Commercial Bank of Dubai

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Commercial Bank of Dubai
بنك دبي التجاري
Public Company
Traded as DFMCBD
Industry Financial Services, Banking
Founded 1969
Founder H.H Sheikh Rashid bin Saeed Al Maktoum
Headquarters Dubai, United Arab Emirates
Area served
United Arab Emirates
Key people
Saeed Ahmed Ghobash
(Chairman)
Dr. Bernd van Linder
(Chief Executive Officer)
Products Consumer Banking, Corporate Banking, Finance and Insurance, Foreign Exchange, Wealth Management, Consumer Loans, Business Loans, Credit Cards
Increase $552 million (2013)[1]
Increase $274 million (2013)[1]
Number of employees
1,143[2]
Website https://www.cbd.ae

Commercial Bank of Dubai (CBD) is a UAE banking and financial services corporation headquartered in Deira, Dubai. With more than $10 billion in assets, Gulf Business listed CBD as the 35th largest bank in the Persian Gulf region. It also figures in the Dubai Financial Market index.[2][3][4]

History[edit]

CBD was founded in 1969, by an Amiri Decree issued by the late Rashid Bin Saeed Al Maktoum. What started out as a joint venture of Commerzbank, Chase Manhattan Bank and Commercial Bank of Kuwait, evolved into a National Public shareholding company by 1982. 80% of its shares are held by UAE nationals, while the other 20% are owned by Investment Corporation of Dubai (an investment division of the Dubai Government).[5][6][7]

As part of its expansion plan, CBD has started moving toward the sectors of retail banking, SME finance and Islamic banking. In 2008, a division of CBD focused on sharia-compliant banking called Attijari Al-Islami was launched.[8] In 2014, CBD launched of the region’s first virtual assistant and personal financial management tool.[9]

Financial data[edit]

From 2010 to 2012, CBD reported more than AED 820 million in profits.[citation needed] CBD was given a credit rating of Baa1 and A- by Moody & Fitch respectively.[10] Its capital adequacy and tier 1 capital ratios were at 20% and 18.6% respectively at the close of the first half of this year.[11] CBD has also reportedly prepaid AED 1.8 billion of deposits received from the UAE Ministry of Finance ahead of the contractual maturity on 31 December 2016.[12]

Corporate social responsibility[edit]

Among the most outstanding activities CBD has been involved with, are the third CBD Youth Athletics competition in 2013[13] and the fourth edition in the following year.[14][15][16] As well as donating AED 2 Million to the "Dress One Million Needy Children" campaign,[17] CBD signed a memorandum of understanding with the Higher Colleges of Technology to prepare UAE nationals for a career in the financial sector.[18][19] CBD was one of the official sponsors of the Dubai Tour competition in 2015.[20][21][22][23][24]

References[edit]

  1. ^ a b "Dubai Financial Market, PJSC". Dfm.ae. Retrieved 2015-07-16. 
  2. ^ a b "Commercial Bank of Dubai : Annual Report 2013" (PDF). Mashreqbank.com. Retrieved 2015-07-16. 
  3. ^ "Bank". Cbd.ae. Retrieved 2015-07-16. 
  4. ^ "International Chamber of Commerce United Arab Emirates (ICC UAE)". iccuae.com. 
  5. ^ "Dubai Financial Market, PJSC". Dfm.ae. Retrieved 2015-07-16. 
  6. ^ "Commercial Bank of Dubai". GreenEmirates. Retrieved 2015-07-16. 
  7. ^ "CBD - Offer you a range of retail and commercial banking products and services at par with any other bank in the industry". Middleeastarab.com. Retrieved 2015-07-16. 
  8. ^ https://web.archive.org/web/20111223104614/http://www.cbdislami.ae/cbdislamic/about_profile.aspx. Archived from the original on December 23, 2011. Retrieved February 22, 2015.  Missing or empty |title= (help)
  9. ^ Abdul Basit. "CBD unveils next generation online banking services". Khaleej Times. Retrieved 2015-07-16. 
  10. ^ "Daily Bond Market Update" (PDF). Mashreqbank.com. Retrieved 2015-07-16. 
  11. ^ "Commercial Bank of Dubai reports Dh581 million first half net profit". gulfnews.com. 
  12. ^ "Press Releases". Cbd.ae. Retrieved 2015-07-16. 
  13. ^ "Dubai launches third CBD Youth Athletics competition". Emirates 24-7. 
  14. ^ "2,000 expected to take part in CBD Youth Athletics competition". 7daysindubai.com. 2014-11-15. Archived from the original on 2015-05-13. Retrieved 2018-03-22. 
  15. ^ "CBD Youth Athletics Competition from today". GulfNews.com. 2014-11-16. Retrieved 2015-07-16. 
  16. ^ "Fourth CBD Youth Athletics Competition kicks off today". gulftoday.ae. 2014-11-17. Retrieved 2015-07-16. 
  17. ^ "Commercial Bank of Dubai (CBD) reports record Net Profit of AED 1.01 billion for 2013". Zawya. 2014-01-29. Retrieved 2015-07-16. 
  18. ^ "DMC signs MoU with Commercial Bank of Dubai". HCT News. 
  19. ^ "Corporate Social Responsibility". Cbd.ae. Retrieved 2015-07-16. 
  20. ^ "Feel the most powerful race and discover the most powerful place. February/2015". Dubai Tour. 2014-02-08. Retrieved 2015-07-16. 
  21. ^ "Cavendish wins Stage One of 2015 Dubai Tour". Emirates 24-7. 
  22. ^ Gary Meenaghan. "Dubai Tour 2015 introduces new features including longer route and new jerseys - The National". thenational.ae. 
  23. ^ "The Dubai Tour 2015 starts off its second edition". sport360.com. 
  24. ^ "Dubai Tour eyes more stages in near future". GulfNews.com. 2015-01-27. Retrieved 2015-07-16.