DOHA THE International Bank of Qatar (IBQ) will celebrate its 56th anniversary this month, commemorating five decades of commitment to providing the country and its community with excellence in service and innovation in banking and finance.
The milestone strongly underlines the bank’s remarkable track record earmarked with year on year growth, unparalleled leadership and a superb line-up of financial solutions.
Started as the Ottoman Bank in 1956 and serving Qatar ever since, IBQ is one of the oldest banks in the country which played a significant role in building the fundamentals of the industry. In 1969, the Ottoman Bank sold its branches to the National and Grindlays bank which later became known as Grindlays. In 1989, the bank’s name changed to ANZ Grindlays when it was acquired by the Australian and New Zealand Banking Group. In 2000, the Standard Chartered Group acquired AN Grindlays taking over as a major shareholder before renaming the Qatari division of the bank IBQ in 2004 when the National Bank of Kuwait, the largest bank in Kuwait and the highest rated in the Middle East, acquired a 20 per cent stake. NBK raised its share in 2007 to 30 per cent.
Today, IBQ operates a growing network of nine branches and service centres and 35 ATMs in strategic locations throughout Qatar alongside its international network through the National Bank of Kuwait which offers clients access to greater resources and a wide range of global services.
As a result of its world-class services and customised solutions, IBQ has been awarded major industry accolades that further attest to its image as the ‘Bank of Choice’.
Jabra Ghandour, managing director of IBQ, said: “We’re extremely proud to celebrate this illustrious milestone and to be part of Qatar’s most established banking institutions.
IBQ is one of the oldest established banks in Qatar and has therefore worked hand-in-hand with different public and private organizations to develop market-oriented solutions to contribute to serving the wider national vision and growth strategy of the country.
“Since inception, IBQ has significantly contributed to the Qatari economy by providing continued financial stability through its robust and unparalleled performance and annual results. IBQ has also been ideally placed to finance key projects in Qatar and extending support and advice to the both international and local business entities here in the country.” “Serving Qatar since 1956, our award-winning bank has become a preferred partner for many offering an allencompassing range of premium, smart, tailor-made and convenient banking and financial solutions, all managed and delivered by a pool of the highest standing professionals.
Our partnership with NBK allowed us to further expand our offerings to our clients with exposure to a host of international, firstclass services. We will continue to build on our existing, long-standing legacy to firmly cement our image as a leading financial institution not only in Qatar but also in the wider MENA region. Working with enthusiasm and integrity, we are here to make a positive impact on the market by creating long-term growth for our stakeholders,” Jabra added.
In June 2009, IBQ was recognised as “the fastest moving bank” in the Middle East and North Africa region and the 26th fastest mover globally in The Banker magazine’s Top 1,000 World Bank Survey in 2009. The bank’s commitment to customer relationships and best practice is reflected in the numerous awards it has won, including “Best Private Banking Services in Qatar” award for 2012 by Euromoney Magazine, “Best Credit Card in Qatar Award by the Banker ME Magazine, “Best Retail Bank in Qatar 2011” by Arabian Business and “Best Customer Service in the Middle East” award for four consecutive years 2008, 2009, 2010 and 2011 by ‘Banker Middle East’ magazine.
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