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 Ahli United Bank completed the acquisition of a 40% stake in Al-Ahli Bank of Qatar in August 2004. In addition to the purchase, Ahli United Bank signed a ten-year (renewable) management agreement which will see AUB oversee the management and providing technical and marketing services to the bank. As part of the agreement, Al-Ahli Bank of Qatar Q.S.C. was renamed Ahli Bank Q.S.C. AUB’s acquisition of the stake through 100% participation in a capital increase saw the Qatari bank’s equity rise from US$85 million to US $239 million, making it one of the largest banks in Qatar in terms of capitalization and positioning it to benefit from the excellent growth potential there. Soon after the change in management, Ahli Bank QSC launched new loans and savings products and conducted an exciting promotional campaign on credit cards. The new initiatives have seen an amazing increase in the Bank’s assets and liability base as well as an increase in credit card holders and credit card usage. In the near future, Ahli Bank will launch further initiatives in its retail, commercial, treasury and private banking operations which will see the Bank consolidate its position in the Qatar banking industry. Ahli Bank Q.S.C Suhim Bin Hamad St. Al-Sadd Area P.O. Box 2309 Doha, Qatar Tel: (+974) 4232222 Fax: (+974) 4232323 Email: info@ahlibank.com.qa Click here to access the ABQ website  |
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