IBQ officially inaugurated its 3rd branch in Doha the Al-Markhiya Branch, in a ribbon-cutting ceremony that took place yesterday, November 20th 2006. To celebrate this new era in IBQ’s development and also to mark 50 years of the bank's service in the Qatari market, a reception at the Four Seasons Hotel was held later in the evening.
Held right after an IBQ Board meeting that took place earlier that morning, the ribbon-cutting ceremony was attended by H.E. Sheikh Jabor Bin Hamad Bin Jassim Bin Jabor Al-Thani, a Board Member at IBQ, Mr. Ibrahim Dabdoub, Vice-Chairman of IBQ, and CEO of the National Bank of Kuwait (NBK), Mr. Michael H. Williams, General Manager of IBQ and a number of IBQ's prominent board members and clients.
IBQ marks its 50th year in the market with a total of 4 fully fledged branches situated in strategic locations throughout the city; Suhaim Bin Hamad Street -Main Branch, C-Ring Branch, Al-Markhiya Branch and, the latest and fourth branch, Salwa Branch. IBQ's Salwa branch opened its doors to the public on 19th of November, is situated on Doha's busy Salwa Road and is fully operational offering customers retail, private as well as corporate banking needs.
Following the ribbon-cutting ceremony, IBQ's board members welcomed their clients and guests, later in the evening, at a reception held at the Four Seasons Hotel. Attended by a number of ambassadors, VIP clients and senior management from both IBQ and NBK, the reception was held in celebration of the Bank’s 50th anniversary and to inaugurate IBQ's new branches. Officials from the National Bank of Kuwait (NBK) who have responsibility for the management of IBQ and are also shareholders of IBQ, flew from Kuwait specifically to attend the inauguration and to celebrate IBQ's unprecedented growth and expansion.
Speaking at the reception dinner, Ibrahim Dabdoub, CEO of NBK and Vice-Chairman of IBQ, said, "We're extremely pleased with the positive impact IBQ has made in the market and are delighted to be in Qatar today celebrating this success with our partners. We have seen significant progress by IBQ over the years, particularly in the last 2 years, and we are looking forward to witnessing further increased growth for IBQ and see many opportunities within Qatar. I am pleased that we are able to bring the expertise of the NBK group to ensure that we take maximum advantage of these opportunities and also through providing access to the International Network to help IBQ’s customers’ international growth."
Proud of the bank's success and the growth it has witnessed over the course of this year, Michael. H. Williams, General Manager of IBQ said, "Today brings us another milestone in the history of IBQ. As IBQ celebrates its 50th anniversary and our recent growth we can also celebrate the growth in Qatar’s economy and as a nation. This is a significant step in the bank’s development and IBQ is proud to inaugurate its new branches and the development of a multitude of facilities and services for our customers."
This year, 2006, has been a turning point for IBQ. It has taken its vast and extensive years of experience in service-based private and corporate banking onto new heights by expanding its retail banking business with a parallel strategy that accentuates its high quality service-based approach. IBQ's new tailor-made packages that are designed to suit customers' individual needs, the introduction of SMS banking, 24/7 phone banking, a number of other innovative products and the 3 new branches have been just a few of IBQ's accomplishments for this year. With more branch openings and the-soon to be introduced internet banking, there is more to expect from IBQ in the coming year, 2007.
About International Bank of Qatar (IBQ)
IBQ, previously known as the Grindlays Qatar Bank is one of the oldest Bank's in Qatar and celebrates 50 years of banking in 2006. Previously, it was a member of the ANZ Grindlays banking group. The Standard Chartered group acquired the bank in 2000 and in 2003 sold its stake to local shareholders, which made the bank fully locally owned and independently managed.
In 2004, National Bank of Kuwait acquired 20% stake in the Grindlays Qatar Bank, and assumed management responsibility. At the same time the name was changed to the International Bank of Qatar.
