2nd Dec 2009 07:00
2 December 2009
Commercial Bank of Qatar confirms no exposure to Dubai World Group
Wednesday 2 December 2009, Doha, Qatar: Commercialbank of Qatar announces, following recent market speculation and uncertainty relating to the status of debt obligations to Dubai World and Nakheel, that it has no exposure to Dubai World or its subsidiary Nakheel as at 30 November 2009.
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For more information please contact: Parvez Khan AGM & Head of Investor Relations Commercialbank Tel: +974 449 1020 Email: [email protected] Abdulla Al-Mosallam Manager, Investor Relations Commercialbank Tel: +974 420 2626 Email: [email protected] |
Hugh Barker/Jon Earl Financial Dynamics Tel: +971 502487620 / +973 39300851 Email: [email protected] |
Notes to Editors
About Commercialbank
Commercialbank is the leading private sector and second largest commercial bank in Qatar, by shareholder equity and total assets which were QR 56 billion at 30 September 2009. As a full service commercial bank, the Bank 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 29 full service branches, including 6 Al Safa Islamic branches and 136 ATMs.
Profitable in every year since incorporation in 1975, proactive investments in technology and human capital, together with a strong capital base and underwriting capability, provide a solid foundation for continued growth. A successful diversification strategy has expanded Commercialbank's GCC footprint through strategic partnerships with its associated 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 RO 1.8 billion as at 30 September 2009, has 68 branches in Oman, 5 branches in Egypt and 1 in Abu Dhabi. UAB is headquartered in Sharjah, with total assets of AED 6.6 billion as at 30 September 2009 and operates 9 branches in the UAE.
Commercialbank has prime single 'A' credit ratings from the three globally recognized rating agencies: Moodys, Fitch and S&P. The Bank is listed on the Qatar Exchange 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
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