Commercial Bank of Dubai

Commercial Bank of Dubai
بنك دبي التجاري

Type	Public Company
Traded as	DFM: CBD
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) Peter Baltussen (Chief Executive Officer)
Products	Consumer Banking, Corporate Banking, Finance and Insurance, Foreign Exchange, Wealth Management, Consumer Loans, Business Loans, Credit Cards
Operating income	$552 million (2013)[1]
Net income	$274 million (2013)[1]
Number of employees	1,143[2]
Website	http://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 Gulf Region. It also figures in the Dubai Financial Market index.^[2][3][4]

History

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

From 2010 to 2012, CBD reported more than AED 820 million in profits. 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

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