- DUBAI: Qatar National Bank says is planning to buy a majority stake in Morocco-based lender Union Marocaine des Banques as it looks to expand its presence in Africa.
State-backed QNB said the deal must still be approved by the UMB's board and regulators.
Financial details weren't provided.
Qatar's sovereign wealth fund, the Qatar Investment Authority, controls QNB through a 50 percent stake.
The deal comes a day after another government-owned Gulf investor, Abu Dhabi's Aabar Investments, agreed to raise its stake in Italian lender UniCredit to 6.5 percent from about 5 percent now.