Doha Bank has received the ‘Golden Peacock Award for Sustainability in Financial Sector’ during the 17th International Conference on Corporate Governance & Sustainability held in London.
Doha Bank CEO Dr R Seetharaman received the award during the event, which was incorporated in the London Global Convention 2017 hosted by the Institute of Directors (IOD) from October 25 to 27.
Seetharaman said the award recognises the Doha Bank board’s “active involvement” in corporate governance, adding that Doha Bank is recognised “as one of the few ‘Domestic Systemically Important Banks’ (DSIB) in Qatar.”
“The bank is committed to adhering to and promoting good corporate governance at every level within the bank from the board of directors and senior management, down to branch and divisional management, as well as operational employees working throughout the organisation in Qatar, and the other cross-border and international locations where the bank operates,” Seetharaman said.
In a special address delivered yesterday, Seetharaman said the “unprecedented blockade” against Qatar had helped Qatari banks “reinvent themselves to explore the opportunities lying beyond their traditional markets.”
“The blockade also gave an opportunity for Qatari banks to tap new markets that they haven’t been to before,” Seetharaman said.
He noted that Qatar banking asset growth was more than 5% year-to-date until September 2017. The overall lending growth was 6% YTD till September 2017 with government and real estate being the main contributors. The deposit growth was close to 10% YTD till September 2017, he also said.
On Qatar’s sustainability and its banking sector, Seetharaman said the country’s total reserves stood at $340bn, including assets of its sovereign wealth fund, QCB reserves, cash, and gold.
“Essentially, the 30% reserves in June were only QCB reserves to improve local market liquidity. Qatar’s reserves are more than twice of its GDP. The challenges remain in terms of alternate supplies, airport or seaport. Qatar had made alternate arrangements for supplies and hence sorted out,” Seetharaman said.
He added: “The operational reserves have proved to be a right model and is working well. Qatar economy is expected to grow by 2.5% in 2017 and 3.1% in 2018. The economic blockade in Qatar has not affected liquefied natural gas markets as Qatar’s exports have continued and structural reforms are progressing.
“Doha Bank was able to manage its funding well in June 2017 when there was knee jerk reaction. Its treasury, wholesale, international, and retail banking departments worked in an integrated manner under guidance from the Doha Bank board.”
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