QNB Group, the largest financial institution in the Middle East and Africa, has signed a memorandum of understanding (MoU) with Moscow-based, VTB Capital Investments, the largest Russian asset manager with more than USD50 billion of assets under management which is part of VTB Group, the second largest financial institution in Russia.
The MoU is aimed at developing business between both parties, in which they can mutually carry out various activities in investment management and advisory services on Debt, Equity and Real Estate markets. According to the agreement, QNB and VTB in partnership will launch a Qatar Fund and Russian Fund to attract foreign capital into both markets and build a selection of offerings for international investors.
The agreement was signed at the 24th St Petersburg International Economic Forum (SPIEF).
QNB Group Executive General Manager – Group Chief Business Officer Yousef Al Neama signed the commercial partnership MoU, while CEO of VTB Capital Investments Vladimir Potapov, signed it on the Russian side. Other top senior management representatives attended the ceremony from both sides.
QNB enjoys a reputable Asset and Wealth Management expertise, and its team of professionals had successfully worked to develop a leading platform of investment instruments covering equity, fixed income, structured products, real estate and commodity investments.
QNB Group’s presence through its subsidiaries and associate companies extends to more than 31 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees is more than 27,000 operating through 1,000 locations, with an ATM network of more than 4,400 machines.
Vladimir Potapov, CEO of VTB Capital Investments and VTB Senior Vice President, says: “We strive to create the most attractive opportunities that a relevant to the needs of our clients, which includes the diversification of investments by geography, and we expect a fund which focusses on investments in the Qatari economy will be extremely popular. We also aim to use our expertise in the debt and equity capital and real estate markets in Russia to attract international financing for the development of our country’s economy. I am sure that our cooperation with QNB will benefit both the Russian economy, the emerging class of Russian investors, and the retail investment market of our country as a whole.”
