Commercial Bank and Qatar Financial Centre Form Strategic Partnership

Doha, May 28 (QNA) - Commercial Bank and Qatar Financial Centre (QFC) have signed a Memorandum of Understanding under which the QFC will refer all new registered firms to Commercial Bank for their corporate banking needs, and allow Commercial Bank to offer retail banking services to the firms' new and existing employees. Commenting on the MoU, Commercial Bank Group CEO Joseph Abraham said that the strategic partnership with QFC will extend the Bank services to new QFC firms and supporting the QFC in their efforts of promoting economic development in Qatar and attracting foreign direct investment. For his part, Chief Executive Officer of QFC Authority Yousuf Mohamed Al Jaida said that the MoU offers QFC licensed firms and their employees the opportunity to benefit from seamless banking transactions as part of the Commercial Bank offering. Al Jaida added that this is another step towards ensuring that the QFC continues its mission of being a platform of choice for firms looking to set up in Qatar and expand regionally. Chief Commercial Officer at QFC Authority Raed Al Emadi also highlighted the importance of the MoU saying: "This agreement is a testament to our on-going commitment to providing our firms with world-class facilities and services. Through Commercial Bank, our firms will be able to benefit from a customized banking experience that allows them to focus on their business and growth plans". Commercial Bank EGM and Head of Retail Banking Amit Sah said that the Commercial Bank has a strong reputation in the country as having great customer service and was the first to launch bank account packages for new arrivals into Qatar. Commercial Bank has total assets of QAR 146.3 billion as at 31 March 2018. 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 the exclusive Diners Club franchise in Qatar. The Banks countrywide network includes 29 full service branches and 179 ATMs. Commercial Bank enjoys strong credit ratings of (A2) from Moodys, (A) from Fitch, and (BBB+) from Standard & Poors. The Bank is listed on the Qatar Exchange and was the first Qatari bank to list its Global Depository Receipts (GDRs) on the London Stock Exchange. Commercial Banks Swiss Franc bond issued in March 2018 is the largest ever CHF bond from the MENA region. QFC firms enjoy competitive benefits, such as operating within a legal environment based on English common law, the right to trade in any currency, 100% foreign ownership, 100% repatriation of profits, 10% corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with 60+ countries. In addition, the Employment Standards Office of the QFC is the first Administrative Employment Dispute Resolution Centre in the MENA region operating under International Labor Organization (ILO) standards. (QNA)