Bank of Commerce and Development, which employs around 820 people, has total assets of $2bn and a network of 32 branches.
Both the banks have signed a memorandum of agreement approving QNB Group as a strategic partner.
As per the deal, QNB will provide administrative and technical services for the operations of the Bank of Commerce and Development.
QNB CEO Ali Shareef Al-Emadi said that the deal comes in line with the bank’s strategic plan of international expansion in selected and promising markets.
Bank of Commerce and Development chairman Jamal Abdelmalek that this agreement will result in an increase in the bank’s capital, which will support its financial position and its ability to expand in the Libyan market.
For the first quarter of 2012, QNB posted a net profit of QR2bn ($549.3m), up 17.4%, compared to the same period last year.
