Doha, Qatar: Commercial Bank, Qatar’s first private bank, has officially opened its latest branch at the popular Mall of Qatar. The new state-of-the-art branch provides full-fledged personal banking and ATM services.
Commercial Bank officials formally inaugurated the new branch during a public launch ceremony attended by the Bank’s Chairman Sheikh Abdullah bin Ali bin Jabor Al Thani; Vice Chairman Mr. Hussain Ibrahim Al Fardan; Managing Director Mr. Omar Hussain Al Fardan; CEO Mr. Joseph Abraham; Senior Bank Management, and a number of dignitaries and VIPs.
The branch opening follows a two-week campaign which included a competition and free vouchers. Members of the public who won a puzzle competition via Commercial Bank’s website also attended the launch event, as well as Mall of Qatar visitors.
Conveniently located at West Gate 3 entrance to the mall, the new branch provides extended banking hours for customers from 9am-2:30pm & 3:30pm-9pm (Saturday to Thursday) and 3:30pm-9pm (Friday).
Speaking at the launch ceremony, Commercial Bank CEO Joseph Abraham said: “Since the Bank opened its doors for business over 42 years ago, our branches have always been a strategic channel for us. Our goal is to enable our customers to bank in a simple, seamless and secure way across the channel of their choice at any time, anywhere. The launch of our Mall of Qatar branch demonstrates Commercial Bank’s commitment to meeting our customers’ needs at this prime location and is in line with the Bank’s strategic direction of building the ‘Best Bank in Qatar’ and being the ‘Qatari Bank of Choice’ through an enhanced client experience.”
Branches remain integral to how Commercial Bank delivers its services to customers. The Bank understands customers’ preferences for personal and face-to-face interactions with staff and Relationship Managers. At the same time, digital technology allows Commercial Bank customers to carry out everyday transactions online or via their mobile devices at their convenience, saving them time and allowing branch services to focus on their financial planning and more complex transactions. The new Mall of Qatar branch is part of the Bank’s strategic branch network that includes 30 full-service branches and 173 ATMs conveniently located across Qatar, in addition to the digital banking channels.
Commercial Bank recently received the “Best Retail Bank in Qatar,” award at The Asian Banker’s International Excellence in Retail Financial Services 2017 Awards Ceremony, in recognition of its strong personalised approach to banking, with high levels of customer service and innovation.
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About Commercial Bank
Commercial Bank has total assets of QAR 135.1 billion as at 31 March 2017. As a full service commercial bank, the Bank offers a full range of corporate, retail and investment banking services as well as owning and operating exclusive Diners Club franchises in Qatar and Oman. The Bank’s countrywide network includes 30 full service branches and 173 ATMs.
Profitable every year since incorporation in 1974, continual investment in technology and human capital, together with a strong capital base, provides a solid foundation for continued growth. A successful diversification strategy has expanded Commercial Bank’s GCC footprint through strategic partnerships with associated banks, the National Bank of Oman (NBO) in Oman and United Arab Bank (UAB) in the UAE. NBO, the second largest bank in Oman with total assets of OMR 3.5 billion as at 31 Dec 2016, has 60 conventional branches and 6 Islamic branches in Oman and 1 branch each in Egypt, Abu Dhabi and Dubai. UAB is headquartered in Sharjah, with total assets of AED 21.3 billion as at 31 Dec 2016, and operates 22 branches across the emirates in the UAE. Building on the successful execution of the Bank’s expansion strategy to date, Commercial Bank acquired a majority stake in Alternatifbank in Turkey in 2013 and became a 100% owner through put option exercised on 19 December 2016.
Commercial Bank enjoys strong credit ratings of (A2) from Moody’s, (A+) from Fitch, and (BBB+) from Standard & Poor’s. The Bank is listed on the Qatar Exchange and was the first Qatari bank to list its Global Depository Receipts (GDRs) on the London Stock Exchange. Commercial Bank’s Swiss Franc bond issuance in December 2010, listed on the SIX Swiss Exchange, was the first public bond issuance by a Qatari bank in Switzerland. Commercial Bank’s latest bond issuance in June 2014 and June 2016 are listed on the Irish Stock Exchange.
Commercial Bank was awarded “SME Bank of the Year” for 2016 by The Asian Banker based on its wide-ranging achievements over the past three years, specialised team and customer focused products and services for SMEs. Commercial Bank also won the “Best Contact Centre” award at The Gulf Customer Experience Awards 2015 for outstanding customer service. In recognition of its CSR activities benefitting the Qatari community, Commercial Bank was awarded the “Best CSR Report”, at the Corporate Social Responsibility awards ceremony for organisations in Qatar. The Bank won “Best Cash Management Bank in Qatar” award at The Asian Banker Middle East & Africa Transaction Banking Awards in 2016 and the “Best Investor Relations award for mid-cap companies” at the Qatar Stock Exchange’s annual IR awards ceremony in 2017 recognising best practice in Investor Relations.
The Bank is dedicated to supporting Qatar’s community and social infrastructure through Corporate Social Responsibility programmes and sponsorship of various events. Title sponsorship of the Commercial Bank Qatar Masters reflects the Bank’s promotion of excellence in sports and its keen interest in enhancing Qatar’s international sporting reputation. www.cbq.qa
About Alternatifbank (ABank)
ABank was established in 1991. Commercial Bank became the majority shareholder in ABank in 2013 holding a 74.24% stake, following the acquisition of ABank shares of 70.84% from the Anadolu Group and 3.40% through a public tender offer. In December 2016 the bank completed the put option exercise of purchasing 25% of share in Abank from Anadolu group. Currently the Bank owns 100% of ABank shares.
ABank is a mid-size Turkish bank that predominately serves medium-sized companies through a country-wide network of 53 branches. ABank provides commercial/corporate banking services and products, with a special focus on the growing segment of Small and Medium-Sized Enterprises. ABank’s main product ranges cover trade finance instruments, working capital finance, cash management, and portfolio management.
31 March 2017, ABank had total assets of TL 18 billion, total loans stood at TL 11.4 billion, customer deposits of TL 7.8 billion and shareholders’ equity of TL 1.3 billion.
For more information please contact:
Mona Abdallah
EGM, Chief Marketing Officer
Commercial Bank
Tel: +974 440 0169
Email: m.abdallah@cbq.qa
© Press Release 2017
