International Bank of Qatar (IBQ), Qatar's leading private bank, has been awarded "Best Private Bank" by Global Banking & Finance Review in London, local media reported on Thursday.

General Manager and head of Private Banking of IBQ Chaouki Daher received the award during the ceremony held at the London Stock Exchange Studios in London, Qatar-based newspaper Peninsula said.

Daher said the award is a testament to IBQ's excellence in private banking.

Earlier this month, IBQ won the "Private Bank of the Year Qatar" award from International Banker.

Qatar's banking sector has witnessed a great expansion, and credit growth picked up speed in 2018 as companies borrowed and invested to overcome the economic impacts imposed on the country under the ongoing embargo.

Last July, Qatar Islamic Bank (QIB), Qatar's leading Islamic bank, has won "the Best Islamic Bank in Qatar" award from the World Union of Arab Bankers (WUAB).

In June 2017, Saudi Arabia, the United Arab Emirates, Bahrain and Egypt imposed a blockade on Qatar. However, Doha has been digging into its sovereign wealth fund to prop up its currency and ensure the stability of its banking sector.