in 1976 with the opening of its first international branch in London, followed by the Paris branch two years later. In 2005, the Group embarked on an ambitious international expansion plan.
In 2013, the Group successfully acquired a controlling stake of 95 percent in QNB Alahli, the second-largest bank in the Arab Republic of Egypt. It further expanded regionally by acquiring stakes in several financial institutions, including 20 percent in Ecobank Transnational Incorporated (Ecobank), one of the largest banks in Africa, 38.6 percent in Housing Bank for Trade and Finance in Jordan, 40 percent in Commercial Bank International based in the United Arab Emirates, 99.99 percent in QNB Tunisia, 54 percent in Mansour Bank in Iraq, and 20 percent in Jazeera Finance in Doha.
QNB owns 51 percent of QNB Syria and 92 percentof QNB Indonesia.
Recognising the strategic importance of the Saudi market, QNB opened its second branch in Jeddah following the opening of the Riyadh branch in 2017.
In line with its vision to become a leading bank in the Middle East, Africa, and Southeast Asia and to strengthen its presence in highly competitive markets, the Group initiated its operations in China, one of the world’s second biggest and historically fastest growing economies, in 2013.
The representative office in China provides advisory services in investment and trade for Middle Eastern institutions interested in conducting business or investing in China. Additionally, it coordinates with Chinese companies seeking to expand operations in the Middle East.
The Group has been operating in Vietnam since 2015 and began its operations in India in 2017.
Thanks to its strong financial position and remarkable financial results, QNB consistently holds top positions in global rankings of leading financial institutions.
Over the years, QNB, with its wise management, balanced strategy, strong financial performance, and quality assets, has fortified its position as the largest financial institution in the region. It has garnered a broad market share and a growing customer base both locally and regionally. QNB also boasts the widest network of international branches, representative offices, and subsidiaries.
The rankings which are consistently and continuously granted to QNB by major global institutions affirm the financial strength of the Group, the quality of its services and products in the markets, and its domestic and international investments.
QNB topped Bloomberg Markets’ list of the world’s strongest banks in 2012, being the only representative from the Middle East and North Africa on the list.
Global Finance included QNB in the list of the safest 50 banks in emerging markets for 2023, affirming the success of its sustainable business strategy.
In 2021, QNB ranked first in The Banker’s list of the top 1000 banks in the world for the Middle East and Africa, securing the 79th position globally.
In 2020, QNB achieved a historic milestone by becoming the first financial institution to surpass one trillion Qatari Riyals in total assets in the Middle East and Africa, with a 9% increase, equivalent to 282 billion US dollars.
QNB topped Forbes’ list of the strongest 30 banks in the Middle East for 2022 for the second consecutive year, leading the banking sector in the Middle East with total assets of 300.3 billion dollars.
QNB retained its position as the highest-valued banking brand in the Middle East and Africa for consecutive years, according to the Annual Report on the World’s Top 500 Banking Brands by Brand Finance, a subsidiary of The Banker magazine, further solidifying its position as a regional banking sector leader and grounding its aspirations to become one of the world’s best performing banks.
This accolade also serves as recognition for QNB’s strong financial position, the quality of its global assets, its tremendous banking capabilities and its strong regional and international footprint in the banking sector.
It also serves as a reminder that the QNB brand is a national icon with a very rich heritage, and that it faithfully strived to keep its name synonymous with leadership and excellence, which is what ultimately allowed it to become a globally acclaimed trademark.
As part of its role as a strategic banking partner for Expo 2023 Doha Qatar, the Group launched the “QNB Icon,” distinguished by its contemporary design and use of eco-friendly technologies.
The icon embodies the Group’s journey since its establishment in 1964 as a national bank, expanding into a global banking brand with a network extending across Asia, Africa, Europe, and the Middle East.
Standing at 4 meters in height with a diameter of 3.5 meters, the icon comprises four golden columns topped by a golden solar-powered circular piece displaying key information about QNB’s significant achievements in five languages: Arabic, English, French, Chinese, and Turkish.
QNB has charted a roadmap for digital transformation by investing in the infrastructural development of its digital channels and leveraging artificial intelligence across its operational processes.
QNB has been a pioneer in leading digital transformation in Qatar and the region since 2012, introducing “contactless” payment services. Since then, the bank has consistently worked on developing a unique set of distinguished services and innovative financial payment solutions.
In this context, the bank has launched advanced banking products to better meet customer needs, incorporating enhanced security and privacy features. These include contactless payment cards, wearable devices, and smart bracelets equipped with NFC technology, among others.
The introduction of QNB’s online and mobile banking services has been a significant milestone in the bank’s digital transformation journey, serving as a platform that supports its market leadership in Qatar. Subsequently, the bank has expanded its digital services, including innovative offerings such as WhatsApp banking.QNB Group CEO Abdulla Mubarak Al Khalifa
