Commercial Bank, Qatar’s first private bank, has announced a new campaign during this dividend distribution season with a range of savings and exclusive premium banking offers for Qatari customers.
The 12-week campaign ending April 30 coincides with this busy time of year when dividends are paid. As a trusted banking partner of leading listed companies in Qatar, Commercial Bank provides dividend distribution services for several known companies on the Qatar Exchange.
This typically results in seasonal increased traffic in Commercial Bank branches when customers collect their dividends, and for greater shareholder convenience the bank continues to provide a digital banking service that was launched last year for shareholders to easily manage their dividend payments online.
As a socially responsible bank, Commercial Bank is encouraging Qatari customers to save their dividend payments by offering exclusive time deposit rates available during the campaign period. Qatari customers are incentivised to save with enhanced rates above what they would normally receive. For the latest rates, customers can contact Commercial Bank or visit their nearest branch. New Qatari customers can also automatically qualify to become Sadara members and enjoy Commercial Bank’s privilege services that offer a VIP banking relationship and complimentary access to the bank’s luxurious Sadara lounges.
New Qatari Sadara customers can enjoy an exclusive credit card offer during the campaign period where they receive 15,000 bonus reward points, which can be redeemed through the bank’s award-winning loyalty programme for flights, or at Qatar’s most popular department stores.
As a further reward for Commercial Bank’s loyal Qatari customers, Commercial Bank has a special offer in partnership with Ooredoo where Qatari customers who buy an iPhone 6S from any Ooredoo store during the campaign period will receive 12 months of free unlimited data.
Commercial Bank CEO Abdulla Saleh al-Raisi said: “As a Qatari bank, we have a responsibility to encourage our customers to save for the future. To reward our Qatari customers for saving their dividends with us, we are pleased to offer exceptional rates during this dividend season, together with privileged banking products that provide a VIP banking experience.”
5% limit set for shareholders of listed banks
Qatar is slapping curbs on bank shareholders.
Investors must limit their holdings in publicly traded banks and financial firms to 5% of a company’s capital, or 10% with a central bank waiver, according to regulations published on Monday by the Qatar Central Bank and the Qatar Financial Markets Authority.
Shareholders who exceed the limit via direct or indirect ownership have five years to comply with the caps, the official Qatar News Agency reported, citing statements from the regulators. It wasn’t immediately clear if the rules apply to state-controlled investors. A spokesman for the central bank declined to comment.
Qatar Investment Authority, the country’s sovereign wealth fund, owns stakes including 51.9% of Qatar National Bank and 17.4% of Qatar Islamic Bank, according to data compiled by Bloomberg. Real estate developer Ezdan Holding Group’s assets include 9.9% of QIB and 21.5% of Qatar International Islamic Bank.
Commercial Bank provides dividend distribution services for several known companies on the Qatar Exchange.