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Commercial Bank and Qatar Cool partner to offer direct debit payment for the first time

Commercial Bank and Qatar Cool partner to offer direct debit payment for the first time

05 December 2016

Doha, Qatar: Qatar Cool has partnered with Commercial Bank for the payment of utility bills by Direct Debit for the first time in Qatar.

With Direct Debit through Commercial Bank, Qatar Cool will be able to offer its customers an alternative payment channel that comes with a range of benefits. Direct Debit helps Qatar Cool customers save money as there are no charges for missing payments and only a one-time payment setup is required. Direct Debit offers benefits to Qatar Cool as well, through automation of their receivables, a paperless payment collection process and timely payments with fewer outstanding debtors.

Speaking at a signing ceremony held at Commercial Bank Plaza to mark the partnership, Mr. Joseph Abraham, Commercial Bank Chief Executive Officer said: “Commercial Bank is proud to partner with Qatar Cool and to be entrusted with providing the option of Direct Debit payments for greater customer efficiency and convenience. Commercial Bank is the first bank in Qatar to offer Direct Debit to any utility company, and through our end-to-end and customised cash management solutions, Commercial Bank has built strong relationships with corporates.”

Furthermore, Yasser Salah Al-Jaidah, Chief Executive Officer at Qatar Cool expressed his appreciation to partner with Commercial Bank, he commented: “We are continuously striving to enhance the services we offer to our customers and we believe that this new partnership with Commercial Bank is a major step forward in easing the settlement of cooling bills. We thank Commercial Bank for partnering with Qatar Cool by being the first bank in Qatar to enable this service to our customers.”

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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 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 31 full service branches and 175 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

About Qatar Cool
Qatar District Cooling Company was established in 2003 with a vision to be the leading provider of district cooling services in Qatar. In 2012, Qatar Cool was awarded the world’s best District Cooling System award by the International District Energy Association for the West bay District, and in 2014 for the Pearl-Qatar District

Serving its customers from three strategically located cooling plants and an intricate underground piping system, the company built an impressive client base that covers The Pearl-Qatar and West Bay districts.

As part of its dedication to serving the environment, Qatar Cool has accepted the challenge to design, build and operate the largest district cooling plant in the world at The Pearl – Qatar, which will serve more than 80 apartment towers, beachfront villas and townhouses, shopping complexes, offices, schools and hotels throughout the Island, ultimately supplying 130,000 tons of refrigeration to the Island’s 45,000 residents.

© Press Release 2016

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