The Chairman of Commercial Bank of Qatar, Sheikh Abdulla bin Ali bin Jabor Al Thani (right); with the Vice-Chairman, Hussain Ibrahim Al Fardan; attending the AGM of the bank held at its headquarters in West Bay, Doha yesterday. Pic: Salim Matramkot/The Pe
Commercial Bank shareholders gave their approval for the bank to increase the limit of an existing Global Commercial Paper and Certificates of Deposit (CP / CD) programme from $800m up to $5bn. The bank’s annual general meeting (AGM) held yesterday gave nod to go for a new Global Medium Term Notes (GMTN) programme for up to $2bn; and the issuance of debt notes for up to $2bn under an existing $5bn Euro Medium Term Notes (EMTN) programme.
The shareholders gave their approval for all the agenda items of the ordinary general assembly, including a cash dividend payout of 15 percent of the share’s nominal value, which equates to QR1.5 per share held.
At the AGM, the bank reaffirmed the successful execution of its five-year strategic plan to date and outlined objectives for further improvements in business performance.
Addressing the AGM, the Commercial Bank Chairman Sheikh Abdulla bin Ali bin Jabor Al Thani said that the bank has a clear vision to reshape the business and achieve growth based on the five-year strategic plan initiated in 2016, and that the bank’s strong bottom line performance in 2018 is a direct result of actions taken under this plan.
In 2018 Qatar returned to “business as usual” on its transformation journey towards a sustainable, knowledge-based economy. The initial effects of the blockade imposed in 2017 are now fully behind us and the economy has not only maintained the status quo but emerged from a challenging position to become stronger and more diversified this year.
Sheikh Abdulla said Qatar has strong economic fundamentals, which are recognised by the major rating agencies and international investors. The Qatar Stock Exchange was the best performer in the region in 2018 and confidence in the future of Qatar’s economy was evident when Qatar raised a $12bn sovereign bond in April in the international financial markets that was heavily oversubscribed with orders exceeding $52bn.
2018 has also been noteworthy for Qatar’s rapid progress in delivering self-sufficiency projects, especially in food products and manufacturing, with Qatar’s private sector and stable business environment that is supportive of foreign investments playing a major role in facilitating these projects, he added.
Presenting the Bank’s strategy and five-year plan, Commercial Bank Group CEO Joseph Abraham outlined objectives for a further uplift in future business performance, including digital leadership through investment in end-to-end process automation, artificial intelligence and robotics; reshaping the branch network aligning to a changing customer footprint; and developing new products in Wealth Management, Transaction Banking and Cash Management.
