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Qatar National buys stake in Dubai bank
The Africa News.Net
Wednesday 27th August, 2008
Qatar National Bank has bought 24 per cent of Dubai's Commercial Bank International for US$302 million.
In the latest sign that regional banks will consolidate to compete in a Gulf economic boom, Andrew Duff, head of international banking at QNB, the biggest bank in Qatar,
said the purchase was intended to broaden the network of QNB outside of Qatar.
Profits of Gulf banks have been surging on growing demand for credit from state and private investors to finance billions of dollars of infrastructure, real estate and industrial projects in the UAE.
Faced with growing competition from global players, lenders in the biggest oil-exporting region are turning to consolidation to help them better compete and diversify their revenues.
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