(MENAFN- The Peninsula) The Peninsula
Doha Bank, one of Qatar's leading banking and financial services providers, has won the 'Golden Peacock Award for Sustainability in Financial Sector at a high profile event.
The Institute of Directors (IOD), India hosted the London Global Convention 2017 between October 25-27, 2017, which incorporated the 17th International Conference on Corporate Governance & Sustainability, Presentation of Golden Peacock Awards & Global Business Meet in London.
The theme of the event was 'The Board: Emerging Issues of Corporate Governance and Sustainability Challenges.
Dr R Seetharaman (pictured), CEO of Doha Bank received the award and stated that this award is a recognition for Doha Bank's Board for its active involvement in Corporate Governance. Doha Bank is recognised as one of the few ‘Domestic Systemically Important Bank' (DSIB) in Qatar. The Bank is committed to adhering to and promoting good corporate governance at every level within the Bank from the Board of Directors and Senior Management down to branch and divisional management and operational employees working throughout the organization in Qatar and the other cross-border and international locations where the Bank operate
Dr Seetharaman also gave the special address on October 25, at the event. Providing an insight on global economies, he said: 'According to IMF Oct 2017 Outlook, the global upswing in economic activity is strengthening and the Global growth is projected to rise to 3.6 percent in 2017 and 3.7 percent in 2018 respectively. A stronger rebound in advanced economies in 2017 to 2.2 percent and in 2018 to 2 percent respectively. Emerging and developing economies expected to grow by 4.6 percent in 2017 and 4.9 percent in 2018 respectively. Seetharaman highlighted on the sustainability of Qatar and its banking sector in recent times.
He said: 'Qatar's total reserves is $340bn including assets of its Sovereign Wealth Fund, QCB reserves cash and Gold. Essentially the 30 percent reserves in June was only QCB reserves to improve local market liquidity. Qatar's reserves are more than twice of its GDP. The challenges remains in terms of alternate supplies, airport or seaport. Qatar had made alternate arrangements for supplies and hence sorted out. Essentially the plan A to plan B is a conversion which is what Qatar was engaged in. The operational reserves have proved to be a right model and is working well. Qatar economy is expected to grow by 2.5 percent in 2017 and 3.1 percent in 2018 The economic blockade in Qatar has not affected liquefied natural gas markets, as Qatar's exports have continued and structural reforms are progressing.
He added: Doha Bank was able to manage its funding well in June 2017 when there was knee jerk reaction. Its treasury, wholesale, international and retail Banking departments worked in an integrated manner under Guidance from Doha Bank Board. The unprecedented blockade against Qatar had helped Qatari banks to reinvent themselves to explore the opportunities lying beyond their traditional markets. The blockade also gave an opportunity for Qatari banks to tap new markets that they haven't been to before. Qatar Banking Asset growth was more than 5 percent YTD till Sept 2017. The Overall Lending growth was 6 percent YTD till Sept 2017 with Government and real estate being the main contributors. The Deposit growth was close to 10 percent YTD till September 2017.
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