HH Sheikh Hamdan bin Mohammed launches Dubai Bank

Living up to its promise of being a truly breakaway brand and a catalyst of change, the new bank commenced commercial operations today with a rich portfolio of innovative and unique banking products and services. At the heart of the bank's new IT-driven service offerings is the introduction of paperless account opening for the bank's customers and instant fulfilment of key banking services.

In a special message delivered at a press conference in Dubai to launch the new bank capitalized at AED 300 million, His Highness Sheikh Hamdan bin Mohammed Al Maktoum, Chairman, Dubai Bank, said: "Our mission is to bring a breath of fresh air to the banking sector here. I am confident that Dubai Bank will be the benchmark of this new, flexible and transparent attitude to banking in the UAE and the region."

"Dubai Bank will focus on delivering high-quality and personalised services with the use of cutting-edge technology and effective delivery channels through a team of highly-qualified banking professionals and strong partnerships," Sheikh Hamdan said.

"We want to create a complete bank that provides a full portfolio of products and services for both corporate as well as retail customers. Banks cannot afford to become mere repositories of money with starched attitudes. They have to be flexible to the environment and the community they serve," he added.

Mr. Mohamed Ali Alabbar, Chairman, EMAAR Properties said: "Dubai has a rich track record of turning powerful ideas into successful projects, due to the vision and continuous support of His Highness General Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Defence Minister."

"Dubai Bank is one such idea which we are sure will be the benchmark of customer services and product innovation. We feel that there is an untapped demand for a new bank offering in the UAE. In particular, a bank that can provide a broader and improved range of products and services for corporate customers on the one hand, and the growing market segment of young, educated and demanding retail consumers, on the other."

"Under the stewardship of our Chairman, HH Sheikh Hamdan bin Mohammed, the Dubai Bank team of highly efficient and innovative banking professionals will endeavour to transform the Bank into a world-class institution, that will set new standards within the banking industry in the region," Mr Alabbar said.

Mr. Alabbar also thanked the UAE Central Bank and its Governor, His Excellency Sultan Bin Nasser Al Suweidi for their support to launch Dubai Bank in a record time of six months.

"We are set to benefit from the multiplier effect of a boom in revenues and spending by the oil economies as a result of the spectacular recovery in the oil market. There is also a generally positive outlook in the regional money market, all of which are good signals for Dubai Bank. In the next few months we will continue to launch several new products and services for both retail and corporate banking," Mr. Alabbar added.

Mr. Ahmed Bin Brek, Chief Executive, Dubai Bank, said that the bank had made significant investments in cutting-edge banking related technologies to drive business and develop exceptional new customer-centric banking products and services.

"We have already run a series of successful tests to check the robustness of mission critical IT systems and our banking application software to ensure that Dubai Bank will offer its customers superlative service right from the start," he added.

Paperless Banking & Instant Fulfilment

Among the several innovative services that Dubai Bank is offering right from the outset is a paperless banking account opening facility for its customers. Customers need not fill up multiple forms to avail of various account related banking services, including acquiring cheque books, global ATM cards, making cash withdrawals and deposits on the basis of a single specimen signature.

Another key service differentiator of the new bank is that of instant fulfilment of key banking services. This essentially means that customers will no longer have to wait for days to get their personalized cheque books and ATM cards, and will receive them immediately after they open an account with the bank

The bank's deposit products include checking and savings accounts; a Twin Account (combining the winning features of checking and savings in one); a Value Account (which recognises the value of money and offers higher interest on higher balances); and a Call Account (which invests idle funds that can be withdrawn at short notice). On the loan side the bank offers highly attractive personal and auto loans.

The bank will also offer its high net-worth customers a premium banking service - Royal Banking. Apart from having access to an exclusive bouquet of tailor made financial products, Royal customers can also avail of other privileges such as special service areas in the branch and a dedicated relationship manager.

"Another innovative product is our Children's Education Plan, which is a very friendly and flexibly structured savings plan. The plan has been conceptualised to assist parents in effectively planning for their child's high school and university education, by offering a range of saving plan options," added Mr. Bin Brek.

Dubai Bank will be involved in all aspects of the banking business and offer products and services for both individual consumers and corporations through a number of different delivery vehicles, including traditional branches and remote banking facilities such as the Internet. Technology will be a strong enabler, as will adherence to international best practices that will establish Dubai Bank as a world-class institution synonymous with modernity, excellence and innovation.