Last checked at 23 Mar 2009 07:00
22 March 2009
Commercial Bank of Qatar announces its participation in the Qatar Government's equity investment proposal
Sunday 22 March 2009, Doha, Qatar: Commercialbank of Qatar, the largest private sector bank in Qatar, today announces its participation in the Government of Qatar's proposal announced on 8 March 2009 in which the Government offered to buy part, or all, of the Qatar DSM equity investment portfolios of eight local banks.
Andrew Stevens, Group Chief Executive Officer commented: "The sale of the listed Qatar equity portfolio to the Government offers additional certainty and security in these challenging financial markets. We thank the Government of Qatar for their decisive action in supporting the Qatar banking sector."
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For more information please contact:
| Roy Leask Head of Group Corporate Communications Tel: +974 449 1090 Email: roy.leask@cbgroup.com.qa Nicholas Coleman Group Chief Financial Officer Tel: +974 449 1140 Email: nick.coleman@cbgroup.com.qa | Hugh Barker Financial Dynamics Tel: +971 248 7624 Email: Hugh. Barker@fd.com |
Notes to Editors
About Commercialbank:
Commercialbank is the leading private sector and second largest commercial bank in Qatar, by total assets and shareholders' equity. As a full service commercial bank, Cb offers a complete range of corporate, retail , Islamic, and investment banking services as well as owning and operating exclusive Diners Club franchises in Qatar, Oman and Egypt. The Bank's country wide network includes 27 full service branches, including 6 Al Safa Islamic branches and 136 ATMs.
Commercialbank has achieved a compounded annual growth rate of over 40% in all key measures over the last five years, with the well diversified asset base rising to QR 61.3 billion as at 31 December 2008. The Bank's growth momentum is supported by a GCC regional presence, through its affiliated banks, National Bank of Oman (NBO) and United Arab Bank (UAB) in the UAE. NBO, the second largest bank in Oman with total assets of RO 2.0 billion as at 31 December 2008, has 52 branches in Oman, 5 branches in Egypt and 1 in Abu Dhabi. UAB is headquartered in Sharjah, with total assets of AED 7.6 billion as at 31 December 2008 and operates 9 branches in the UAE.
Commercialbank now ranks among the top 20 Arab banks by capital strength, and is one of the fastest growing banks in the GCC region. Cb has prime single A credit ratings from all the three globally recognized rating agencies - Moodys, Fitch and S&P. Cb is listed on the Doha Securities Market and is the first Qatari bank to list its Global Depository Receipts (GDRs) as well as its bonds on the London Stock Exchange.
www.cbq.com.qa