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Doha, Qatar: Commercial Bank has officially opened its latest branch in Al Ruwais. The new branch geographically located at the northern most tip of Qatar will provide full-fledged banking services to the local community.
Commercial Bank officials formally inaugurated the new branch during an opening ceremony attended by the Bank’s Chairman Sheikh Abdullah bin Ali bin Jabor Al Thani; Vice-Chairman, Mr. Hussein Ibrahim Al Fardan; Managing Director Mr. Omar Hussain Al Fardan; and Group CEO, Mr. Joseph Abraham, along with VIPs, senior dignitaries and other Commercial Bank executives.
The new state-of-the-art branch provides fully-fledged Personal banking and ATM services, with the branch customer hours from 7:30 am to 1 pm, Sunday to Thursday. As part of the branch launch, Qatari nationals residing at Al Ruwais and the neighborhood can benefit from a tailor made mortgage loan offer running until 30 June 2018.
Commercial Bank Chairman Sheikh Abdullah bin Ali bin Jabor Al Thani said: “Commercial Bank continues to invest and grow its branch network across Qatar. Commercial Bank’s new branch in Al Ruwais will bring our banking services closer to customers in northern Qatar and the opening is in line with our long-term business strategy of supporting economic development and serving new customers in emerging geographic zones in Qatar.”
Commercial Bank VIP customer Mr. Ali Al Sada said: “Al Ruwais is the northern most gateway to commercial trade in Qatar and Commercial Bank’s conveniently located branch will help support the growth and development of the Al Ruwais community, as banking is the lifeblood of local businesses and commerce.”
Commercial Bank Group CEO Joseph Abraham said: “We recognize that branches continue to be the preferred banking channel for the personalized service we offer to customers during interactions with Branch staff and Relationship Managers. Our branch network mirrors the current and emerging areas of economic development in Qatar and the opening of the new Al Ruwais branch will bring our total number of branches in Qatar to 29”.
Commercial Bank EGM, Consumer Banking Amit Sah stated: “Commercial Bank recently received the award for ‘Best Retail Bank in Qatar’ from the Asian Banker for the second year in a row. This was in recognition of our strong personalized approach to banking where we continue to invest in our physical locations as well as innovations in technology. The human touch in banking still emerges as an important factor for customers when choosing a bank. When we combine that with our commitment to providing services that are secure and easy to use, such as our digital banking, we are able to offer the high standards of service that we have built our reputation on.
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For more information please contact:
Shaikha Ahmad M A Al-Haidose
Unit Head, External Communication and CSR | Marketing
The Commercial Bank (P.S.Q.C.) | P.O Box 3232, Doha, State of Qatar
Direct Tel: 44490356
About Commercial Bank
Commercial Bank has total assets of QAR 138.4 billion as at 31 December 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 the exclusive Diners Club franchise in Qatar. The Bank’s countrywide network includes 29 full service branches and 179 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. Expanding its geographical footprint, Commercial Bank is 100% owner of Alternatifbank in Turkey and has a strategic partnership with the National Bank of Oman (NBO). NBO is the second largest bank in Oman with total assets of OMR 3.5 billion as at 31 December 2017, has 60 conventional branches and 6 Islamic branches in Oman and 1 branch each in Egypt, Abu Dhabi and Dubai. Commercial Bank has entered into an exclusivity agreement with Tabarak Investment to negotiate terms of the potential sale of the Bank’s stake in United Arab Bank.
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 the “Best Retail Bank in Qatar,” “SME Bank of the Year in the Middle East,” and “Best Cash Management Bank in Qatar” for 2017 by The Asian Banker. 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 also won 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.
As at 31 December 2017, ABank had total assets of TL 20.6 billion, total loans stood at TL 14.1 billion, customer deposits of TL 10.7 billion and shareholders’ equity of TL 1.6 billion.
© Press Release 2018
