Doha, Qatar: Dr Leonie Lethbridge, EGM, Chief Operating Officer at Commercial Bank, yesterday talked about how new technology can be applied by banks in Qatar during a panel discussion at Euromoney Qatar Conference 2018.
Dr Lethbridge was participating in a panel discussion on the second day of the conference about how banks can use new technologies to improve the customer experience. During the panel discussion she spoke about how banks can apply technologies from the fintech sector, such as blockchain, to add value to customers.
Dr Lethbridge said: “There is an opportunity for banks in Qatar and around the world to use technology to provide great products and services that will help us to build even better relationships with customers by improving their experience of banking with us. It has the potential to truly revolutionize the sector.
“This evolution in technology, which today we call fintech, will become more important in the way we are doing banking now. Technologies like blockchain could hold enormous promise, and at Commercial Bank, we are actively developing our approach in how to use new technologies like this.
“However, it is very important that banks understand how it can be used to create value. What should drive adoption around this is value created through offering new products and services, by improved efficiency, and through even better client experience, not the technology itself.”
Commercial Bank’s innovative application of new technologies is part of its work to support the realization of the goals of the economic pillar of the Qatar National Vision 2030, specifically the development of a diversified and sustainable economy.
Dr Lethbridge followed Joseph Abraham, Group CEO at Commercial Bank, who gave a keynote interview at the conference on Sunday. During his interview, he talked about Qatar’s economic prospects in 2019 and international investor confidence in Qatar and Commercial Bank. They both spoke at the conference in Commercial Bank’s capacity as Lead Sponsor.
The Euromoney Conference is a major industry event in Qatar, bringing together leaders from around the world to discuss pressing global financial issues, especially relating to the State of Qatar and its economy. The focus of this year’s conference is Qatar’s post-blockade strategy and its development as a sustainable economy.
The conference, which is held under the patronage of HE Sheikh Abdullah bin Nasser bin Khalifa Al Thani, Prime Minister and Minister of Interior, featured a host of prominent national and international speakers. High profile speakers included HE Mr Ali Shareef Al Emadi, Minister of Finance, HE Sheikh Abdullah Bin Saoud Al Thani, Governor of the Qatar Central Bank, and Philippe Legrain, Visiting Fellow, London School of Economics.
In addition to this year’s sponsorship of the conference, Commercial Bank was also Lead Sponsor of the Euromoney Qatar Conference in 2013, demonstrating its commitment to supporting high-profile, financial events of this kind in Qatar.
-Ends-
Abeer Marwan Al Kalla
Head of Corporate Communications and CSR
The Commercial Bank (P.S.Q.C.) |
P.O Box 3232,
Doha,
State of Qatar
Direct Tel: 44490292
abeer.alkalla@cbq.qa
About Commercial Bank
Commercial Bank has total assets of QAR 138.7billion as at 30 September 2018. 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 the exclusive Diners Club franchise in Qatar. The Bank’s countrywide network includes 29 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. Expanding its geographical footprint, Commercial Bank is 100% owner of Alternatif Bank in Turkey and has a strategic partnership with the National Bank of Oman (NBO). NBO is the second largest bank in Oman with total assets of OMR 3.5 billion as at 30 September 2018 and has 69 branches, including 1 branch each in Egypt, Abu Dhabi and Dubai. Commercial Bank has ceased discussion with Tabarak Investment to negotiate terms of the potential sale of the Bank’s stake in United Arab Bank.
Commercial Bank enjoys strong credit ratings of (A3) 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 issued in March 2018 is the largest ever CHF bond from the MENA region.
Most recently, Commercial Bank was awarded “Best Bank in Qatar” from Global Finance magazine on the sidelines of the 2018 Annual Meetings of the International Monetary Fund and World Bank Group. According to Brand Finance, Commercial Bank was also named among the world's top 500 financial brands for 2018, ranking third locally and 270 globally, up 12 on the same list compared to last year Commercial Bank was awarded the “Best Remittance Bank in the Middle East 2018”,“Best Retail Bank in Qatar 2018,” “SME Bank of the Year in the Middle East 2017,” and “Best Cash Management Bank in Qatar 2017” by The Asian Banker. 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 also won the “Best Investor Relations award for mid-cap companies” at the Qatar Stock Exchange’s annual IR awards ceremony in 2017 recognising best practice in investor relations.
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 Alternatif Bank
Alternatif Bank was established in 1991. Commercial Bank became the majority shareholder in Alternatif Bank in 2013 holding a 74.24% stake, following the acquisition of Alternatif Bank shares of 70.84% from the Anadolu Group and 3.40% through a public tender offer. In December 2016 the Bank completed the put option exercise of purchasing 25% of share in Alternatif Bank from Anadolu group. Currently the Bank owns 100% of Alternatif Bank shares.
Alternatif Bank is a mid-size Turkish bank that provides its customers in the corporate, commercial and retail banking segments with high value products, services and solutions through a country-wide network of 53 branches widely distributed across Turkey. Alternatif Bank works closely with Commercial Bank to realise synergies and leverage regional trade opportunities.
As at 30 September 2018, Alternatif Bank had total assets of TL 29.5 billion, total loans stood at TL 18.1 billion, customer deposits of TL 14.3 billion and shareholders’ equity of TL 1.7 billion.
https://www.alternatifbank.com.tr/en/
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