Qatar's biggest bank turns to Asia to offset Saudi-led campaign

Doha

QATAR National Bank QPSC's (QNB) expansion into Asia is helping the lender offset the impact of the ongoing Saudi-led campaign to isolate the gas-rich Arab state, its chief executive officer said.

The Middle East's biggest bank by assets aims to cut the income generated from its domestic market to 50 per cent by 2020 from about 67 per cent currently, Ali al-Kuwari said in a Bloomberg TV interview, his first since the stand-off began on June 5.

The bank will apply to open a branch in Hong Kong this year and convert its China representative offic…