IBQ launches prestigious Visa Infinite card for high net worth individuals
1. IBQ becomes first and sole issuer of Visa Infinite card in Qatar
2. Visa Infinite card offers ultimate purchasing power and exclusive privileges
Card available to private banking customers of IBQ and to HNWIs
3. IBQ consolidates position in premium payment solutions segment
4. IBQ boasts steadfast growth with plans for new branches and innovative products in 2009
Supporting the lifestyles of its premium customers, International Bank of Qatar (IBQ) today announced the launch of the IBQ Visa Infinite card, becoming the first and only bank in Qatar to issue this prestigious credit card. This announcement was made at a press conference hosted by senior officials of IBQ and Visa International.
Aimed at HNWIs and existing private banking clients of IBQ, the Infinite Visa card provides cardholders with the ultimate purchasing power and a unique set of high-end benefits, including world-class service from a round-the-clock concierge team, a guaranteed and an unmatched 5% Cash Back on all purchases, and comprehensive travel insurance and purchase protection.
The card will be available to the private banking customers of IBQ, and can also be applied for by other residents of Qatar who meet the required eligibility criteria.
“This launch is in line with our overall strategy to become a major retail banking force in Qatar. With the new IBQ Visa Infinite card, we have launched an exclusive and top-of-the-range product, reflecting our commitment to introducing superior products,” said Philip King, Head of Retail Banking at IBQ.
“There is a growing sophistication among the affluent and HNWI population of Qatar. IBQ recognises this trend and seeks to meet the financial and lifestyle needs of this discerning clientele. With new initiatives such as the Visa Infinite card, IBQ is also proud to consolidate its leadership in the premium payment solutions industry and make a sustained contribution to the economy of Qatar. Through world-class services and innovative banking solutions, we hope to become the ‘Bank of Choice’ for discerning individuals, corporations, and government entities. “
The IBQ Visa Infinite card is accepted at 30 million merchants worldwide and 1.4 million ATM worldwide. Cardholders can stay on top of their card details through the 24-hour call centre, SMS service, and exclusive access to a dedicated Infinite Visa website for online summaries and transactions.
“IBQ is committed to creating a new benchmark for retail banking products in Qatar. To this end, innovation is a key driver of our initiatives. In order to make banking solutions simpler and more valuable to our customers, it is important to fully understand their needs. Signature service and privileged benefits are what sets the IBQ Visa Infinite apart. Cardholders can enjoy a 5% Cash Back on all purchases made anywhere in the world. They will also be supported by a highly trained team of concierge professionals who can carry out specialised services, from travel bookings to restaurant reservations and more. Quite simply, there are infinite possibilities with this card. We strongly believe that Visa Infinite adds great value to our current card portfolio and supports our strategic long-term retail banking initiatives.” said Mr. King.
Mr. Tony Gougassian, Levant and Qatar Country Manager for Visa Inc, said: “Visa is delighted to partner with IBQ to deliver the first Visa Infinite card to the Qatar market. The IBQ Visa Infinite card is an excellent example of innovation.
IBQ and Visa are both committed to delivering value added products that provide not only security and acceptance but also convenience for customers in Qatar.â€
2008 was an outstanding year for IBQ. The Bank posted a net profit of QAR 305m, representing a growth of 30 per cent from QAR 234m in 2007, achieving record growth throughout the various sectors. There were a number of unique initiatives that accelerated IBQ’s performance, helping consolidate market leadership. These include the organic growth in the bank’s branches, which increased to nine and the ATM network that has reached 30 across the country; expansion in IBQ’s multi-channel retail platform with a new internet banking service and expansion of the bank’s Call Centre; new innovative products such as the Super Savings account range and Elite service for premium customers; and continued upgrades to the bank’s existing technical systems to boost overall efficiency in service.
About The International Bank of Qatar (IBQ)
IBQ is a well established and rapidly growing commercial institution, offering a full range of Retail, Private and Corporate Banking solutions. IBQ has a strong commitment to build long-lasting relationships with its customers and provide them with excellent customer service with a focus on making banking simple, convenient and tailored to their needs. IBQ is one of the oldest existing banks in Qatar and celebrated its 50th anniversary in 2006. It has a growing network of 9 branches and 30 ATMs in strategic locations throughout Qatar.
IBQ was recently awarded the Best Customer Service Award for 2008 and 2009 from the Banker Middle East Magazine.
IBQ is 30% owned and managed by the National Bank of Kuwait (NBK), the highest rated bank in the Middle East, and the only bank in the Middle East to be named among the world’s 50 Safest Banks in 2009. IBQ is a growing bank that benefits from an international network as a result of its affiliation with NBK which gives its customers access to greater resources and a wide range of international services.
About Visa Inc
Visa operates the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world and Visa/PLUS is one of the world’s largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com.
For further information, please contact:
Visa Inc:
Linsey Worgan, d’pr – Tel: +971 4 3233668, Email: linsey@d-pr.ae
International Bank of Qatar (IBQ)
Karim W. Nakhle
IBQ – Head of Corporate
Communications & Business Development
Email: knakhle@ibq.com.qa
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