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31/01/2018 06:25 AST
Commercial Bank of Qatar is pushing to increase lending to state-run companies as the government presses ahead with infrastructure projects to counter the impact of the Saudi-led boycott against the country.
"We have historically been under weight in the public sector and this is something we are remedying very quickly," chief executive officer Joseph Abraham said in an interview with Bloomberg TV after Qatar's third-largest bank by assets posted a 20% increase in profit in 2017, helped by a jump in loans and advances.
Projects related to the 2022 soccer World Cup and efforts to become more self-sufficient to blunt the effect of the Saudi boycott have created opportunities for the bank, he said. Saudi Arabia, the UAE, Bahrain and Egypt cut ties and closed transport routes with the country in June.
The bank's loan book expanded 14% last year, compared with 8% for the entire sector, Abraham said.
Abraham said the bank was having "strong discussions" with Tabarak Investment to sell its stake in Abu Dhabi-listed United Arab Bank after extending talks for the sale for the second time on Monday.
If talks conclude successfully, the lender will deploy its capital in Qatar and Turkey, where "we see an opportunity to grow business into a significant contributor to profits over the next three years," he said.
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Commercial Bank has partnered with Qatar Airways Privilege Club to reward Commercial Bank customers with bonus Avios for international transfers made through the CBQ Mobile App and Internet Banking.
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Commercial Bank, a leader in innovative digital banking solutions, has unveiled its all-new Corporate Mobile Banking App, setting a new standard for business banking in the region.
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Commercial Bank, a leader in innovative banking solutions, is the first bank in Qatar to introduce Real Estate Escrow accounts in collaboration with the Real Estate Regulatory Authority "Aqarat".
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Commercial Bank has partnered with Qatar Airways Privilege Club to reward Commercial Bank customers with bonus Avios for international transfers made through the CBQ Mobile App and Internet Banking.
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e& UAE has rolled out the region's first commercial 5G network slicing service, offering tailored connectivity to business customers via its advanced standalone 5G network.
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Hana Al Rostamani, Group CEO at First Abu Dhabi Bank, has been ranked as the most powerful woman in business in the GCC, according to Fortune magazine's latest list.
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