CBQ restructures, eyes acquisitions
Dubai, March 16, 2008
Commercial Bank of Qatar (CBQ) said on Sunday it had created a new structure to manage operations in Qatar, Oman and the UAE and help the lender expand regionally.
Qatar's second-largest lender by market value has a 35 per cent stake in National Bank of Oman and a 38 per cent stake in Sharjah-based United Arab Bank and manages both lenders.
Commercial Bank has seen "the need to adopt an enhanced organisational structure to support (its) dynamic regional growth," the lender said in a statment on the Doha bourse Web site.
Chief executive Andrew Stevens will take up a new role as group chief executive officer. Michael Azmi Loe will now head Commercial Bank's Qatari operations, the lender said.
"Commercial bank group will continue to seek new potential alliance partners in other countries. We shall also continue to make acquisitions in our target markets where these are available and viable," Stevens said.-Reuters