Commercial Bank convenes AGM and elects new Board

Sheikh Abdullah bin Ali bin Jabor Al Thani elected Chairman

Doha, Qatar: Commercial Bank, one of the leading full service banks in Qatar, has announced its Board of Directors for the next three years following the Bank’s AGM earlier this week.

 

At the board meeting immediately following the Bank’s AGM, Sheikh Abdullah bin Ali bin Jabor Al Thani was elected Chairman of the Board of Directors of Commercial Bank, and Mr Hussein Alfardan was elected Vice-Chairman and Managing Director.

 

Commercial Bank’s elected Board of Directors for the next three years are:

 

1.    Sh. Abdullah Bin Ali Bin Jabor Al Thani - Chairman

2.    Mr. Hussain Ibrahim Al Fardan - Vice Chairman and Managing Director

3.    Mr. Jassim Al Mosallam - Director

4.    Mr. Abdullah Al Mannai - Director

5.    HE Mr. Abdul Rahman Bin Hamad Al Attiyah - Director

6.    Sh. Jabor Bin Ali Bin Jabor Al Thani - Director

7.    Mr. Omar Hussain Al Fardan - Director

8.    Mr. Ali Mohd Ghanim Al Mannai - Director (Representative of Qatar Insurance Company)

9.    Mr. Mohd Ismail Mandani Al Emadi - Director (Representative of M/S Savings Development Company LLC)

 

Commenting on his election as Chairman, Sheikh Abdullah bin Ali bin Jabor Al Thani said: “I am delighted to be elected as Chairman of Commercial Bank and it is an honour to continue the work of H.E. Abdullah Bin Khalifa Al Attiyah. Commercial Bank will remain a strong supporter of the National Vision through financing Qatar’s economic development, whilst generating long-term, stable growth for our shareholders.”

 

Thanking the outgoing Board members, Commercial Bank Vice-Chairman and Managing Director, Mr Hussain Ibrahim Alfardan said: “We must pay tribute to H.E. Abdullah Bin Khalifa Al Attiyah for his outstanding commitment towards Commercial Bank during his time as Chairman. We regretfully accept his decision not to run again for Chairman due to personal reasons, and thank him for his valuable support towards achieving the Bank’s strategic goals and objectives.” He added, “On behalf of Commercial Bank, I would also like to thank Sheikh Ahmed bin Nasser bin Faleh Al Thani and Mr Khalifa Abdullah Al Subaey for their contribution to the Bank.”

 

Commercial Bank Group CEO Andrew Stevens said: “Commercial Bank shareholders value continuity, as the re-election of 6 Directors evidences.  The appointment of Sheikh Abdullah bin Ali bin Jabor Al Thani as Chairman is a rare and distinguished accomplishment, assuming the role first held by his father Sheikh Ali bin Jabor Al Thani, the founding Chairman 40 years ago. The new Directors elected to the Board bring many years’ of experience in many relevant fields of industry, all of which will combine positively and successfully to the benefit of the Bank as a whole, and I welcome and congratulate all of them.”

 

Commenting on this occasion, Commercial Bank CEO, Mr Abdulla Saleh Al Raisi said: “On behalf of all at Commercial Bank, I would like to congratulate the new members of the Board on winning the elections wishing them every success in fulfilling their duties with the Bank. We welcome Sheikh Abdullah bin Ali bin Jabor Al Thani as the Bank’s new Chairman and look forward to the continued success of Commercial Bank under his leadership.”

 

Commercial Bank’s shareholders approved all resolutions at the AGM and EGM including a recommendation by the board of directors to increase the Bank’s capital by 20% from QAR 2,474,463,720 to QAR 2,969,356,460, by issuing bonus shares to existing shareholders on the basis of one new share for every five shares held. Shareholders also approved a cash dividend of 20% of the share’s nominal value for 2013, equivalent to QAR 2 for each share held.