Lloyds TSB Dubai announces profit surge in 2005

The bank attributes this incredible success to its customer service orientated approach and the series of market leading initiatives that have contributed greatly to the maturing local retail banking market. The bank has also made excellent progress in Wholesale Banking in which it has 30 years of history in Dubai.

"For me, our success is a result of the numerous ground breaking initiatives we introduced to the market and I am pleased to note other banks are now following suit" said Giles Cunningham, Regional Manager of Lloyds TSB in the UAE and Gulf States, "Also, our results were delivered without any exposure to the stock markets and IPOs and are truly sustainable" he added.

Lloyds TSB was the first bank to reduce the arrangement fee on mortgages to just 0.5%, with no penalties for early repayments. It was the first to offer credit interest on current accounts available to all customers irrespective of their balance. In 2005, Lloyds TSB has also halved interest on credit cards to a market leading low of just 11.9% or 0.99% per month.

Cunningham also points to specific customer service initiatives that have provided an even greater level of service quality, such as a dedicated Personal Account Manager for every customer. To further increase accessibility, two new Customer Service Centres have recently been opened in Arabian Ranches and Dubai Healthcare City. The bank also extended its opening hours to 8am to 6pm in the main branch and to 10pm at Arabian Ranches (7 days) and introduced Internet banking for the first time. He continues, "We promise to deliver even more improvements that will benefit our customers in 2006."

The initiatives tabled for 2006 include the launch of further Customer Service Centres and some exciting new product development. Furthermore, Lloyds TSB will be investing extensively in changing its core banking platform which will be implemented in 2006/7.

The main branch of Lloyds TSB is in Jumeirah, housed in a custom built landmark building, located on Al Wasl Road opposite Safa Park. Lloyds TSB Dubai currently employs 180 people and provides a full range of services including: Personal Banking, Commercial Banking, Corporate Banking, Offshore Banking, Private Banking, Treasury Services and Trade Finance Services. In addition to market leading auto and home loans, credit cards, personal and commercial loans, current and savings accounts, and fixed term deposits, Lloyds TSB Dubai also offers easy accessibility to telephone banking and secure Internet banking 24 hours a day, 7 days a week.