Qatar International Islamic Bank (QIIB) has signed a joint venture deal with Moroccan lender Credit Immobilier et Hotelier (CIH Bank) to set up a bank in Morocco.
The joint venture forms part of the Qatari lender’s strategy to pursue overseas investments and diversify portfolio, QIIB said a statement.
Under the terms of the deal, QIIB will own a 40% stake in the new bank.
The new entity is slated to open in the coming months, subject to regulatory approvals.
"We are pleased to announce our entry into the Moroccan banking sector with a strategic partner, CIH Bank S.A, which was established in 1920 and has long-standing banking tradition in the Kingdom of Morocco. The partnership followed the requisite due diligence in consultation with the Qatar Central Bank," QIIB stated.