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Qatar National Bank (Q.P.S.C.)
QNB Group, established in 1964, has steadily grown to become the largest financial institution in the Middle East and Africa (MEA) region.
For the nine months ended 30 September 2020, Net Profit reached QAR9.5 billion (USD 2.6 billion). Total Assets reached QAR986 billion (USD271 billion), an increase of 8% from 30 September 2019.
In 2016, QNB Group completed the acquisition of 99.88% stake in Turkey’s Finansbank A.Ş. (now known as QNB Finansbank), the 5th largest privately owned universal bank. In 2013, the Group successfully completed the acquisition of the second largest private bank in Egypt, QNB ALAHLI (QNBAA) with existing ownership of 95.00%. The Group has also extended its regional footprint by acquiring stakes in various financial institutions including a 20% stake in Ecobank Transnational Incorporated (Ecobank), the leading pan-African bank based in Togo, a 35% stake in the Jordan-based, the Housing Bank for Trade and Finance (HBTF), 40% of Commercial Bank International (CBI) based in the United Arab Emirates (UAE), 99.99% of QNB Tunisia, 54% of the Iraqi-based Al-Mansour Investment Bank, and a 20% stake in the Al Jazeera Finance Company in Doha. QNB Group also retains a 51% stake in QNB-Syria, and a 92 % stake in QNB Indonesia.
QNB Group has commenced operating its Representative Offices in Vietnam and Myanmar. In 2017, the Group started its operations in the city of Mumbai in addition to opening a second branch in Kuwait during the first quarter of 2018. The Group also obtained the regulatory approvals from the Hong Kong Monetary Authority (HKMA) in September 2019 to open a branch in Hong Kong. This network expansion comes in support of its vision to become a leading bank in the Middle East, Africa, and Southeast Asia, in addition to establishing a foothold in highly competitive markets.
QNB Group’s presence through its subsidiaries and associate companies extends to more than 31 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees is more than 29,000 serving 20 million customers operating through 1,100 locations, with an ATM network of more than 4,300 machines.
QNB Group has maintained its position as one of the highest rated regional banks from leading credit rating agencies including Standard & Poor’s (A), Moody’s (Aa3) and Fitch (A+). The Bank has also been the recipient of many awards from leading international specialised financial publications.
The Group provides an array of investment banking services through its subsidiary, QNB Capital, to corporate, government and institutional clients within Qatar and globally. QNB Capital has one of the best corporate finance teams in the GCC region offering extensive transaction experience and in-depth advisory – including mergers and acquisitions, equity and debt capital markets, and project financing advisory. The Group also offers brokerage services through its subsidiary, QNB Financial Services (QNB FS), the first independently regulated, licensed brokerage company launched by a bank in Qatar. QNB FS offers a multi-market, multi-currency trading platform with access to several markets.
Based on the Group’s consistent strong financial performance and its expanding international presence, QNB is currently ranked as the most valuable bank brand in the Middle East and Africa, according to Brand Finance Magazine.
QNB Group has an active community support program and sponsors various social, educational and sporting events.
For further information, please contact QNB’s Public Relations Department at (+974) 4497 5704, Fax (+974) 4425 2589, email PR@qnb.com
What is IFSC Code
IFSC is short for Indian Financial System Code and represents the 11 digit character that you can usually see on your bank’s cheque leaves, or other bank sponsored material. This 11 character code helps identify the individual bank branches that participate in the various online money transfer options like NEFT and RTGS.
How to find IFSC Code?
Ways to find IFSC codes
- IFSC code can be found on cheque leaf and bank passbook of the respective bank.
- Banks and respective branch list of IFSC codes can be obtained from Reserve Bank of India’s website.
- The IFSC code of a particular bank can also be found on the banks’ official website.
Benefits of IFSC Code
Benefits of IFSC Code are :
- Helps to identify a Bank and its respective branch
- Eliminates errors in the process of fund transfer
- Transfers done with IFSC such as NEFT, RTGS and IMPS are accurate
What is MICR Code
MICR or Magnetic Ink Character Recognition Code is a 9 digit code used for faster processing of cheques. MICR number is also unique for every bank branch, hence it helps in uniquely identifying the bank and branch participating in an Electronic Clearing System (ECS). MICR Code like IFSC is a combination of 3 essential components:
- The first 3 digits represent the city code.
- The middle 3 represent the particular bank code.
- The last 3 digits represent the specific branch code
Benefits of MICR Code
Benefits of MICR Codes are:
MICR code enables efficient, quick and error-free processing of cheques. This is possible with magnetic ink, reading machines and technology used in MICR.
Difference between IFSC and MICR code
ink character recognition code (MICR) is a technology that enables faster
processing of cheques by recognizing unique characters printed on the cheque.
MICR consists of a 9 digit code. The
first three digits of the MICR code represent the city, the next three give the
bank code and the last three digits denote the branch of the bank. Similar to
an IFSC code, every branch of a bank has a specific MICR code. While IFSC is
used for online fund transactions, MICR is used for cheques.
Let’s understand the difference between IFSC and MICR