S&P issues 'A-' stable long term credit rating to Ahli United Bank

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About Ahli United Bank
Ahli United Bank B.S.C. is an offshore and full commercial banking institution based in Bahrain providing retail, commercial and investment banking business, global fund management and private banking services. It is geared towards growth through the development of a larger client base in the Gulf states and through its close partnerships with customers staff and product providers. The evolution of future mergers and acquisitions in the Gulf region remains central to the Bank's expansion strategy. AUB reported a consolidated net profit of $94.3m for the three months period ended 31 March 2008, an increase of 37% compared to the same period last year. As of 31 March 2008, total assets for AUB stood at $25.1bn (31 Dec 2007 - $23.0bn)

AUB has an effective holding of 75% share in the Bank of Kuwait and the Middle East (BKME). BKME has a 10% market share in Kuwait. BKME achieved a net profit of KD48.2m for the year ended 31 December 2007, an increase of 6.9% compared to the last year.

AUB also has a 40% share in Ahli Bank Q.S.C. a commercial bank in Qatar with an enhanced capital base following the 100% participation by AUB in its capital increase. Ahli Bank Q.S.C. achieved a 49.7% higher net profit of QR302.7m for the year ended 31 December 2007 compared to the last year. AUB has a 10-year management contract with Ahli Bank Q.S.C.

In 2005, Ahli United Bank acquired a 49% share in the Commercial Bank of Iraq, a private commercial banking institution established in Iraq in 1992.

Ahli United Bank, its associate banks and other Gulf financial institutions together acquired an 89.3% in Ahli United Bank (Egypt) S.A.E. (AUBE), [formerly Delta International Bank S.A.E. (DIB)], in August 2006. Established in 1978, AUBE is a full-fledged commercial bank offering retail banking, corporate banking, private banking, project and trade finance and treasury services. Apart from its headquarters in Cairo, the Bank has 17 branches across Egypt.

In December 2007, AUB has acquired a 35% stake in Ahli Bank S.A.O.G. (ABO), [formerly Alliance Housing Bank S.A.O.G.], a bank specializing in residential mortgage lending through its seven branches in the Sultanate of Oman. The Bank has signed a five year renewable technical services and management agreement to provide technical and management services to ABO. Following the receipt of Central Bank of Oman's approval to convert its operations from a specialized mortgage finance provider into a full fledged commercial bank and receipt of a commercial banking license effective 27 December 2007, ABO is extending corporate, retail, treasury and private banking services to its customers.

In 2008, AUB has been awarded "Best Bank in the Middle East 2008" and "Best Foreign Exchange Bank in Middle East - 2008" by Global Finance. During 2007, AUB was named: "Best Bank in the Middle East - 2007" by Euromoney and Global Finance and "Bank of the Year 2007 - Bahrain" by The Banker. In 2006, AUB was awarded: "Bank of the Year 2006 - Middle East" (by The Banker), "Best Bank 2006 - Middle East and Africa" (by Global Finance); "Best Foreign Exchange Bank - Middle East 2006" (Global Finance); "Best Bank and Bank of the Year 2006 - Bahrain" (Global Finance, Euromoney and The Banker).

AUB's ordinary shares are listed on Bahrain Stock Exchange (BSE) (since August 2000) and Kuwait Stock Exchange (KSE) (since 26 June 2006) and are actively traded. AUB's Class A preference shares are also listed at the BSE since 20 March 2005.

S&P have accorded AUB with a long term rating of A- with a stable outlook in November 2007. AUB foreign currency long term rating has been upgraded to A with a stable outlook and short-term rating of A2 by Capital Intelligence in June 2007. Fitch Ratings has reaffirmed its long-term rating of A- with a stable outlook for AUB in August 2007.

For further information, please contact:
Maya Ribeiro, Action Bahrain
TEL: +973 17234553