Qatar National Bank ( QNB Group ) ( Arabic : بنك قطر الوطني ) is a Qatari multinational commercial bank headquartered in Doha , Qatar. It was founded in 1964 and currently has subsidiaries and associates in 31 countries spanning three continents. The bank's ownership is evenly divided between the Qatar Investment Authority and members of the public.
7-536: QNB was founded on 6 June 1964 as the country's first domestically-owned commercial bank . It had 35 employees in its first year and was initially headquartered in a government-owned building in Qatar's capital city, Doha . The two currencies in circulation at the time were the Indian rupee and British pound . As Qatar's population continued increasing through the century, QNB started establishing branches in other parts of
14-488: A bank or a division of a larger bank that deals with corporations or large or middle-sized businesses, to differentiate from retail banks and investment banks . Commercial banks include private sector banks and public sector banks. However, central banks function differently from commercial banks, despite a common misconception known as the "bank analogy". Unlike commercial banks, central banks are not primarily focused on generating profits and cannot become insolvent in
21-430: Is to provide financial services to the general public and business, ensuring economic and social stability and sustainable growth of the economy. In this respect, credit creation is the most significant function of commercial banks. While sanctioning a loan to a customer, they do not provide cash to the borrower. Instead, they open a deposit account from which the borrower can withdraw. In other words, while sanctioning
28-540: The country. In 1974, the first branches outside of Doha were opened in Al Khor and Mesaieed . The bank installed its first ATMs in 1988 in its Doha branches, and, in the next year, introduced VISA cards for its clients. By 2015, it had established 76 branches in Qatar. Qatar National Bank (QNB) controls an 82.59 percent stake in Bank QNB Indonesia. For the nine months ended September 30, 2020, net profit
35-590: The same way as commercial banks in a fiat currency system. The name bank derives from the Italian word banco 'desk/bench', used during the Italian Renaissance era by Florentine bankers, who used to carry out their transactions on a desk covered by a green tablecloth. However, traces of banking activity can be found even in ancient times. In the United States, the term commercial bank
42-424: Was QR 9.5 billion (US$ 2.6 billion). Total assets also increased by 8% since September 30, 2019, to reach QR986 billion (US$ 271 billion). [REDACTED] Banks portal Commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit . It can also refer to
49-621: Was often used to distinguish it from an investment bank due to differences in bank regulation. After the Great Depression , through the Glass–Steagall Act , the U.S. Congress required that commercial banks only engage in banking activities, whereas investment banks were limited to capital market activities. This separation was mostly repealed in 1999 by the Gramm–Leach–Bliley Act . The general role of commercial banks
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