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Doha, Qatar: Commercial Bank joined global banks at the 2016 Annual Meetings of the International Monetary Fund (IMF), and the Institute of International Finance (IIF), held in parallel in Washington DC earlier this month. These Annual Meetings are major global financial and economic sector conferences and are regularly attended by key figures from the world of finance, politics and economics, including finance ministers and central bankers from various countries. Held annually in different locations, the Annual Meetings welcome banks and multilateral development institutions from countries all over the world, including several banks from Qatar and the GCC.
A group of Qatari banks jointly hosted a very successful and well attended reception with the presence of H.E. Ali Shareef Al-Emadi, Minister of Finance and H.E. Sheikh Abdullah Bin Saud Al-Thani, Governor of Qatar Central Bank, Qatari Banks Board members and their teams.
Commercial Bank representatives, including its alliance banks, National Bank of Oman and Alternatifbank Turkey attended conference sessions and held a broad programme of meetings and events during their time in the US. Commercial Bank representatives used the conference for bilateral meetings with banks from various countries, to build relationships and grow business in new areas, including demonstrating the increasing regional strength of the Commercial Bank.
During the three days of Annual Meetings, discussions of key issues included the outlook for the global economy, developments in financial markets and monetary system, promoting economic development and poverty reduction in developing countries, economic outlook and sustainable growth as well as managing de-risking
Commercial Bank’s CEO, Mr. Joseph Abraham said: “With the world’s preeminent leaders and thinkers on the global economy, international development and global financial markets all gathered together in one place, it is essential for Commercial Bank to participate at the IIF, IMF and Annual Meetings as a leading regional financial institution with operations in Qatar, Oman, the UAE and Turkey. The meetings play an important part in forming the Bank’s regional strategy and anticipating future prospects for regional trade in order to continue delivering profitable growth.”
Commercial Bank also participates in the annual conferences and activities of other global trade and development institutions such as the ICC Banking Commission, SWIFT – SIBOS convention, BAFT, Asian Development Bank, African Development bank, Arab Trade Finance Program.
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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
About Commercial Bank
Commercial Bank has total assets of QAR 127 billion as at 30 June 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 31 full service branches and 174 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 June 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 June 2016, and operates 25 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.
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. Currently the Bank owns 75% of ABank shares.
ABank is a mid-size Turkish bank that predominately serves medium-sized companies through a country-wide network of 54 branches in 20 cities. 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.
At 30 June 2016, ABank had total assets of TL 14.8 billion, total loans stood at TL 10 billion, customer deposits of TL 7.2 billion and shareholders’ equity of TL 1.2 billion.
© Press Release 2016
