Committed to excellence
Qatar is one the fastest-growing economies in the world19/11/2008 | By George Nasra
The International Bank of Qatar (IBQ) is a well-established and rapidly growing financial institution providing a full range of banking solutions. It is one of the oldest existing banks in Qatar and in 2006 celebrated its 50th anniversary. Over the last decade it has witnessed changes in ownership to find itself today with a new name and under new management.
IBQ today is 30 percent owned and managed by the National Bank of Kuwait (NBK), the largest bank in Kuwait and the best-rated in the Middle East. The remaining 70 percent is owned by influential local business entities.
IBQ currently has a local network of nine branches and 29 ATMs strategically located across Qatar. A rapid growth in the branch network is planned over the next three years as part of IBQ’s growth strategy.
Services
IBQ provides a full range of Corporate, Treasury, Private and Retail Banking products and services to individuals and corporate institutions in Qatar. The Bank takes pride in tailoring its products to specific customers’ needs and on its consistent track record in delivering excellent customer service.
Global reach
IBQ’s longstanding local ties and capabilities combined with its current strategy of growth positions it as a prominent player within the Qatari market. Its association with NBK provides an international dimension which makes IBQ unique amongst local competitors.
IBQ offers its customers a range of international banking services through NBK’s extensive local branch network in Kuwait and 17 branches and subsidiaries covering major financial hubs in Europe, the Middle East, Asia and the US.
Innovation
IBQ has given itself a mandate to provide customers with unrivalled levels of personalised service and innovative products. IBQ has pioneered some of Qatar’s most progressive banking solutions such as chip-enabled bank cards, loans over the phone, and full bank account set-up within minutes.
IBQ is also the first bank in Qatar to introduce a co-branded entertainment card, the VIP IBQ in partnership with Virgin Megastore.
Corporate banking
Qatar is now accelerating its diversification process and moving towards a knowledge-based economy. Impressive investment programmes in manufacturing, trade, transport, infrastructure, financial services, health, education and tourism have been launched to help achieve this objective.
IBQ has been a focal player in this vibrant market. Since the 1950s IBQ has been providing prominent Qatari families with financial solutions to help grow their businesses and personal wealth. IBQ is no different now. Over the years, IBQ has built long-lasting relationships with its corporate clients, and continues to provide them with innovative products and unrivalled levels of service to help their businesses flourish in this economic boom.
IBQ offers fully fledged banking services. With over 50 years of experience in this robust market, IBQ provides companies working and looking to invest in Qatar personalised expertise in asset finance, trade finance, project and working capital finance.
IBQ also provides customers with money market services and competitive pricing for both interest rate and foreign exchange through its Treasury services.
Trade finance
Over the years, IBQ has provided its corporate customers with excellent service in trade finance. IBQ’s local knowledge and expertise, along with its association with the National Bank of Kuwait (NBK), has enabled it to support some of the most prominent companies in Qatar.
IBQ’s Trade Finance department can advise on local, regional and international procedures, practices and requirements. The department’s expert team of professionals offers a seamless service from trade transactions to expertise in letters of credit and guarantees, to dealing with import and export ventures.
IBQ aims at protecting the finances of its customers and ensures that all transactions are conducted with utmost confidentiality at all times.
Wealth management
Since 1956, IBQ has been delivering personalised investment services for private banking customers.
The Bank’s Wealth Management team remains at the forefront of providing competitive private banking and investments services to wealthy private and business customers in Qatar and the region.
IBQ’s commitment to deliver a high level of personal service ensures that their customers receive the best support and financial services available. IBQ works closely with private banking customers to develop the best investments products that suit their needs.
The Bank’s financial and advisory services include investments and portfolio management, trusts, offshore accounts, and international real estate services around the world.
Record results
IBQ is one of the fastest-growing banks in Qatar. Since its inception it has consistently recorded strong growth in core business areas.
In early 2007 the bank reorganised its business to respond better to customer needs, improve its delivery channels and IT infrastructure, as well as heavily investing in human capital. These initiatives resulted in record performance in 2007.
Net Profit increased to QAR234m, a 56 percent growth over 2006, marking 2007 as an outstanding year for the bank. Non-interest income jumped 100 percent to QAR71.5m from QAR35.7m.
The bank’s total assets also increased 61 percent over 2006 to QAR10.8bn. This growth included a 74 percent increase in the loan book to QAR6.5bn. Customer Deposits grew by 42 percent to some QAR7bn.
This impressive performance resulted in an increase in shareholder’s equity by 14.83 percent which is a 15 percent increase from 2006.
IBQ’s capital stood at QAR1.9m on December 31st 2007, after a capital increase by NBK earlier that year. This has enabled the bank to grow the business, expand into new areas, and to capitalise on opportunities in Qatar’s robust economy.
Awards
In recognition for delivering exceptional customer service, IBQ was awarded the accolade of “Best Customer Service in the Middle East 2008” by the Banker Middle East Industry Awards.
IBQ is also winner of the “Best Corporate and Trade Finance Bank in Qatar” by The New Economy in their First Annual Banking and Finance Awards for 2008.
Community
IBQ recognises the value and importance of social responsibility. This is driven by the bank’s guiding values of integrity, enthusiasm and collaboration.
IBQ participates and sponsors a variety of educational, social and charitable events and continuously encourages its staff to actively participate in community activities.
IBQ is proud to be the title sponsor of the “IBQ Communicator Awards” since 2006 aiming to promote the art of effective communication, and generate awareness about the importance of public speaking and leadership skills.
As a strong supporter in the education drive the nation is undertaking and a firm believer in the importance of providing training and development opportunities for promising Qatari talent, IBQ supported the College of North Atlantic Career Fair as a Gold Sponsor.
A new identity
IBQ has recently unveiled a new corporate identity. As Qatar’s economy continues to boom and is poised to become one of the highest per capita income in the world, IBQ recognised the changing demands of both personal and corporate customers in the Qatari Market. The Bank recognised the need for change in order to meet the challenges of the 21st Century Qatar and achieve its forward vision.
The new identity heralds the beginning of a very positive and re-energised era for IBQ. It reflects IBQ’s vision to become a leading bank in Qatar through personalised and customer-focused banking. The new logo represents the blossoming of a friendly and approachable bank that builds on its legacy of delivering superior customer service.
