Last checked at 30 Oct 2013 12:26
Commercial Bank of Qatar
Commercial Bank to raise QAR 2.0 billion in Tier 1 Perpetual Capital Notes
Wednesday 30 October 2013, Doha, Qatar: Commercial Bank of Qatar ("Commercial Bank" or "the Bank") announces that it intends to raise QAR 2 billion in Additional Tier 1 Perpetual Capital Notes to enhance the Bank's capital adequacy ratios and to support future growth across the Commercial Bank Group.
The proposed issue will be a local Private Placement by Commercial Bank and is expected to be completed during December 2013. Following placement of the Notes, the Bank's capital ratios will increase by approximately 2.20%.
The issue is subject to regulatory and shareholder approval and an Extraordinary General Assembly will be convened in November 2013 for shareholders to receive and vote upon the recommendation for the issue of the Additional Tier 1 Notes.
- END -
For more information please contact:
Mona Abdallah Jon Earl
Head of Corporate Communications Managing Director
Commercial Bank F T I Consulting
Tel: +974 4449 0169 Tel: +971 (0) 50 494 1178
Email: m.abdallah@cbq.qa Email: jon.earl@fticonsulting.com
Notes to Editors
About Commercial Bank
Commercial Bank has total assets of QAR 105.3 billion as at 30 September 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 3.0 billion as at 30 September 2013, has 66 branches in Oman and 1branch each in Egypt and in Abu Dhabi. UAB is headquartered in Sharjah, with total assets of AED 20.6 billion as at 30 September 2013, and operates 23 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 (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 sponsorshipof 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