QNB acquires Indonesia's Bank Kesawan
QNB Group and Bank Kesawan signed a "Letter of Intent" in September 2010, making QNB Group the "Standby Buyer" for the rights issue which received regulatory approval in December 2010.
Ali Shareef Al Emadi, QNB Group Chief Executive Officer, said this partnership is in line with the Bank's international growth strategy to expand its presence in strategic markets with significant potential. "QNB Group is a committed long term investor in Bank Kesawan and wishes through its investment to be a partner in the development of Indonesia's economy," he said.
Erwin Aksa, President Director of Bosowa Corporation which is the partner shareholder of Bank Kesawan, said the alliance with QNB Group will have a positive impact on Bank Kesawan's overall business plans with the increase in share capital, enhancing the Bank's financial position and allowing for the expansion of business activities. The partnership will also benefit Bank Kesawan through synergies with QNB Group's advanced information technology system in addition to its expertise as of one the leading financial institutions in the Middle East and North Africa region.
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