Qatar National Bank able to control the management Mansour Bank of Iraq

Date: Monday, 08/10/2012 07:37 am



Group unveiled Qatar National Bank QNB it raised the Bank's share in the Iraqi Al-Mansour Bank to 51% within what he called the overseas expansion strategy.

A statement issued by the Bank Group said today "part of a strategy to expand outside of the group, raised its stake in Mansour Bank to invest in Iraq to 51 percent," adding that it "will enable the group to manage Mansour Bank in a practical and support capabilities to provide banking products and services integrated."

The statement said that the group made ​​a financial profit for the period ended late last September, amounted to 6.2 billion riyals compared to 5.4 billion riyals for the same period of the previous year, an increase of 15%.

The Group acquired 49% of the Trade and Development Bank of Libya, has also been raising the Group's share in the Commercial International Bank, based in the United Arab Emirates to reach 40%.

He said QNB Group which are located in 24 countries around the world, seeking what he called the statement to provide the best banking services to its clients and partners across 383 branches and representative offices and ATM network more than 780 device.

The bank was established as a private shareholding company with a paid up capital of 55 fifty-five billion Iraqi dinars, under the name of Al-Mansour Bank for Investment (private equity firm).

Bank has initiated work to provide banking services to the public on 17.4.2006 through its main branch in Baghdad and then expanded to include a number of governorates of Iraq.
The bank also received the approval of the Central Bank of Iraq on the license to practice acts to mediate the sale and purchase of foreign currencies

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