(MENAFN - Arab News) Qatar National Bank (QNB) Group said it has obtained the approval of the Central Bank of Iraq to increase its stake in Mansour Bank in Iraq from 23 percent to 51 percent.
As a result of this stake increase, QNB Group will augment its representation on the Mansour Bank's board of directors in proportion to its ownership.
In accordance with the memorandum of understanding, signed between the two banks, QNB Group will effectively manage Mansour Bank and provide it with needed technical and logistical support.
This will enhance Mansour Bank's abilities to offer a wide range of advanced products and services in the Iraqi market, benefiting from the support from QNB Group's international network.
Mansour Bank began its operations in the second half of 2006, initially providing services through its head office in Baghdad, thereafter increasing its presence to seven branches and one office, covering a number of provinces in Iraq and employing 186 staff.
QNB Group provides specialized services through its subsidiaries and wholly-owned companies.
QNB Group has achieved strong financial results for the first quarter of 2012 with a net profit of QR2.0 billion, up by 17.4 percent compared to the same period last year.
Total assets increased by 28.2 percent since 31 March 2011 to reach QR311.1 billion, the highest ever achieved by the Group.