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Regional awards for both SME banking and best deposit product won at ceremony in Dubai
Doha, Qatar: Commercial Bank, Qatar's first private bank, is proud to announce it has won two awards at The Asian Banker's Excellence in Retail Financial Services Programme, held during their Annual Middle East and Africa Awards Ceremony in Dubai.
Following the International Banker award in 2015 for "Commercial (SME) Bank of the Year", Commercial Bank has been awarded "SME Bank of the Year" by The Asian Banker. Given the importance and increasing focus of the SME community in Qatar, receiving such recognition is a testament to Commercial Bank's strategy which continues to evolve in line with market and customer requirements. Commercial Bank's Enterprise Business Loan was recognised for its success in the Qatari market, addressing SME customers' working capital needs with quick turnaround times and flexible criteria for eligibility contributing to the doubling of sales of the product through 2015.
The Bank also claimed "Deposit Product of the Year" for its Regular Saver Account at the same awards ceremony, held to recognise the pursuit of excellence among retail financial institutions in the Middle East and Africa. Commercial Bank aims to encourage a culture of savings through the Regular Saver Account, as customers who save regularly are rewarded with high interest rates. The Asian Banker acknowledged Commercial Bank's successful digital innovation via Internet and Mobile Banking, and marketing through social media and other platforms to secure over 15,000 accounts.
The Asian Banker is an authoritative provider of strategic business intelligence to the Asian financial services community and Commercial Bank underwent a stringent three-month evaluation for both awards based on a balanced and transparent scorecard.
Commercial Bank CEO Mr. Abdulla Saleh Al Raisi said: "Commercial Bank's track record of supporting Qatari businesses for over 40 years means we understand the fundamental role that SMEs play in the economy by providing the engine for private sector growth and diversity in line with the Qatar National Vision 2030. Two awards in two years for the strength of our SME banking from respected international publications is testament to how highly Commercial Bank values nurturing Qatar's entrepreneurial business community through our specialised department: Enterprise Banking. 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 Qatari economy."
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About Commercial Bank
Commercial Bank has total assets of QAR 123.5 billion as at 31 December 2015. 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 154 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 3.3 billion as at 31 December 2015, has 61 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 23.7 billion as at 31 December 2015, and operates 30 branches and 69 ATMs 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 was awarded "Best retail bank in Qatar" for 2015 by The Asian Banker based on its wide-ranging achievements over the past three years and ambitious future plans. In recognition of the Bank's innovative customer focused products and services provided to SMEs, Commercial Bank also won the prestigious "Best Commercial (SME) Bank of the Year, Qatar" award from The International Bankerfor the year 2015. 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.
Commercial Bank enjoys strong credit ratings of (A+) from Fitch, (A1) from Moody's and (A-) 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) as well as bonds on the London Stock Exchange. Commercial Bank's Swiss Franc bond issuance in December 2010, was the first public bond issuance by a Qatari bank in Switzerland. Commercial Bank's latest bond issuance in June 2014 is listed on the Irish stock exchange.
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 and the Grand Prix of Qatar Moto GP reflects the Bank's promotion of excellence in sports and its keen interest in enhancing Qatar's international sporting reputation. To reinforce Qatar's flourishing cultural environment, Commercial Bank is the strategic partner of the Katara Cultural Village. This collaboration symbolises the Bank's commitment to supporting cultural activities in Qatar and making the country a regional arts and cultural hub.
About Alternatifbank (ABank)
ABank was established in 1991 and has been listed on the Istanbul Stock Exchange since 1995. 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. Anadolu Group remains a significant shareholder retaining 25% of shares in ABank. The bank completed a squeeze out process and its current shareholding in ABank is 75%.
ABank is a mid-size Turkish bank that predominately serves medium-sized companies through a country-wide network of 59 branches in 27 cities. ABank provides commercial/corporate banking services and products, with a special focus on the growing segment of Small and Medium-Sized Enterprises. The Bank's main product ranges cover trade finance instruments, working capital finance, cash management, and portfolio management. The Bank has also recently made a strategic decision to re-enter Retail Banking, targeting the "mass affluent segment" in terms of customer profile with tailor made products.
At 31 December 2015, ABank had total assets of TL 13.9 billion, total loans stood at TL 10 billion, customer deposits of TL 5.6 billion and shareholders' equity of TL 1 billion.
www.eng.abank.com.tr
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 2016
