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Doha, Qatar: The Board of Directors of The Commercial Bank (Q.S.C.) ("Commercial Bank" or "the Bank"), a leading regional banking group based in Qatar, today announced the appointment of Joseph Abraham as the new Chief Executive Officer.
Mr. Abraham is a seasoned banking professional with experience in both developed and emerging markets. Before joining Commercial Bank, he was CEO of Australia and New Zealand (ANZ) Banking Group Indonesia based in Jakarta, a position he served since 2008. Mr. Abraham graduated with an MBA from Stanford Business School and has worked in Indonesia, Singapore, Hong Kong, Ghana, UK and India in various country and regional banking roles with a successful track record covering general management, corporate banking, strategy, product management as well as acquisitions and integrations.
Mr. Joseph Abraham succeeds Mr. Abdulla Saleh Al Raisi, who has been promoted to Advisor to the Board of Directors.
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For more information, please contact:
Qatari media
Mona Abdallah
Acting Chief Marketing Officer
Commercial Bank
Tel: +974 440 0169
Email: m.abdallah@cbq.qa
About Commercial Bank
Commercial Bank has total assets of QAR 123.3 billion as at 31 March 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 157 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 3.4 billion as at 31 March 2016, 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 22.7 billion as at 31 March 2016, and operates 30 branches and 68 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 "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.
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 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. 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 57 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 31 March 2016, ABank had total assets of TL 13.5 billion, total loans stood at TL 8.9 billion, customer deposits of TL 6.4 billion and shareholders' equity of TL 1 bill ion.
wwweng.abank.com.tr
© Press Release 2016
