United Arab Bank (UAB) has taken another major step in establishing its reputation as the fastest growing bank in the UAE after receiving ‘The Bank of The Year 2011 UAE’ from the Financial Times Banker Magazine. This follows the earlier receipt of the same accolade from the Global Banking & Finance Review, London.
Regarded as the industry standard for banking excellence, a Financial Times independent panel of judge’s evaluated banks worldwide based on their ability to deliver shareholder returns and on a number of other criteria including Transparency, Corporate Governance, Sustainability, Innovation, and Customer Service.
Sheikh Faisal Bin Sultan Bin Salem Al Qassimi, Chairman of United Arab Bank, commented: “I am particularly delighted with the timing of the award as it coincides with the 40th anniversary of the formation of United Arab Emirates. This is our fifth award for the year, which highlights UAB’s unswerving commitment to excellence, its on-going transformation, growth, and continuing success story.
Paul Trowbridge, Chief Executive Officer, United Arab Bank said, “Over the last three years, UAB has witnessed a series of revolutionary strategic business initiatives that have resulted in a successful re-positioning of the institution, re-deployment of its resources, and re-defining of its businesses and target markets. As a result, we have been consistently ranked as one of the top financial institutions in the UAE and have received numerous independent industry accolades. Winning this prestigious award undoubtedly strengthens our reputation amongst our valued clients and underlines our status as a world-class bank in the UAE, with a single-minded focus on product quality and service excellence.
“Traditionally known for its corporate banking services and, in particular, its Trade Finance offering, United Arab Bank has successfully enhanced its retail offering by launching Sadara Wealth Management Program and Islamic Banking Services. The Bank has doubled its Balance Sheet and the Branch Network in the last two years and is now recognized as the fastest growing bank in the UAE.
Mr. Trowbridge attributes much of the Bank’s success to the strategic Alliance with The Commercial Bank of Qatar (“CBQ”) and a supportive Board of Directors. UAB became part of a GCC regional banking alliance in December 2007 upon the acquisition of a 40% interest in UAB by CBQ. With CBQ concluding a similar alliance with the National Bank of Oman two years previously, all three banks are more strongly positioned for future growth.
About United Arab Bank
Incorporated in 1975 with its headquarters in Sharjah, United Arab Bank (UAB) offers a range of financial services in both corporate and retail banking through Twenty offices and branches throughout the UAE. Acknowledged as a leading solutions provider to the growing commercial and industrial base across the seven emirates, the Bank has gained strong recognition in the corporate sector for the provision of structured finance solutions for complex banking transactions. With the launch of its Wealth Management and Islamic Banking Services, the Bank has grown its retail customer base, aiming to expand further.
Formerly established as a joint venture between UAE investors and Société Générale (SG), UAB became part of a GCC regional banking alliance in December 2007 on the acquisition of 40% interest in UAB by The Commercial Bank of Qatar (Cb), Qatar’s largest private sector bank. With The Commercial Bank of Qatar concluding a similar alliance with National Bank of Oman (NBO) two years previously, all three banks are more strongly positioned for future growth.
For more information please consult www.uab.ae