ABN AMRO launches 1st Annual STP Awards

The banks in the GCC that won the STP Awards conferred by ABN AMRO were North GCC: Bank Muscat International (BMI), Bahrain; South GCC: Abu Dhabi Commercial Bank (ADCB), and Oman International Bank (OIB). The awardees in the North African region were Misr International Bank (MI Bank) of Egypt and African Development Bank, Tunis.

Addressing audiences of leading bankers at the award ceremonies Jan Willem underscored the growing importance of STP, which is key to an efficient scale business. "End to end STP is necessary to drive down repair and enquiry costs and also to ensure that payments are executed in a timely manner."

As a leading European bank with an extensive global reach, he said ABN AMRO had standardized its systems and processes across the Eurozone creating a European Payments Centre. "ABN AMRO has been able to provide a range of innovative solutions that combine local and pan-European benefits."

Carl Stocking, Regional Head of Financial Institutions, EMEA for ABN AMRO's Commercial Banking presented each of the winners with an honorary award comprising of a crystal trophy in the shape of the Euro and a certificate of achievement.

During the gala ceremony held at the Ritz Carlton in Bahrain, Musallam Al Shukairi, Chief Executive Officer of Bank Muscat International thanked ABN AMRO for introducing outstanding and innovative initiatives saying that the award was a great honour. "The acknowledgement by our peers reflects positively on all of our future endeavours as well. Our focus has always been on ensuring that efficient steps are taken to enhance operational efficiencies and reduce costs."

Also expressing his delight in receiving the honorary award on behalf of Abu Dhabi Commercial Bank (ADCB) at a ceremony held at the Grand Hyatt Hotel in Dubai, Terence Marshall, Vice President Head of Financial Institutions Division ADCB, said: "This prestigious award is a reflection of the improved quality of our operations department. The Bank will continue to strive to provide our customers with quality payments services in conjunction with first class providers such as ABN AMRO, which is well positioned to support clients in this region"

The ABN AMRO Euro STP Award was launched in May 2005 in response to the region's increasing adoption of the Euro to address the local market's needs. With the regions increasing demand for the Euro and keeping in mind the local market requirements, ABN AMRO also unveiled the Arabic version of its STP guide at the STP awards ceremonies held in Bahrain, Dubai and Cairo this year.