(MENAFN- The Peninsula)
DOHA: Qatar First Bank (QFB) yesterday confirmed its strategy and announced an action plan that focuses on optimising the bank’s resources and raises its efficiency level.
Along with the tight cost cutting measures including strategic reduction of the workforce, the plan also pledged to focus on capitalising on the bank’s human resources and maximizing their experience to boost performance during 2016, and achieve objectives over the coming years.
QFB’s efficiency action plan complements and confirms the strategy introduced in 2015 that streamlined the bank’s businesses to offer corporate and institutional banking, private banking and wealth management, treasury and investments, as well as private equity and real estate.
Ziad Makkawi, CEO of QFB, said: “In line with the current market conditions and in order for QFB to emerge as a more efficient and productive contributor to Qatar’s financial market, we have undertaken important cost rationalization initiatives touching upon both staffing and business related expenses.”
He added: “The efficiency measures are part of the bank’s planned reorganization, previously introduced and backed by an advanced automated and technology based infrastructure, to enable accelerating the shift from being investment focused to investor focused.”
“QFB is at the beginning of a new era. The current direction to raise efficiency levels is part of our bigger plan, and actually complements our strategy, which benefits we have started reaping. We are committed to continue delivering on our promise to grow the business, expand our offerings, and provide a ‘Signature of Excellence’. We will continue investing in the coming years to achieve our objectives in a timely manner,” Makkawi said.
Makkawi also said that there is still a great deal of work to be done on the Bank’s journey to success. As the global investment market continues to go through major challenges, and the Bank will continue to explore attractive opportunities that increase revenues generated from all businesses and contribute positively to shareholders’ value.
By committing to its current strategy and investing in the bank’s future, QFB is effectively maximizing the benefit of its QSE listing. Through focusing on business lines that are expected to generate income, positively exiting from some of its private equity investments, and efficiently utilizing its human capital; QFB aims to raise shareholders’ value and enhance profitability levels.
Earlier in May, the bank announced the development of a pioneering open architecture private banking platform, which is set to offer Shari’ah compliant products including financing, private banking services, innovative investment solutions, as well as family office services covering trusts, foundations, advisory, real estate planning, and statement consolidation. This is in line with QFB’s commitment to offer shareholders and clients the chance to grow, manage and protect their wealth and assets.The Peninsula