The Middle East's biggest bank - Qatar National Bank - has opened a branch office in Hong Kong.
The new Hong Kong branch is bidding to facilitate cross-border business for customers with trade and investment flows between Hong Kong, the Middle East, Africa, and mainland China.
Hong Kong will be the gateway for the group's clients to mainland China and wider Asia. The Qatari bank - the biggest in the Middle East by assets -adds to its other branches in the region with offices in Singapore and India, a subsidiary in Indonesia, and other representative offices in China, Vietnam and Myanmar.
QNB said that it plans to offer a range of corporate banking products and services, treasury and investments, foreign exchange solutions, syndication strategies, and project financing in Hong Kong.
CEO Abdulla Mubarak Al-Khalifa dubbed Hong Kong "one of the most attractive markets in the world", adding that the company is planning to continue diversifying its sources of revenue and profit in the Middle East, Africa and Southeast Asia markets".
According to company statistics, for the six months period up to 30 June, QNB recorded a 6% increase in net profit, compared to the same period last year. Net profit reached $1.8bn, thanks to strong loan growth which grew by 6% up to $205bn.