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United Arab Bank Awarded ‘Bank of the Year 2011 UAE’ By ‘The Financial Times Banker Magazine’

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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.banker award
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

Business

Bank of England sets out interim ‘bail-in’ debt targets for banks

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Bank of England sets out interim 'bail-in' debt targets for banks 1

via Reuters

LONDON (Reuters) – The Bank of England on Tuesday set out interim levels of special debt that banks including HSBC, Barclays and Lloyds must issue over coming years for writing down in a crisis to avoid taxpayer bailouts.

The BoE said it would review how the minimum requirement for own funds and eligible liabilities or MREL is calibrated, and the final compliance date before setting “end state” amounts.

“In doing so, we will have regard to any intervening changes in the UK regulatory framework,” it said in a statement.

(Reporting by Huw Jones; Editing by Andrew Heavens)

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British firms call for immediate $10.3 billion in COVID aid

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British firms call for immediate $10.3 billion in COVID aid 2

via Reuters

By William Schomberg

LONDON (Reuters) – British firms called on Tuesday for another 7.6 billion pounds ($10.3 billion) of emergency government help, saying they cannot wait until finance minister Rishi Sunak’s March budget to learn if they will get more pandemic support.

With Britain back under lockdown and companies adjusting to life after Brexit, firms are taking big decisions about jobs and investment and need to know if their financial lifelines will be extended, the Confederation of British Industry said.

“We just have to finish the job. Now would be a very odd time to end that support,” CBI Director-General Tony Danker said in a statement.

Sunak has extended his support measures several times already and has said his response to the pandemic will cost 280 billion pounds during the current financial year, saddling Britain with a peacetime record budget deficit.

But he is facing calls on many fronts to spend yet more including from lawmakers, some from his Conservative Party, who want an emergency welfare benefit increase to be prolonged.

The CBI said Sunak should extend until June his broad job retention scheme, which is scheduled to expire in April, and then follow it up with targeted support for jobs in sectors facing a slow recovery such as aviation.

He should give firms more time to pay back value-added tax which was deferred last year, grant a similar deferral for early 2021 and extend a business rates tax exemption for companies forced to close by the lockdown as well as their suppliers.

“The rule of thumb must be that business support remains in parallel to restrictions and that those measures do not come to a sudden stop,” Danker said.

The CBI said its longer-term priority was an overhaul of the business rates system that it said was outdated and discouraging investment in low-carbon energy.

Danker said it was too soon to start raising Britain’s corporation tax rate, one of the lowest among rich economies after a Times report that Sunak was drawing up plans to increase it to start fixing the public finances.

“It would be wrong to raise business taxes when we don’t have a recovery,” Danker said.

($1 = 0.7380 pounds)

(Writing by William Schomberg; Editing by Alexander Smith)

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BOJ’s policy review may make ETF buying more flexible – Reuters poll

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BOJ's policy review may make ETF buying more flexible - Reuters poll 3

via Reuters

 

By Kaori Kaneko

TOKYO (Reuters) – The Bank of Japan will likely focus on measures to make its purchases of risky assets, such as exchange-traded funds (ETF), more flexible as the economy comes under growing strain from a spike in COVID-19 infections, a Reuters poll found.

Analysts polled also revised down their economic projection for the fiscal year ending in March on expectations a recent resurgence of coronavirus infections would dent growth.

Economic activity could stall in the world’s third-largest economy from pandemic curbs and the BOJ may have to look at more effective ways to achieve its 2% inflation target as renewed infections force it to maintain its massive stimulus longer, analysts said.

The central bank said last month it would undergo an examination of its yield curve control and quantitative easing policies to seek ways to make them more “effective and sustainable”. Its findings will be released in March while new GDP estimates will be issued at its Jan. 20-21 policy meeting.

“The BOJ may be thinking of correcting distortions caused by its policy that could become an obstacle for maintaining its current framework through Governor (Haruhiko) Kuroda’s term that ends in early 2023,” said Izuru Kato, chief economist at Totan Research.

Asked what steps the BOJ would take when the central bank unveils its findings in March, 31 economists said the central bank would “make its ETF, J-REIT buying more flexible,” the poll conducted between Jan. 7-18 showed.

Eight analysts said the BOJ would revise its three-tiered deposit rate system that applies negative interest rates only to marginal excess bank reserves and two said the central bank would change the 10-year bond yield target to other durations.

The question allowed multiple answers.

The central bank will discuss ways to scale back a controversial programme that buys massive amounts of exchange traded funds without stoking market fears of a full-fledged retreat from ultra-loose policy, sources have told Reuters.

 

RENEWED STATE OF EMERGENCY

Japan expanded a state of emergency it declared for the Tokyo area earlier this month to seven more prefectures last Wednesday amid a steady rise in COVID-19 cases.

Many analysts expect the latest measures to inflict less damage to the economy than the stricter and broader curbs imposed in April and May last year.

In the poll, taken before the government’s decision to expand the state of emergency beyond the Tokyo area, analysts expected the economy to contract 2.4% in January-March. The poll had predicted a 2.1% expansion in December.

For the current fiscal year ending in March, the economy was forecast to shrink 5.5%, the poll found, slightly weaker than a 5.3% contraction projected last month.

The economy was expected to expand 3.3% in the fiscal year beginning in April, starting with 4.1% growth in the April-June quarter, the poll showed.

“Restrictions under the renewed emergency status are relatively moderate, so it could take a long time for infection numbers to fall,” said Hiroshi Namioka, strategist and fund manager at T&D Asset Management. “Downward pressure on prices could strengthen.”

Core consumer prices, which exclude volatile fresh food prices, will slip 0.5% this fiscal year before rising 0.2% next fiscal year, the poll found.

Economists were split on which direction the BOJ will move when it next changes policy.

Twenty-one of 39 analysts forecast the BOJ would scale down stimulus, while 18 said it would ramp up monetary support.

Sources have told Reuters the BOJ was likely to slightly revise up next fiscal year’s economic forecast and hold off on expanding stimulus at its Jan. 20-21 policy meeting.

 

(For other stories from the Reuters global economic poll:)

 

 

(Polling by Shaloo Shrivastava, Editing by Leika Kihara and Jacqueline Wong)

 

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