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Doha, Qatar: Commercial Bank, Qatar’s first private bank, is proud to announce that its Visa Signature Credit Card for SMEs has been awarded the “Best New Product in Qatar for 2016” by Visa, Inc.
The award was made in recognition of Commercial Bank’s innovation to introduce a customised product to meet the needs of the market, and follows another award win for the same Credit Card from The Banker Middle East magazine in January.
The new Visa Signature Credit Card for SMEs is tailored specifically to address the needs of Qatar’s SMEs and helps Enterprise Banking customers differentiate between business expenses and personal expenses, which has been identified as one of the main challenges that business owners face when using a card for payment.
The new Credit Card can be used for all government and business related transactions and its key features include cash back up to 2% on purchase transactions; complementary unlimited access to over 650 airport lounges worldwide; free corporate liability waiver insurance; free multi-trip travel insurance, purchase protection and extended warranty. Cardholders also enjoy exclusive discounts at merchant outlets in Qatar to help pay for business expenses such as office furniture, computers, stationary, and courier services.
Roya Khajeh Commercial Bank AGM, Head of Cards and Payments said: “Commercial Bank’s Visa Signature Credit Card for SMEs is the best SME Credit Card in the market, and winning two awards is a reflection of our innovative approach to create a tailor-made product for this vital sector. As the SME bank of choice in Qatar, we will continue to find new and innovative ways to deliver the best experience for our SME customers and support the development of the private economy in line with the National Vision 2030.”
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For more information please contact:
Mona Abdallah
EGM, Chief Marketing Officer
Commercial Bank
Tel: +974 440 0169
Email: m.abdallah@cbq.qa
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.
© Press Release 2017
