The award is an acknowledgement of QNB's ability to consistently deliver best-in-class Straight-Through-Processing (STP) of US Dollar transactions to its customers through the efficient formatting of their SWIFT payments.
This recognition illustrates QNB's leading role amongst Qatari and international financial institutions, especially in today's challenging global financial environment.
According to a J.P. Morgan statement, less than one percent of its total funds transfer clients are able to meet the criteria needed for the awards, which are presented to select US Dollar clearing clients who achieve STP rates of between 90% and 99% consistently over a year based on a minimum of 10,000 single payment consumer credit transfers and 8,000 single payment bank-to-bank transactions during a calendar year year.
This award is also testament to QNB's funds transfer management system and further enhances the bank's growing global reputation. In June 2009, QNB was also recognised with the Euro STP Excellence Award for 2008 from Deutsche Bank, which the bank was awarded for the second consecutive year.
QNB is one of a few institutions in the region, and the first Bank in Qatar, to receive STP excellence awards for both Euro and US Dollar transactions.
STP automates the end-to-end processing of payments using a system that electronically captures and processes them in one pass, from the point of the first deal to final settlement.
Using STP systems reduces operating costs and ensures accuracy and greatly shortened transaction periods, which benefits banks such as QNB, as well as its international trading partners and customers.
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QNB receives J.P. Morgan Quality Recognition Award
- Qatar: Saturday, October 24 - 2009 at 15:18
- PRESS RELEASE
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Qatar National Bank (QNB), the country's first Qatari-owned commercial bank, was awarded the J.P. Morgan Quality Recognition Award for the quality of its US Dollar funds transfers in 2008.
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Posted by Siba Sami AmmariSaturday, October 24 - 2009 at 15:18 UAE local time (GMT+4)
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About Qatar National Bank (QNB):
Qatar National Bank (QNB), established in 1964 as the country's first Qatari-owned commercial bank, has an ownership structure split between the Qatar Investment Authority (50%) and the private sector (50%).
QNB has steadily grown to be among the largest banks in the region and is by far the leading financial institution in the country, with a market share approaching 40% of banking sector assets.
QNB offers a full range of Retail, Corporate, Investment, Treasury, Wealth Management, and Islamic Banking products and services for individuals, corporate institutions and government entities in Qatar as well as internationally.
QNB has the largest distribution network in Qatar, comprising 44 branches and offices (including 3 mobile branches), in addition to 11 Islamic branches and offices operated by QNB Al Islami, and more than 160 ATMs.
QNB was the first conventional bank in Qatar to offer Shari'a-compliant banking products and services through QNB Al Islami, established in 2005.
QNB's international presence is rapidly expanding to include new locations around the world to supplement the long established branches in London and Paris. Currently QNB has presence in 22 countries including branches in Yemen, Oman Kuwait & Singapore as well as Representative Offices in Iran & Libya. An Islamic branch was recently inaugurated in Sudan, offering a full range of Islamic banking services and products.
QNB has also extended its regional reach by acquiring shares in various financial institutions including 33.5% stake in the Jordan based, The Housing Bank for Trade and Finance (HBTF), 23.8% of the shares of Commercial Bank International (CBI) based in the United Arab Emirates (UAE), 50% of the Tunisian-Qatari bank and 20% stake in the Doha-based Al Jazeera Islamic Company. QNB also retains 49% stake in QNB-Syria, a private stock company established jointly with other Syrian private and public sector institutions which will start its operations at the end of this year.
The Bank recently established a new investment company "QNB Capital" providing an array of investment banking services to corporate, government and institutional clients within Qatar and globally. These include one of the best corporate finance teams in the GCC region offering extensive transaction experience, in depth advisory services - including mergers and acquisitions, equity, debt and project advisory - as well as first-class research capabilities.
QNB is among the highest rated regional banks from leading credit rating agencies including Standard & Poor's, Moody's, Fitch, and Capital Intelligence. The Bank has also been the recipient of many awards from leading international specialized financial publications for its innovative products, services and remarkable performance.
QNB has an active community support program and sponsors various social, educational, and sporting events.
For further information, please contact:
QNB's Public Relations Department
Tel: +(974) 4252477
Fax: +(974) 4252589
Bachir Mallo
FP7 Doha
4th Floor - Pearl Tower
Al Sadd Street
P.O. Box 13645, Doha, Qatar
Tel: +(974) 4364385
Fax: +(974) 4364387
Qatar National Bank (QNB), established in 1964 as the country's first Qatari-owned commercial bank, has an ownership structure split between the Qatar Investment Authority (50%) and the private sector (50%).
QNB has steadily grown to be among the largest banks in the region and is by far the leading financial institution in the country, with a market share approaching 40% of banking sector assets.
QNB offers a full range of Retail, Corporate, Investment, Treasury, Wealth Management, and Islamic Banking products and services for individuals, corporate institutions and government entities in Qatar as well as internationally.
QNB has the largest distribution network in Qatar, comprising 44 branches and offices (including 3 mobile branches), in addition to 11 Islamic branches and offices operated by QNB Al Islami, and more than 160 ATMs.
QNB was the first conventional bank in Qatar to offer Shari'a-compliant banking products and services through QNB Al Islami, established in 2005.
QNB's international presence is rapidly expanding to include new locations around the world to supplement the long established branches in London and Paris. Currently QNB has presence in 22 countries including branches in Yemen, Oman Kuwait & Singapore as well as Representative Offices in Iran & Libya. An Islamic branch was recently inaugurated in Sudan, offering a full range of Islamic banking services and products.
QNB has also extended its regional reach by acquiring shares in various financial institutions including 33.5% stake in the Jordan based, The Housing Bank for Trade and Finance (HBTF), 23.8% of the shares of Commercial Bank International (CBI) based in the United Arab Emirates (UAE), 50% of the Tunisian-Qatari bank and 20% stake in the Doha-based Al Jazeera Islamic Company. QNB also retains 49% stake in QNB-Syria, a private stock company established jointly with other Syrian private and public sector institutions which will start its operations at the end of this year.
The Bank recently established a new investment company "QNB Capital" providing an array of investment banking services to corporate, government and institutional clients within Qatar and globally. These include one of the best corporate finance teams in the GCC region offering extensive transaction experience, in depth advisory services - including mergers and acquisitions, equity, debt and project advisory - as well as first-class research capabilities.
QNB is among the highest rated regional banks from leading credit rating agencies including Standard & Poor's, Moody's, Fitch, and Capital Intelligence. The Bank has also been the recipient of many awards from leading international specialized financial publications for its innovative products, services and remarkable performance.
QNB has an active community support program and sponsors various social, educational, and sporting events.
For further information, please contact:
QNB's Public Relations Department
Tel: +(974) 4252477
Fax: +(974) 4252589
Bachir Mallo
FP7 Doha
4th Floor - Pearl Tower
Al Sadd Street
P.O. Box 13645, Doha, Qatar
Tel: +(974) 4364385
Fax: +(974) 4364387
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