QNB Group raises stake in the UAE-based CBI

QNB Group says it has successfully completed an increase in its stake in the UAE based Commercial Bank International (CBI) to 40 percent. This move is in line with the bank's international expansion strategy in the MEA and reflects the confidence in the prospects of the financial sector in the UAE. This action also reflects QNB Group's confidence in the financial position of CBI and its future plans, which will allow an increased level of cooperation between the two institutions.
CBI operates a network of 19 branches across the UAE. Total assets as at June 30 reached AED 12 billion ($ 3.3 billion) and net profit for the six months of 2012 stood at AED 141.3 million ($ 38.5 million).
QNB Group has achieved strong financial results for the first half of 2012, with a net profit of QR 4.1 billion, up by 17.1 percent compared to the same period last year. Total assets increased by 25.5 percent since June 30, 2011 to reach QR 330.8 billion, the highest ever achieved by the Group.
In line with QNB Group's international expansion plans, the group recently increased its stake in Mansour Bank in Iraq to 51 percent and has also acquired a 49 percent stake in the Bank of Commerce & Development, one of Libya's leading private sector banks. The group is currently present in 24 countries around the world through its network of branches, subsidiaries and associates. The group employs nearly 7,600 staff and has a network of 345 branches and offices and an ATM network of more than 670 machines.