20 December 2016, Doha, Qatar
The Commercial Bank (P.S.Q.C.) confirms completion of the put option for the acquisition of the remaining 25% shareholding in Alternatifbank A.Ş from Anadolu Endüstri Holding A.Ş. on 19 December 2016 for USD 224,913,332. Alternatifbank A. Ş. is now a 100% subsidiary of The Commercial Bank (P.S.Q.C.).
-Ends-
For more information please contact:
Mona Abdallah
EGM, Chief Marketing Officer
Commercial Bank
Tel: +974 4449 0169
Email: m.abdallah@cbq.qa
Jon Earl
Managing Director
FTI Consulting
Tel: +971 (0) 50 494 1178
Email: jon.earl@fticonsulting.com
About Commercial Bank
Commercial Bank has total assets of QAR 123.9 billion as at 30 Sep 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 175 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 3.5 billion as at 30 Sep 2016, 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 22.5 billion as at 30 Sep 2016, and operates 22 branches 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 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 “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
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.
© Press Release 2016
