The Investment Promotion Agency Qatar (IPA Qatar) signed a framework agreement with Intesa Sanpaolo (ISP), Italys largest banking group, to expand the range of corporate and investment banking solutions available to local and international entities operating in Qatar and the region.

The agreement comes in the framework of the IPA Qatars ongoing ventures to foster strategic partnerships with international stakeholders towards enriching the business landscape in Qatar.

The agreement was signed by HE Chief Executive Officer of IPA Qatar Sheikh Ali bin Alwaleed Al-Thani, and General Manager of Intesa Sanpaolo Branch at Qatar Financial Center Daniele Fanin.

The agreement will enable the expansion of the ISPs presence in Qatar and increase their corporate and investment banking activities in the country. The collaboration entails sizing up ISPs banking team in Qatar and offering a wider range of products and services.

The agreement also sets the framework for skills development programs, which aim to nurture local talent in the financial sector and increase the active participation of ISP in the local ecosystem.

Commenting on the occasion, HE CEO of IPA Qatar Sheikh Ali bin Alwaleed Al-Thani said: "We work closely with the Qatar Financial Centre to attract international financial institutions and support their growth plans. We are also pleased to see our collaboration translate into an increasing presence of renowned banks in Qatar, including Intesa Sanpaolo, which is a testament to the countrys pro-business climate."

For his part, CEO of Qatar Financial Center Yousuf Mohamed Al Jaida said: "Being the first and largest Italian banking group to launch operations in Qatar through the QFC platform, Intesa Sanpaolo is set to witness enhanced growth through its partnership with IPA Qatar. The direct presence of this prestigious bank has contributed significantly to the expansion and strength of Qatars financial services landscape, further solidifying the countrys role as a rising international financial and business hub."

Al Jaida added: "Intesa Sanpaolo continues to serve as a successful international investment venture into Qatar, which has been made possible through the unique business infrastructure presented by QFC to all global firms. It is also a testament to the conduciveness of Qatars business ecosystem to international investors charting their long-term growth to the region, which is effectively being propelled through developing such partnerships."

Daniele Fanin, General Manager of Intesa Sanpaolo QFC Branch, commented: "The decision, taken few years ago by Intesa Sanpaolo, to open a Branch in the QFC has proven to be right and forward-looking. Notwithstanding the very challenging times represented by the blockade imposed on Qatar from 2017 to 2021 and the COVID-19 pandemic since March 2020, the excellent results achieved since 2016 by the Branch have even surpassed our original forecasts. Hence, the plan for the enhancement of our QFC presence is the natural consequence of such solid results and promising basis and we are very happy to join hands with IPA Qatar to achieve this common goal."

Intesa Sanpaolo is Italys largest bank by total assets and one of Europe's best-performing banking groups in 2020, being awarded Bank of the Year in Western Europe by The Banker. Leveraging its more than 5,700 branches and international subsidiaries, the Italy-based banking company serves over 13.5 million customers in Italy and 7.1 million customers in Eastern and Central Europe, the Middle East, and North Africa through a wide range of retail and commercial banking solutions and services. (QNA)