In addition, AUB was also recognized as the 'Best Bank in Bahrain'.
This is the fourth consecutive year AUB has won this prestigious accolade in Global Finance's survey of 'Best Emerging Markets Banks in the Middle East', in yet another testimony to the Bank's leading position across the Middle East.
"We are very pleased to be named best bank in the Middle East by the highly regarded Global Finance, as this award recognizes our continued efforts to achieve operational excellence and provide best in class products and services," said Fahad Al-Rajaan, Chairman, AUB.
"As the banking industry continues to grapple with the ramifications of the global financial crisis, this award underlines the strong fundamentals of AUB franchise, which remains well placed to weather the current market conditions and deliver outstanding results to our stakeholders and valued customers," he added.
This is the sixteenth year that Global Finance magazine, one of the banking sector's leading publications, has selected top banking performers in emerging markets. For its annual surveys, Global Finance editors with input from industry analysts, corporate executives and banking consultants select the best banks by region and by country, including 13 countries in the Middle East.
Criteria for selecting the winners included growth in assets, profitability, strategic relationships, customer service, competitive pricing and innovative products.
"We are in an unusually challenging environment for banks and their customers," said Joseph Giarraputo, publisher of Global Finance. "More than ever, customers are demanding superior competence from their banking partners. These are the banks best providing that competence."
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Ahli United Bank named 'Best Bank in Middle East 2009' by Global Finance magazine
- Bahrain: Monday, March 30 - 2009 at 11:33
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Ahli United Bank B.S.C. (AUB) has been named 'Best Bank in the Middle East 2009' by reputed New York-based banking publication Global Finance magazine.
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Posted by Rana MesbahMonday, March 30 - 2009 at 11:33 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. For 2008, AUB reported a consolidated net profit of $255.7m. Total assets stood at $23.6bn as of 31 December 2008.
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 KD51.4m for the year ended 31 December 2008, an increase of 6.6% over the previous year.
AUB also has a 38% 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 40.7% higher net profit of QR425.8m for the year ended 31 December 2008 compared to 2007. AUB has a 10-year management contract with Ahli Bank Q.S.C.
Ahli United Bank has a 50% 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 2007 stood at IQD213bn.
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 commercial bank offering retail banking, corporate banking, private banking, project and trade finance, and treasury services through 24 branches across Egypt.
In December 2007, AUB 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, and has since converted to a full fledged commercial bank extending corporate, retail, treasury and private banking services to customers in Oman.
Early this year, AUB was named "Best Bank in the Middle East 2009". In 2008, AUB was named "Best Bank in the Middle East 2008" and "Best Foreign Exchange Bank in Middle East - 2008" by Global Finance, "Best Bank in Bahrain 2008" and "Bank of the Year, Bahrain - 2008" by Euromoney and "The Banker" respectively. In 2007, AUB was named: "Best Bank in the Middle East - 2007" by both 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 & Poor's and Fitch, and 'A' (stable) rating by Capital Intelligence.
For further information, please contact:
Maya Ribeiro
Action Bahrain
TEL: +973 17234553
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. For 2008, AUB reported a consolidated net profit of $255.7m. Total assets stood at $23.6bn as of 31 December 2008.
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 KD51.4m for the year ended 31 December 2008, an increase of 6.6% over the previous year.
AUB also has a 38% 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 40.7% higher net profit of QR425.8m for the year ended 31 December 2008 compared to 2007. AUB has a 10-year management contract with Ahli Bank Q.S.C.
Ahli United Bank has a 50% 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 2007 stood at IQD213bn.
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 commercial bank offering retail banking, corporate banking, private banking, project and trade finance, and treasury services through 24 branches across Egypt.
In December 2007, AUB 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, and has since converted to a full fledged commercial bank extending corporate, retail, treasury and private banking services to customers in Oman.
Early this year, AUB was named "Best Bank in the Middle East 2009". In 2008, AUB was named "Best Bank in the Middle East 2008" and "Best Foreign Exchange Bank in Middle East - 2008" by Global Finance, "Best Bank in Bahrain 2008" and "Bank of the Year, Bahrain - 2008" by Euromoney and "The Banker" respectively. In 2007, AUB was named: "Best Bank in the Middle East - 2007" by both 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 & Poor's and Fitch, and 'A' (stable) rating by Capital Intelligence.
For further information, please contact:
Maya Ribeiro
Action Bahrain
TEL: +973 17234553
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