Commercial Bank reaffirms strategic plan at AGM

Doha – Qatar    Commercial Bank reaffirmed the successful execution of its five-year strategic plan to date and outlined objectives for further improvements in business performance at the Bank’s Annual General Meeting (AGM).

 

In his opening statement, 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 the Directors Report presented on behalf of the Chairman, shareholders heard of the Board of Directors’ confidence in the Bank’s strategy and how the Bank will continue to invest in the business to deliver long-term value and sustainable earnings for shareholders.

 

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.

 

Commercial Bank shareholders gave their approval for all the agenda items of the ordinary general assembly, including increasing the limit of an existing Global Commercial Paper and Certificates of Deposit (CP / CD) programme from USD 800 million up to USD 5 billion; a new Global Medium Term Notes (GMTN) programme for up to USD 2 billion; and the issuance of debt notes for up to USD 2 billion under an existing USD 5 billion Euro Medium Term Notes (EMTN) programme. During the extraordinary general assembly, shareholders approved the proposed amendments to the Bank’s Articles of Association related to a stock split in the 1:10 ratio.

Shareholders also approved a cash dividend payout of 15% of the share’s nominal value, which equates to QAR 1.5 per share held.

 

Together with the Chairman and Group CEO, Commercial Bank Vice-Chairman Hussain Ibrahim Alfardan and the Board Directors were among those present at the AGM held at Commercial Bank Plaza.