Commercial Bank of Dubai (CBD) is a publically listed bank in the United Arab Emirates (UAE), offering consumer, corporate banking and financial services.
Image: company website
With a paid-up capital of over 2.8 billion Dirhams (AED), CBD is the 35th largest bank in the Gulf area (as per Gulf Business reports). Founded on the 3rd of July 1969 by the Amiri Decree of the then Emir of UAE, H.H Sheikh Rashid bin Saeed Al Maktoum, CBD had started off as a joint venture of three banks – Commercial Bank of Kuwait, Chase Manhattan Bank and Commerzbank.
Gradually progressing into a public shareholding firm, CBD had itself listed on the Dubai Financial Market (DFM) on April 1, 2003.
Other than Retail banking, CBD also offers products and services in the wealth management, foreign exchange and insurance sectors. Small and Medium Enterprise financing is another area CBD is venturing into. Needless to say, Islamic Banking and Sharia compliant banking are also the key focus areas of CBD. Under the able leadership of the Chairman, Saeed Ahmed Ghobash and the Chief Executive Officer, Peter Baltussen, CBD has been reporting annual profits to the tunes of billions of Dirhams (AED) for the last two years. Even in terms of Market Capitalization, CBD is third only to Emirates NBD and Dubai Islamic Bank among the companies listed on DFM in the Banks sector. At the back of its sound capitalisation, adequate liquidity, consistent profitability, apt capital adequacy ratio, CBD enjoys a stable outlook in terms of its credit ratings as per the leading credit rating agencies. As of August 2015, both Capital Intelligence and Fitch ratings have rated CBD at A-, testifying its performance and growth prospects.