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Doha, Qatar: Commercial Bank, Qatar’s first private bank, is pleased to announce that it has received an award from Visa, the world’s leader in digital payments, for highest eCommerce growth in Qatar. The award recognises excellence among Visa card issuers in the market that drive eCommerce business growth through best-in-class products, innovation and constant customer engagement.
Commercial Bank EGM, Head of Retail and Consumer Banking, Amit Sah said: “We are delighted to win such a prestigious award from Visa, the world’s leader in digital payments. Commercial Bank has a long and proud strategic relationship with Visa which has allowed Commercial Bank to offer superior products and services in the local market, backed up by top quality service.’’
Ms. Roya Khajeh, Commercial Bank AGM and Head of Cards and Payments said: “This award is testament to Commercial Bank’s commitment to offer a diversified range of payment solutions to our customers and we will continue to focus on e-commerce, where we are seeing a clear shift in our customers’ preferred mode of transaction. E-commerce is growing in Qatar and Commercial Bank has worked closely with Visa to make e-commerce transactions safer and more convenient. We were one of the first banks to offer a dynamic OTP based 3D-Secure online feature to our cardholders and we are now offering Visa Checkout to make e-commerce transactions faster and even more secure.”
Shahebaz Khan, Visa Country Manager for Qatar, said, “Consumers in general are increasingly demanding secure and easy-to-use digital payments when making purchases online – this is of course true as well for Qatari cardholders. Commercial Bank has been playing a leading role in driving eCommerce in Qatar and we are delighted they are offering Visa Checkout to its customers who can now enjoy a consistent, simple, and secure shopping experience across any device – desktop, mobile and apps.”
Enrolling in Visa Checkout is a simple, one-time process, taking only a few minutes. Consumers simply store their shipping and payment information in a secure account with Visa once, and they never have to re-enter it again when shopping online at all merchants globally who offer Visa Checkout. Users simply enter a username and log-in to pay, rather than a 16-digit credit card number and expiry date at every transaction.
Customers can enroll in Visa Checkout on www.cbq.qa website, Visa.com (https://qa.visamiddleeast.com/en_QA/pay-with-visa/vco.html) or the website of any online retailer subscribed to the digital payment service.
-Ends-
For more information please contact:
Shaikha Ahmad M A Al-Haidose
Unit Head, External Communication and CSR | Marketing
The Commercial Bank (P.S.Q.C.) | P.O Box 3232, Doha, State of Qatar
Direct Tel: 44490356
About Commercial Bank
Commercial Bank has total assets of QAR 146.3 billion as at 31 March 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 179 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 Alternatifbank 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 3.6 billion as at 31 March 2018 and has 69 branches, including 1 branch each in Egypt, Abu Dhabi and Dubai. Commercial Bank has entered into an exclusivity agreement 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 (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 issued in March 2018 is the largest ever CHF bond from the MENA region.
Commercial Bank was awarded the “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 Alternatifbank
Alternatifbank was established in 1991. Commercial Bank became the majority shareholder in Alternatifbank in 2013 holding a 74.24% stake, following the acquisition of Alternatifbank 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 Alternatifbank from Anadolu group. Currently the Bank owns 100% of Alternatifbank shares.
Alternatifbank 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. Alternatifbank works closely with Commercial Bank to realise synergies and leverage regional trade opportunities.
As at 31 March 2018, Alternatifbank had total assets of TL 21.9 billion, total loans stood at TL 15.3 billion, customer deposits of TL 10.7 billion and shareholders’ equity of TL 1.1 billion.
© Press Release 2018
