QNB Group officially operates in China
Web Posted on : Mon, 29 Jul 2013
Doha, July 29 2013 – Qatar National Bank (QNB) Group, the World’s Strongest Bank, has officially started operating its “Qatar National Bank S.A.Q. Shanghai Representative Office” after receiving all of the required regulatory approvals.
QNB’s representative office will now take on the role of extending intermediary services in the field of investment and trade with Middle Eastern Companies that are looking to establish their business in China or looking to invest money in the country.
The Bank will also act as a liaison with Chinese companies that are looking to expand into the ever growing Middle Eastern market and facilitate investments.
QNB Group has established its presence in Asia’s largest market as part of its continued international expansion strategy.
As the world’s second largest economy, China has one of the highest growth rates globally. The country has just released its second quarter Gross Domestic Product (GDP) figures which although down from 7.7% to 7.5% are directly in line with the government’s growth target.
Having experienced an investment boom in recent years, China is now refocusing from an export-led economy towards a consumer-led economy. There will still be a strong focus on business investment as well as on the expansion of factories.
China has also accumulated $3.5 trillion in foreign exchange reserves which represents the country’s global buying power.
Following the establishment of its office in China, QNB Group now extends its presence into more than 26 countries across the globe after deciding in 2005 to begin implementing an intensive and ambitious expansion plan.
QNB’s office is located at the Shanghai World Financial Center which is China’s tallest skyscraper.