COMMERCIAL BANK OF QATAR ESTABLISHES JOINT VENTURE

9 Jun 2009 07:35



For immediate release Tuesday 9th June 2009

COMMERCIAL BANK OF QATAR AND UNITED DEVELOPMENT COMPANY

ESTABLISH JOINT VENTURE

Commercial Bank of Qatar (CBQ), the country's largest private sector bank and United Development Company (UDC), one of Qatar's leading public shareholding companies and the owner and developer of QR 50 billion ($ 14 billion) the Pearl-Qatar island, are pleased to announce the incorporation of a new company that will provide state-of-the-art payment systems and infrastructure to support a cashless environment.

A 50 year Joint Venture agreement has been signed recently by CBQ and UDC to establish the new company with initial share capital of QR 2.6 million, contributed equally by both parties.

The new company will implement 'smart' technology payment products and facilities on The Pearl Qatar, offering residents and visitors with the latest alternative to cash and card transactions, and market both financial and non-financial applications of the products and infrastructure to third parties. 

ENDS

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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, Commercialbank 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 28 full service branches, including 6 Al Safa Islamic branches and 135 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 63.5 billion as at 31 March 2009. The Bank's growth momentum is supported by a GCC regional presence, through its affiliated banks, 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 OR 2.0 billion as at 31 March 2009, has 59 branches in Oman, 5 branches in Egypt and 1 in Abu Dhabi. UAB is headquartered in Sharjah, with total assets of AED 7.2 billion as at 31 March 2009 and operates - 9 branches in the UAE.

Commercialbank has prime single A credit ratings from all the three globally recognized rating agencies: Moodys, Fitch and S&P. The Bank is listed on the Doha Securities Market and was 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