DOHA: Nine banks from Qatar rank among the top 100 Arab banks, with their combined assets worth a staggering QR800bn ($220bn), and they are embarking on ambitious expansion plans that include setting up branches in a number of western and Arab countries — among them the United States, France, China, Turkey, Egypt, Libya and Sudan. The banks plan to expand their activities locally as well.
The nine Qatari banks are led by the country’s largest lender, Qatar National Bank, followed by Commercialbank, Qatar Islamic Bank, Rayan Bank, Doha Bank, IBQ, Alkhaliji, Qatar International Islamic Bank and Ahli Bank.
What has emboldened the banks to take giant steps is the fact that a new law promulgated recently permits the banking regulator, Qatar Central Bank (QCB), to increase its capital 10 times to QR50bn ($13.70bn).
It is learned that some of these banks have already applied to the QCB to execute their expansion plans, and are negotiating with banking regulators in other countries to get a foothold in their territory and expand their activities in countries where they already have a presence.
