AHLI UNITED BANK NAMED ‘BEST BANK IN THE MIDDLE EAST & AFRICA 2006’ BY GLOBAL FINANCE MAGAZINE
Ahli United Bank B.S.C. (AUB) has been named “Best Bank in the Middle East and Africa” by Global Finance magazine, a renowned international banking and finance journal.
The Survey, now in its 13th year, covers banks across the region and selects the top performers in the Gulf region and in 24 other countries. Industry analysts, banking professionals and consultants assist the jury to select the winners based on factors such as growth in assets, profitability, strategic initiatives, customer service, competitive pricing, and innovative products.
“We are proud to have received this prestigious award. This award is an endorsement of the sound management principles and strategic direction of the Bank.” said Fahad Al-Rajaan, Chairman of Ahli United Bank.
“Since its inception in 2000, AUB has grown steadily through a combination of organic growth and mergers and acquisitions. This growth is clearly evident in our financial performance and in the strategic partnerships and alliances that we have formed,” said Al-Rajaan.
In 2005, AUB crossed several strategic milestones including an increased stake of 75% in The Bank of Kuwait and the Middle East and entry in to the Iraq market through the acquisition of a 49% stake in the Commercial Bank of Iraq. In 2004, AUB had acquired a 40% stake in Ahli Bank QSC, Qatar and formed a joint venture, Future Bank BSC with the two leading banks in Iran.
The Bank’s financial results for 2005, report a 54.8% increase in consolidated net profit over the comparable figure for 2004. Total assets in the same period grew 71.6%.
Al-Rajaan concluded, “As we embark on expanding our range of products and services across the region, we will continue to adhere to only the highest levels of quality and customer service which underpin our business strategy.”