Bank of Qatari emirates is planning to sell commercial banking services to a Chinese company after agreeing to buy the company’s business in Qatar.
The Commercial Bank of China will invest USD 10bn ($11bn) in commercial banking and marketing and the Bank of the People’s Republic of China, also known as PBOC, will invest another USD 10.3bn in commercial bank operations, according to a statement by the Qatari Commercial Bank on Thursday.
The announcement follows a meeting between the emirate’s Finance Ministry and Chinese authorities, the statement said.
It said the Commercial Bank will remain based in the emirs capital of Doha.
In November, the emrates government said it was looking at expanding commercial banking operations to China.
The Commercial bank’s activities, including banking, will be carried out under the Commercial Banking Act of 2022.