Reuters
by Nadia Saleem
Qatar International Islamic Bank (QIIB) has signed an agreement with Moroccan lender Credit Immobilier et Hotelier S.A. (CIH Bank) to set up a bank in Morocco, QIIB said on Thursday.
The joint venture is part of QIIB’s strategy to pursue overseas investments and diversity its portfolio, the lender said in a bourse statement.
QIIB will take a 40 percent stake in the new bank, which is expected to launch in coming months after necessary approvals.
(Reporting by Nadia Saleem; Editing by Andrew Torchia)
(photo: www.arabianbusiness.com)
