Doha, Qatar: Commercial Bank is now applying the International Bank Account Number (IBAN), a global standard protocol for identifying bank accounts.
Commercial Bank's adoption of the IBAN system on 1 January 2014 is in line with a directive issued by the Qatar Central Bank and is in effect for outward and inward transfers, to and from the State of Qatar.
IBAN facilitates the automatic processing of money transfers to improve the speed and accuracy of payment transactions and helps to avoid transfer errors.
Commercial Bank CEO Abdulla Saleh Al Raisi said: "Commercial Bank welcomes the adoption of IBAN as it will improve the effectiveness and performance of payment systems in Qatar. International transfers are vitally important to our retail and corporate customers, and using IBAN results in less errors and associated delays."
"Commercial Bank is now even further aligned with our strategic alliance banks in the UAE and Turkey, as these countries have already adopted the IBAN convention. Alignment of banking systems across our regional network brings efficiencies and benefits to all our customers," he added.
Commercial Bank customers' unique IBAN numbers are printed on their account statements; available via internet banking portals; or can be obtained by calling Commercial Bank's Contact Centre on 44490000.
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About Commercial Bank
Commercial Bank has total assets of QAR 104.5 billion as at 30 September 2013. 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 29 full service branches and 151 ATMs.
Profitable every year since incorporation in 1975, 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 3.0 billion as at 30 September 2013, has 66 branches in Oman and 1 branch each in Egypt and in Abu Dhabi. UAB is headquartered in Sharjah, with total assets of AED 20.4 billion as at 30 September 2013, and operates 23 branches across the emirates in the UAE. Building on the successful execution of the Bank's expansion strategy to date, in July 2013 Commercial Bank announced the acquisition of a majority stake in Alternatifbank (ABank) in Turkey.
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. Additionally, 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.
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 ABank
ABank was established in 1991. Commercial Bank became a majority shareholder in ABank in 2013 following the acquisition of 70.84% of ABank's shares from Anadolu Group. Anadolu Group remains a significant shareholder holding 25% of shares in Abank.
ABank is a mid-size Turkish bank that predominately serves medium-sized companies through a country-wide network of 73 branches in 27 cities (as of 30 September 2013). 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 "mass affluent segment" in terms of customer profile with tailor made products.
At the end of September 2013, ABank had total assets of TL 9.4 billion ($ 4.6 billion), total loans stood at TL 5.9 billion, customer deposits of TL 4.2 billion and shareholders' equity of TL 610 million.
wwweng.abank.com.tr/
For more information, please contact:
Qatari media
Mona Abdallah
Head of Corporate Communications
Commercial Bank
Tel: +974 4449 0169
Email: m.abdallah@cbq.qa
© Press Release 2014
