Qatar-based bank QNB Group has signed a joint venture agreement with Ajlan & Bros Holding to collaborate and boost the digital banking opportunity in Saudi Arabia, reported Saudi Gazette.
The agreement was signed by QNB Group chief executive officer Abdulla Mubarak al-Khalifa, and Ajlan & Bros Holding chairman of the board of directors Ajlan bin Abdulaziz Alajlan.
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The signing ceremony saw attendance of Ajlan & Bros Holding deputy group CEO Ajlan Mohamed Alajlan and other several senior management representatives from both the entities.
QNB was quoted by Gulf Times as stating: “This agreement came as part of both Groups’ strategic plan to grow their digital banking presence and investments in Saudi Arabia. Both sides have already initiated steps to obtain the required regulatory approvals.”
Ajlan & Bros is a retailer and manufacturer in the Middle East, with its brand having footprint in over 25 countries.
QNB Group is the official Middle East and Africa supporter of the FIFA World Cup 2022.
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By GlobalDataIt offers a range of products and services, via its subsidiaries and associate companies, to over 30 countries across three continents.
QNB Group has a total number of 27,000 employees at over 1,000 locations. It has an ATM network of more than 4,700 machines.
In September 2019, QNB Group secured approval from the Hong Kong Monetary Authority to set up a branch in Hong Kong.
In July 2017, QNB Group commenced operations in India.
