Ahli United Bank named 'Bank of the Year in Bahrain' for second year running

Commenting on the receipt of the award, Fahad Al-Rajaan, Chairman, reiterated the bank's commitment to remaining the market leader.

"We are delighted to have been selected for the second year running for this award and we believe it further confirms our determination to create a dynamic structure that offers its regional clients leading-edge financial opportunities, allied to the highest standards of customer service".

Ahli United Bank's strong financial performances in 2003 and 2004, coupled with its successful ongoing expansion strategy through acquisitions, were key to its selection for the award.

"Our major success in the last year has been maintaining the balance between targeted corporate expansion in the Gulf region and the development of organic growth, as reflected by the 45% increase the bank achieved in net profits," said Al-Rajaan.

Ahli United Bank BSC has recently completed the acquisition of a 40% stake in Al-Ahli Bank of Qatar through 100% participation in its recent capital increase. The deal will increase the Qatari bank's capital base from US$88 million to US $239 million, making it one of the largest banks in terms of capitalization and positioning it to benefit from the growth potential in Qatar. As part of the agreement Al-Ahli Bank of Qatar QSC will be renamed Ahli Bank QSC.

The Bank has also taken steps to enter the Iranian market, as part of its continuing strategy to enhance its regional presence. Regulatory approvals have been secured to incorporate Future Bank in Bahrain, an equal partnership with Bank Melli and Bank Saderat, Iran's two premier banking institutions. This bank will be uniquely placed to bridge and expand the very large and established trade and investment flows between Iran and its Gulf neighbours, and is planning an offshore operation on the island of Kish.

Ahli United Bank completed the full acquisition of Commercial Bank of Bahrain in 2001 and has a 8% stake in the Bank of Kuwait & the Middle East. Ahli United Bank has established strategic alliances with Mellon Global Investments, a major mutual fund provider, and Henderson Global Investors, a specialist in international real estate fund management.