Commercial Bank to Distribute 60% Cash Dividend

Doha, February 28 (QNA) - Commercial bank announces the results of the Ordinary General Assembly Meetings held on 27th February 2012, it endorses all items on its agenda and approves the distribution of 60% cash dividend. The Shareholders heard the Chairman s Statement and the report of the Board of Directors on the activities of the Company and its financial position for the financial year ended 31st December 2011, the future plans of the Company and pursuant to Article (30) of the Corporate Governance Code issued by the QFMA, presented the Corporate Governance Report for 2011. The Assembly heard the Auditors Report on the Company''''s financial statements presented by the Board of Directors for the financial year ended 31st December 2011. The Shareholders also heard the Shari ah Supervisory Board s report on Commericalbank Islamic Banking for the financial year ended 31st December 2011. The Shareholders approved the remuneration of the Directors of the Board for the year ended 31st December 2011 and the Remuneration Policy defining the basis of calculation of remuneration granted to them. The Shareholders approved the re-appointment of Ernst and Young as the External Auditors for the year 2012 and approved their remuneration. Commercialbank was established in 1975 and was Qatar s first private bank. Since then we have grown with Qatar reflecting the nation s values and drive to continually improve and innovate. Commercial bank wins the Citi Performance Excellence Award in 2011' for global electronic payments. (QNA)