The Commercial Bank (P.S.Q.C.) (CBQ) commonly known as Commercial Bank, is a private sector bank operating in Qatar since 1975. The bank offers a range of products and services across retail, and corporate banking divisions Hussain Alfardan established the bank in 1975 as the first private bank in Qatar.
CBQ History Timeline
The early days
Commercial Bank was founded in 1975 as a designated ‘Bank of Account’, providing valuable support as Qatar’s first private sector bank. By 1978, the Bank had established a foreign exchange and funding division and become an associate member of Visa. In 1980, the Souq Al Ahmed branch was opened.
Innovation and expansion
In 1986, we moved to our head office in Grand Hamad Street and by 1987 we had opened our first dedicated branch for women. In 1998, we introduced Personal and Vehicle Loans to our customers.
Breaking new ground
By 1991, we had obtained the Diners Club franchise for Qatar and launched the Crest Card. In 1992, we introduced point of sale machines and in 1995 we launched our Qatari share brokerage service, Cirrus Maestro Debit Cards and Visa Credit Cards.
Trade and growth
In 1996, Commercial Bank started to offer funds services, foreign exchange and bullion margin trading. We also signed a strategic alliance with Fidelity Investments. By 1997, we had become the first licensed broker on the Doha Securities Market (now known as the Qatar Exchange). By 2000, we had launched Diners Club franchises in various locations, including Yemen, Sudan, Egypt, Syria and Bahrain.
In 2004, Commercial Bank became title sponsor of the MotoGP Grand Prix of Qatar , initially signing for three years. In 2005, we created a strategic alliance with the National Bank of Oman.
Creating strategic alliances
In 2006, we signed an agreement to become title sponsor for the Qatar Masters. We were also the first Qatari bank to issue a bond in the international capital markets.
In 2007, we created a strategic alliance with United Arab Bank. By 2008, we had listed our Global Depositary Receipts, which became the first internationally distributed Global Depositary Receipts issued by a Qatari bank and the largest from the Gulf region.
In 2009, the new headquarters of Commercial Bank was inaugurated by H.E. Sheikh Hamad bin Jassim bin Jaber Al Thani, Prime Minister and Foreign Minister of Qatar. In 2010, we launched Massoun Insurance Services with Qatar Insurance Company.
Efficiency and growth
In 2011, Commercial Bank won several internationally recognised awards, including the Citi Performance Excellence Award and the JP Morgan Quality Recognition Award. We also launched Commercial Bank Investment Services and our Limited Editions Rewards programme. In the same year, we signed an agreement with TATA Consultancy Services to deliver back office processing and information technology. In 2012 a strategic partnership with Katara Cultural Village Foundation was established. In March 2013, Commercial Bank agreed to acquire a 70.84 percent shareholding in Alternatifbank AS in Turkey (“ABank”).