Qatar national bank eyes emerging markets

Qatar National Bank (QNB), the Gulf state's largest lender, said on Tuesday it is considering expansion in emerging markets, but downplayed a recent report about a specific opportunity in an Indonesian bank.

"Please note that QNB is considering all the emerging markets within its plan for expansion and diversification sources of income," the bank said in a bourse statement.

"With reference to news dated December 8, 2009 in some local newspapers regarding QNB is examining to purchase a majority stake in an Indonesian Bank, please note that this news is not issued by the QNB, and currently there is no serious negotiations in this regard."

An Indonesian government envoy to the Middle East said on Monday that several investors from the region were considering opportunities in the country.

Shares in QNB fell 1 per cent in early trading on Tuesday.

QNB's Syrian unit, QNB-Syria began operations last month, and plans to open 15 branches in the Levant country by the end of 2010.