Commercial Bank named "Best Bank in Qatar 2018" by Global Finance

Commercial Bank was selected as the winner by Global Finance's editorial board based on extensive consultation with bankers, consultants and industry analysts.

  
Commercial Bank named Best Bank in Qatar 2018 by Global Finance

Doha, Qatar: Commercial Bank has received the “Best Bank in Qatar” award from Global Finance magazine during the publication’s 25th annual ceremony for the world’s best banks. An awards ceremony took place on 13 October in Bali, Indonesia, on the sidelines of the 2018 Annual Meetings of the International Monetary Fund and World Bank Group. 

Commercial Bank was selected as the winner by Global Finance’s editorial board based on extensive consultation with bankers, consultants and industry analysts. According to Global Finance Magazine, banks are awarded through a consideration of “factors that range from the quantitative objective to the informed subjective.” In addition, a poll of Global Finance’s corporate readership was conducted to increase the accuracy and reliability of the results.

Commercial Bank has had a successful 2018 to date, indicating that the execution of its five-year strategic plan to be the best bank in Qatar is on track. It continued to grow, with the Bank and its subsidiaries reporting a net profit of QAR 855 million for the half year ended 30 June 2018 as compared to QAR 180 million for the same period in 2017 – an increase of 376%. 

Customer loans were up by 4.3% in H1 2018 compared to the same period last year, while the Bank has simultaneously reshaped its balance sheet through sector diversification to reflect current and future market opportunities. The Bank’s cost to income ratio has been reduced by cutting waste, while the Bank continued to invest in new technologies.

As part of its five-year strategic plan, Commercial Bank has invested heavily in digital technology to make its banking services more convenient for customers. For example, last year it launched a first-to-market 60 Seconds Remittance service to India, which has since been extended to the Philippines, Sri Lanka, Pakistan and Nepal. The service allows customers to transfer money in under one minute through the Commercial Bank Internet Banking and Mobile Banking App. In recognition of this market-leading service, Commercial Bank was awarded “The Best Remittance Service for the Middle East” at The Asian Banker’s Excellence Services Awards 2018.

Commenting on the award, Joseph Abraham, Group CEO of Commercial Bank, said: “It is great to get recognition for all the work that Commercial Bank has done as part of our goal to be the best bank in Qatar. This is the first time that the Bank has won this award, so it’s a real milestone for us.

“At Commercial Bank we are transforming the way we work by developing a ‘One Bank, One Team’ culture. We are making strategic decisions by investing more than ever in our people and in technology, so that we can provide the best products and services to our customers.”

-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 139.9 billion as at 30 June 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 172 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 3.4 billion as at 30 June 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.

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 June 2018, Alternatif Bank had total assets of TL 26.0 billion, total loans stood at TL 16.5 billion, customer deposits of TL 13.4 billion and shareholders’ equity of TL 1.6 billion.

https://www.alternatifbank.com.tr/en/ 

© Press Release 2018

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases