Tribune News Network
Doha
QNB Group, the largest financial institution in the Middle East and Africa, topped the ranking of Forbes’s ‘Top 50 Banks in the Middle East’ list featuring the banking giants that help drive the region’s economies.
QNB Group hit the first place with sales of $13.5 billion and profits totalling
$3.3 billion.
As of June 6, 2021, the banks featured on Forbes list of the "Top 50 Banks in The Middle East” had a total value of $513.6 billion and assets worth $2.5 trillion.
To construct the list revealed today, Forbes gathered data from listed stock exchanges in the Arab world and ranked companies based on sales, profits, assets, and market value.
QNB was recently named the second most valuable company in the Middle East by Forbes in the list for the "2021 Forbes List of Top 100 Companies in the Arab World”.
Forbes Middle East extends the Forbes Brand of journalism across the Arab World. It sets the pace for preemptive business journalism, by uncovering trends and anticipating business opportunities; and publishes original lists that adhere to methodologies set by Forbes Media.
QNB Group’s presence through its subsidiaries and associate companies extend to more than 31 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees are more than 27,000 operating through 1,000 locations, with an ATM network of more than 4,400 machines.
In a statement released on the occasion, Forbes said that three of the top four banks and five of the top 10 banks have achieved their scale due to mergers.
The region’s banking industry is in the midst of a consolidation phase, where some of the largest banks are merging to create larger banking groups. By doing this, banks reduce competition and increase their expertise.
In 2019, ADCB merged with Union National Bank and Al Hilal Bank to form the ADCB Group, which is the UAE’s third largest bank. In 2020, Dubai Islamic Bank, which was already the largest Islamic bank in the Emirates, merged with Noor Bank. And in March 2021, Saudi’s National Commercial Bank announced a merger with Samba, which will create one of the most valuable banks in the region.
Doha
QNB Group, the largest financial institution in the Middle East and Africa, topped the ranking of Forbes’s ‘Top 50 Banks in the Middle East’ list featuring the banking giants that help drive the region’s economies.
QNB Group hit the first place with sales of $13.5 billion and profits totalling
$3.3 billion.
As of June 6, 2021, the banks featured on Forbes list of the "Top 50 Banks in The Middle East” had a total value of $513.6 billion and assets worth $2.5 trillion.
To construct the list revealed today, Forbes gathered data from listed stock exchanges in the Arab world and ranked companies based on sales, profits, assets, and market value.
QNB was recently named the second most valuable company in the Middle East by Forbes in the list for the "2021 Forbes List of Top 100 Companies in the Arab World”.
Forbes Middle East extends the Forbes Brand of journalism across the Arab World. It sets the pace for preemptive business journalism, by uncovering trends and anticipating business opportunities; and publishes original lists that adhere to methodologies set by Forbes Media.
QNB Group’s presence through its subsidiaries and associate companies extend to more than 31 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees are more than 27,000 operating through 1,000 locations, with an ATM network of more than 4,400 machines.
In a statement released on the occasion, Forbes said that three of the top four banks and five of the top 10 banks have achieved their scale due to mergers.
The region’s banking industry is in the midst of a consolidation phase, where some of the largest banks are merging to create larger banking groups. By doing this, banks reduce competition and increase their expertise.
In 2019, ADCB merged with Union National Bank and Al Hilal Bank to form the ADCB Group, which is the UAE’s third largest bank. In 2020, Dubai Islamic Bank, which was already the largest Islamic bank in the Emirates, merged with Noor Bank. And in March 2021, Saudi’s National Commercial Bank announced a merger with Samba, which will create one of the most valuable banks in the region.