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The statement from Commercial Bank detailed its recognition by Mastercard across three categories related to its premium card offerings and services for high-net-worth clients. Representatives from the bank received the awards at a regional forum in Singapore, where the bank’s strong performance in spending volumes was highlighted. The bank has achieved the highest spend per account in the region for its Mastercard Limited Edition World Elite portfolio for the second consecutive year, according to its announcement.
Shahnawaz Rashid, EGM and Head of Retail Banking at Commercial Bank, said in the statement that the awards reflect the bank’s commitment to innovation and customer satisfaction. “As Commercial Bank stands at the crossroads of innovation and banking, we feel proud to receive these prestigious awards which embody our unwavering commitment to innovation, customer satisfaction, and market leadership,” Rashid said. The bank has outpaced local competitors with three times the domestic transaction volumes in the past six months, the statement added.
This latest recognition builds on previous accolades the bank has received from Mastercard, including two awards at the MENA Business Forum in 2023 for fastest-growing partner and highest spend per card in Qatar, the bank’s newsroom shows. Commercial Bank has been focusing on its Limited Edition segment for ultra-high-net-worth individuals, offering bespoke benefits and experiences. According to data from the bank, its premium card portfolio continues to drive growth in the cards and payments sector in Qatar.
The affluent banking sector in the GCC has seen increased demand for personalized services, with Mastercard expanding its World Elite offerings to meet the expectations of discerning customers across the region, a Mastercard newsroom release indicated. Commercial Bank’s partnership with Mastercard has enabled it to provide exclusive access to events and concierge services for its cardholders. The bank is marking its 50th anniversary with continued innovation in this space.
Industry observers note that such awards underscore the competitive edge gained by banks that invest in technology and customer experience in the premium segment. Commercial Bank’s Smart Credit Limit Increase Engine and other digital tools have also earned recognition in related fields, though those were from a different awarding body. The bank remains committed to enhancing its digital banking platform to serve its affluent clientele more effectively.
Further details from the bank’s announcement revealed that the awards cover excellence in premium cards issuance, affluent customer spend growth and overall portfolio innovation. Srikumar Chandrot, Head of Cards Issuance, Products and Portfolio, joined Rashid in receiving the honours. This achievement positions Commercial Bank as a market leader in Qatar’s banking industry.
