QIIB has announced that it has signed a joint venture agreement with CIH Bank S.A., for the establishment of a bank in the Kingdom of Morocco. The JV agreement is in the framework of QIIBs strategy, which focuses on pursuing overseas opportunities to enhance the financial position of the bank and diversify its portfolio investments so as to benefit its shareholders. QIIB stressed that the expansion move into Morocco follows a detailed feasibility study, which took into account all factors including the expected returns on investment and other market factors.

The JV agreement is a sequel to comprehensive and in-depth talks between QIIB and CIH Bank S.A. Under the agreement, QIIB will have 40% stake in the proposed bank in the Kingdom of Morocco.