Deposits in QNB are Safe: Amer

Hossam Mounir
2 Min Read

A senior official at the Qatar National Bank (QNB) said that the bank’s activities in Egypt are not affected by Egypt cutting diplomatic relations with Qatar.

The official told Daily News Egypt that the bank is an Egyptian joint stock company and has nothing to do with what is happening politics wise between countries.

For his part, Governor of the Central Bank of Egypt (CBE) Tarek Amer said that clients’ deposits in QNB are safe, stressing that—like any other bank—QNB is under the supervision of CBE.

The QNB entered the Egyptian market by the end of 2012 after acquiring National Societe Generale Bank of Egypt in a deal worth $2.25bn.

The bank accounts for 7.95% of total loans and 5.62% of total deposits of the banks working in the Egyptian market. The bank has 181 branches spread across the country.

According to the official, the bank is entirely managed by Egyptians. It is subject to the supervision of the Central Bank of Egypt (CBE), as is the case with any other Egyptian bank. He stressed his refusal to engaging the bank in any political disputes between Egypt and Qatar.

According to the most recent indicators of the bank’s performance, the volume of the bank’s assets reached EGP 190.9bn by the end of 2016. The loan portfolio in it reached EGP 97.5bn, deposits reached EGP 158.14bn, and net profits EGP 4.2bn.

In its latest meeting, the general assembly of the bank agreed to increase the authorised capital to EGP 15bn and the paid up capital to EGP 8.9bn.

The bank’s board of directors includes Mohamed El-Dib as chairperson and managing director, Abdulla Mubarak Al-Khalifa as a deputy chairperson, and Ali Rashid Al-Mohannadi, Ramzi Mari, Grant Eric Lowen, Heba Ali Ghaith Al-Tamimi, Tarek Fayed, Noor Mohamed Al-Naimi, and Adel Ali Al-Malki as board members.

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