Last checked at 5 Aug 2013 12:32
For Immediate Release
ABDULLA SALEH AL RAISI APPOINTED AS
CHIEF EXECUTIVE OFFICER OF COMMERCIAL BANK
Doha, 5 August 2013 - The Board of Directors of Commercial Bank of Qatar ("Commercial Bank" or "the Bank"), a leading Qatar based international banking group, today announced the appointment of Abdulla Saleh Al Raisi to the role of Chief Executive Officer.
Mr. Al Raisi joined the bank in 1998 and worked in both the Retail and Corporate banking divisions before being appointed as Deputy CEO in March 2007.
His Excellency Abdullah Bin Khalifa Al Attiyah, Chairman of Commercial Bank, commented: "We are delighted to have appointed Abdulla Saleh Al Raisi as Chief Executive of Commercial Bank. Myself and my fellow board members look forward to working with him as he directs and drives the Bank to new heights."
Mr. Andrew Stevens, will continue as the Group Chief Executive Officer with Mr. Al Raisi's appointment allowing Mr. Stevens to focus on driving the Bank's international strategy as well as the management of the investments the Group has made in National Bank of Oman, United Arab Bank, and most recently Alternatifbank in Turkey, which received regulatory approvals from the Banking Regulation and Supervision Agency and the Capital Markets Board of Turkey last month. Mr. Stevens will continue to report to the Commercial Bank Board of Directors and will lead the further development and implementation of the Alliance between the Group's four Banks, which aims to drive cross border revenue growth and identify cost synergies to enhance profitability.
"The appointment of Abdulla Al Raisi as CEO in Qatar and the step change we are making with our international strategy under Andrew Stevens leadership marks a new and exciting stage in the Banks development", added HE Al Attiyah.
**Ends**
For more information, please contact:
Qatari media International media
Mona Abdallah Neil Doyle
Head of Corporate Communications FTI Consulting
Commercial Bank Tel: +44 20 7269 7237 or +44 777 1978 220
Tel: +974 4449 0169 Email: neil.doyle@fticonsulting.com
Email: m.abdallah@cbq.qa
Notes to Editors
About Commercial Bank
Commercial Bank has total assets of QAR 85.4 billion as at 30 June 2013. 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 29 full service branches and 151 ATMs.
Profitable every year since incorporation in 1975, 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 2.8 billion as at 30 June 2013, has 66 branches in Oman and 1 branch each in Egypt and in Abu Dhabi. UAB is headquartered in Sharjah, with total assets of AED 18.4 billion as at 30 June 2013, and operates 18 branches across the emirates in the UAE.
Commercial Bank enjoys strong credit ratings of (A) from Fitch, (A1) from Moody's and (A-) 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) as well as bonds on the London Stock Exchange. Additionally, 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.
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 and the Grand Prix of Qatar Moto GP reflects the Bank's promotion of excellence in sports and its keen interest in enhancing Qatar's international sporting reputation. To reinforce Qatar's flourishing cultural environment, Commercial Bank is the strategic partner of the Katara Cultural Village. This collaboration symbolises the Bank's commitment to supporting cultural activities in Qatar and making the country a regional arts and cultural hub.
www.cbq.qa
About ABank
ABank was established in 1991. Commercial Bank became a majority shareholder in ABank in 2013 following the acquisition of 70.84% of ABank's shares from Anadolu Group. Anadolu Group remains a significant shareholder.
ABank is a mid-size Turkish bank that predominately serves medium-sized companies through a country-wide network of 69 branches in 25 cities (as of 30 June 2013). ABank provides commercial/corporate banking services and products, with a special focus on the growing segment of Small and Medium-Sized Enterprises. The Bank's main product ranges cover trade finance instruments, working capital finance, cash management, and portfolio management. The Bank has also recently made a strategic decision to re-enter Retail Banking, targeting "mass affluent segment" in terms of customer profile with tailor made products.
At the end of December 2012, ABank had total assets of TL 7.9 billion ($ 4.4 billion), total loans stood at TL 5.1 million, customer deposits of TL 4.2 million and shareholders' equity of TL 601 million.
http://wwweng.abank.com.tr/