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The Board of Directors of Alternatifbank (“ABank”) has announced the appointment of Mr. Cenk Kaan Gür to the role of Chief Executive Officer, subject to regulatory approval in Turkey. ABank is the Turkish subsidiary of The Commercial Bank (P.S.Q.C.) (“Commercial Bank”), a leading regional banking group based in Qatar.
Cenk Kaan Gür has 28 years of experience in the banking industry, beginning his career with Garanti Bank. Prior to serving as Director in charge of SME Marketing Coordination, he assumed the roles of branch and regional manager in Corporate, Commercial and SME Banking at Garanti Bank. Cenk Kaan Gür joined Akbank as Executive Vice President in charge of SME Banking in 2011. He served as Executive Vice President of Commercial Banking in Akbank and held the positions of Chairman of AKlease and Vice Chairman of AK Investment, which are both Akbank subsidiaries.
ABank Chairman and Commercial Bank Managing Director Omar Hussain Alfardan said: “Under the management of Cenk Kaan Gür, a talented and experienced leader, ABank will pursue its growth by offering the best service for its customers and will increase its contribution to the Turkish economy. We believe that with the support of increased commercial relations between Turkey and Qatar, we will create significant value to our customers. Cenk Kaan Gür and our new non-executive directors Zafer Kurtul and Turgay Gönensin, all bring strong experience and skills that will propel ABank.”
“On behalf of the Board of Directors, I would also like to thank our outgoing CEO, Müge Öner, and wish her the best for the future,” Omar Hussain Alfardan added.
ABank Vice Chairman and The Commercial Bank Group CEO Joseph Abraham said: “Turkey has a bright future ahead, with huge potential for economic growth in the mid to long term. Turkey and Qatar enjoy a close strategic relationship with economic ties growing ever stronger and deeper. The Commercial Bank and ABank together are at the forefront of this strategic and economic relationship and I’m looking forward to working closely with Kaan and ABank’s new non-executive directors as we integrate our two banks further in order to offer our clients a seamless banking experience across both countries, and capture a larger share of the investment and trade flows between Qatar and Turkey that are rapidly accelerating.”
Cenk Kaan Gür, said: “I’m very excited to be working alongside a strong and talented team in ABank and our shareholder The Commercial Bank. As ABank, we will work with the ambition of contributing more to our customers and the economy of our country with our perspective of profitable growth and innovative banking. We will further strengthen ABank's position in the sector. With the increasing collaboration and integration between ABank and The Commercial Bank, we aim to increase our service quality and by this means, to create more value for our customers. I believe that ABank's strong performance in the coming years will contribute significantly to our country's economy and our shareholders.”
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For more information please contact:
Layla Salem
Public Relations and Corporate Communications Manager
Commercial Bank
Tel: +974 440 0178
Email: layla.salem@cbq.qa
About Commercial Bank
Commercial Bank has total assets of QAR 133.4 billion as at 30 June 2017. 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 franchise in Qatar. The Bank’s countrywide network includes 29 full service branches and 177 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 3.6 billion as at 30 June 2017, has 60 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 21.2 billion as at 30 June 2017, and operates 18 branches across the UAE. Building on the successful execution of the Bank’s expansion strategy to date, Commercial Bank acquired a majority stake in Alternatifbank in Turkey in 2013 and became a 100% owner through a put option exercised on 19 December 2016.
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 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 and June 2016 are listed on the Irish Stock Exchange.
Commercial Bank was awarded the “Best Retail Bank in Qatar” and named the “SME Bank of the Year in the Middle East” for 2017 by The Asian Banker based on its specialised banking services for small and medium Enterprise business customers. The award “SME Bank of the Year” adds to similar national awards in 2015 and 2016. Commercial Bank also won the “Best New Product in Qatar for 2016” for its Visa Signature Credit Card for SMEs by Visa, Inc. in addition to the “Best SME Credit Card” from The Banker Middle East - Qatar product awards. 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 won the “Best Cash Management Bank in Qatar” award at The Asian Banker Middle East & Africa Transaction Banking Awards in 2016 and 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 (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. In December 2016 the Bank completed the put option exercise of purchasing 25% of share in Abank from Anadolu group. Currently the Bank owns 100% of ABank shares.
ABank is a mid-size Turkish bank that predominately serves medium-sized companies through a country-wide network of 53 branches. ABank provides commercial/corporate banking services and products, with a special focus on the growing segment of Small and Medium-Sized Enterprises. ABank’s main product ranges cover trade finance instruments, working capital finance, cash management, and portfolio management.
As at 30 June 2017, ABank had total assets of TL 18.4 billion, total loans stood at TL 11.7 billion, customer deposits of TL 8.3 billion and shareholders’ equity of TL 1.4 billion.
© Press Release 2017
