QNB Group, the largest financial institution in the Middle East and Africa (MEA), has entered into a joint venture agreement with Ajlan & Bros Holding to collaborate and develop digital banking opportunities in Saudi Arabia.
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 Chief Executive Officer, Mr. Abdulla Mubarak Al-Khalifa, and Ajlan & Bros Holding Chairman of the Board of Directors Mr. Ajlan Bin Abdulaziz Alajlan signed the agreement.
The Deputy Group CEO of Ajlan & Bros Holding Mr. Ajlan Mohamed Alajlan and a number of senior management representatives from both sides attended the signing as well, as per the statement.
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.
Through its subsidiaries and associate companies, QNB Group extends to more than 30 countries across three continents providing a comprehensive range of advanced products and services.
As per the reports, the total number of employees is 27,000 operating through 1000 locations, with an ATM network of more than 4,700 machines.
QNB Group won four prestigious awards from Global Finance in their second annual Sustainable Finance Awards. The Global Finance Sustainable Finance Awards recognizes global, regional, and country leadership in sustainable finance, as well as the efforts by banks to mitigate the negative impacts of climate change.