PHOTO
Doha, Qatar: Commercial Bank, Qatar's first private bank, has announced the renewal of its exclusive strategic financial services partnership with IKEA, the world's largest furniture retailer, in Qatar where customers can enjoy the IKEA experience through Commercial Bank's "Shop Now Pay Later" interest free payment service.
Following the success of the past two years, Commercial Bank has been confirmed to act as the exclusive financial services partner to IKEA in Qatar for a further two years and the Bank will continue to offer a range of services within the store. These include Commercial Bank's exclusive "Shop Now Pay Later" programme, an innovative feature allowing Commercial Bank credit cardholders the money-saving convenience of paying for their IKEA furniture in up to 24 interest free installments instead of paying the entire amount upfront. The offer is available at 0% interest for up to 24 months on all purchases of QAR 400 or more at IKEA with no additional documents required.
In addition, Commercial Bank also offers a market leading Reward Points programme, allowing Reward Points to be earned when using their credit card for retail purchases. Commercial Bank credit cardholders can then redeem these Reward Points at IKEA, which provides immediate discounts in-store. Any new customer who applies for a Commercial Bank credit card at IKEA will receive a welcome bonus of 5,000 Commercial Bank Reward Points worth QAR 500, which also can be redeemed at the store.
Dean Proctor, Commercial Bank EGM, Retail and Consumer Banking said: "We are delighted to extend our exclusive financial services partnership with IKEA for another two years and have the opportunity to continue offering our "Shop Now Pay Later" scheme through the world's best known furniture store. All Commercial Bank credit cardholders including Diners Club, Visa or MasterCard holders can make purchases using their cards at IKEA and enjoy the benefit of repayments in interest-free monthly installments comfortably spread over a period of time."
Mr. Proctor added: "We will also continue to have a dedicated kiosk in the IKEA store where customers can apply for a Commercial Bank credit card on-the-spot. IKEA has huge experience in the Middle East region and we look forward to a continued successful partnership that will benefit both Commercial Bank and IKEA customers."
James McGowan, Regional Brand Communication Manager, IKEA said: "IKEA's exclusive partnership with Commercial Bank delivers an added benefit to our customers who can furnish their homes with IKEA's wide range of innovative and affordable products while enjoying the peace of mind of Commercial Bank's "Shop Now Pay Later" interest-free payment service. IKEA is pleased to renew our partnership with Commercial Bank for another two years and provide our customers in Qatar with convenient payment options."
Commercial Bank credit cardholders continue to enjoy the widest range of benefits, including 0% "Shop Now Pay Later", exclusive offers on travel, dining and shopping at over 200 other retail outlets in Qatar and overseas, complimentary access to over 600 executive airport lounges worldwide, complimentary travel insurance and much more.
For more details, please visit www.cbq.qa/IKEA. Terms & Conditions apply.
-Ends-
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 119.1 billion as at 30 June 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 32 full service branches and 156 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 3.2 billion as at 30 June 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 26.6 billion as at 30 June 2015, and operates 30 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 (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, 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 is listed on the Irish stock exchange.
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 Banker for the year 2015.
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. Currently the Bank owns 74.87% of ABank shares.
ABank is a mid-size Turkish bank that predominately serves medium-sized companies through a country-wide network of 64 branches in 21 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 30 June 2015, ABank had total assets of TL 13.2 billion, total loans stood at TL 9.5 billion, customer deposits of TL 6.1 billion and shareholders' equity of TL 1.02 billion.
wwweng.abank.com.tr
© Press Release 2015
