QNB Group has entered into a joint venture agreement with Ajlan & Bros Holding, to collaborate and develop a strong digital banking presence in Saudi Arabia.
QNB Group Chief Executive Officer Abdulla Mubarak Al-Khalifa and Ajlan & Bros Holding Chairman of the Board of Directors Ajlan bin Abdulaziz Alajlan signed the agreement. Deputy Group CEO of Ajlan & Bros Holding Ajlan Mohamed Alajlan and a number of senior management representatives from both sides attended the signing ceremony as well.
The agreement is part of both groups’ strategic plan to grow their digital banking presence and investments in the Kingdom.
Both sides have already initiated steps to obtain the required regulatory approvals.
Ajlan & Bros Holding is one of the largest retailers and manufacturers in the Middle East, with its brand recognized and present in more than 25 countries across the world.
QNB Group, currently ranked as the most valuable bank brand in the Middle East and Africa, is the Official Middle East and Africa Supporter of the FIFA World Cup 2022.
Through its subsidiaries and associate companies, the group extends to more than 30 countries across three continents, providing a comprehensive range of advanced products and services. The total number of employees is 27,000, operating through 1,000 locations, with an ATM network of more than 4,700 machines.