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Ahli United Bank named 'Bank of the Year - Bahrain 2008' by Banker magazine
Ahli United Bank B.S.C. (AUB), one of the region's leading banking institutions, has been named 'Bank of the Year - Bahrain' for 2008 by the Banker magazine, a widely respected publication and part of the UK's Financial Times Group, for the third consecutive year.
The Banker's editorial team assesses banks on overall performance in the previous financial period incorporating performance criteria, qualitative achievements and strategic objectives.
"AUB is extremely pleased to accept the 'Bank of the Year- Bahrain' award for the third consecutive year and for the fifth time overall. It is especially significant to receive this accolade at a time when the market is undergoing rapid changes and investors are looking for financial institutions that can offer stability and consistency; the award underlines our steady growth and sound management principles,"
said Fahad Al- Rajaan, Chairman, AUB.
Panelists for The Banker magazine judged AUB's strong financial performance and strategic vision as reasons for securing the 'Bank of the Year- Bahrain 2008' award.
This latest Banker's award marks the fifth major accolade AUB received in 2008. Earlier this year, New York - based Global Finance accorded AUB the "Best Bank in the Middle East" award for the third consecutive year. AUB also received the 'Best Bank in Bahrain' award from Euromoney and was the first ever recipient of AsiaMoney's 'Best Commercial Bank in Bahrain' award during the year. Global Finance also named AUB the 'Best Foreign Exchange Bank in the Middle East 2008.'
Fahad Al- Rajaan, Chairman, AUB.
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Posted by Rana Mesbah
Tuesday, December 02 - 2008 at 16:20 UAE local time (GMT+4)
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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 $280.1m for the nine months period ended 30 September 2008, an increase of 24% compared to the same period last year. As of 30 September 2008, total assets for AUB stood at $25.3bn (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 percent 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% percent 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. Since its inception, Commercial Bank of Iraq has performed consistently well in different business segments and its total assets as at 31 December 2006 stood at IQD165bn ( 31 December 2005: IQD156bn).
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.
The Bank has been assigned a Long Term Issue Credit Rating of 'A-' (stable) by Standard and Poor's (S&P) Rating Service, following affirmation of the Bank's long term credit risk rating of 'A-'(stable) by Fitch in August 2008 and earlier by Capital Intelligence of 'A' (stable) in June 2008.
For further information, please contact:
Maya Ribeiro, Action Bahrain
TEL: +973 17234553
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