Doha, Qatar: Commercial Bank, one of the leading full service banks in Qatar, has been awarded exclusive mandate to distribute dividends for Mesaieed Petrochemical Holding Company Q.S.C. (MPHC) to their shareholders. This award contract will be a period of five years commencing in 2017. Commercial Bank has been providing dividend distribution services to MPHC since the company went public in 2014.
MPHC, one of the region’s premier diversified petrochemical conglomerates, was listed on the Qatar Stock Exchange in 2014 and started paying dividends from its first financial year in 2014.
MPHC is a Qatar Petroleum group company which holds most of Qatar Petroleum's interests in three well-established and highly profitable petrochemical companies via Qatar Chemical Company Ltd (Q-Chem), Qatar Chemical Company Ltd (Q-Chem II)and Qatar Vinyl Company Ltd (QVC) Q.S.C.
The combination of these three successful operating ventures under MPHC creates a leading integrated producer and exporter of petrochemicals, with world-class production facilities in Qatar.
MPHC Managing Director, Khalid Al Subaey, said: “Our new five-year contract with Commercial Bank builds on a successful strategic partnership and ensures, as a priority, timely delivery of dividend to MPHC shareholders. Commercial Bank has always proved efficient with capabilities that do not only meet our needs, but also contribute to creating exceptional shareholder experience.”
Commercial Bank, EGM Government & Public Sector, Khalifa Al Rayes said: “Commercial Bank is proud to be MPHC’s dividend distribution partner for the past three years and to have earned the trust to recapture MPHC’s dividend distribution mandate for the next five years. Our commitment is to innovate and provide quick turnaround times to assure an enhanced customer experience for MPHC’s shareholders. Through providing dividend distribution services in line with international best practices, Commercial Bank has built strong relationships with leading listed companies in Qatar.”
Commercial Bank’s dividend distribution mechanics have been tailored to offer MPHC shareholders fast, efficient and accessible services. These services include the option of cash payments for dividends of less than QAR 100,000, instant dividend credit to a Commercial Bank account or transfers to banks locally and worldwide. The distribution is supported by the Bank’s extensive branch network, comprising 29 full service branches strategically located across Qatar, ensuring MPHC shareholders can access their dividends quickly and conveniently. For MPHC shareholders using the Qatar Central Securities Depository direct credit service, Commercial Bank will credit their MPHC dividends instantly. If the MPHC Shareholder is a customer of Commercial Bank, he can call the Bank’s dividend hotline on 4449 5444 24/7 for an auto-credit.
About Commercial Bank
Commercial Bank has total assets of QAR 123.9 billion as at 30 Sep 2016. 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 29 full service branches and 181 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 30 Sep 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 22.5 billion as at 30 Sep 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 completed the acquisition of a majority stake in Alternatifbank in Turkey in July 2013.
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 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
For more information, please contact:
Qatari media
Ibrahim Al-Emadi
Head of Corporate Communications
Commercial Bank
Tel: +974 4475 4748
Email: ibrahim.alemadi@cbq.qa
© Press Release 2017
