Ahli United Bank No Comments

AHLI UNITED BANK ENTERS INTO LANDMARK AGREEMENT WITH THE INTERNATIONAL FINANCE CORPORATION

AHLI UNITED BANK ENTERS INTO LANDMARK AGREEMENT WITH THE INTERNATIONAL FINANCE CORPORATION

Ahli United Bank B.S.C. today announced the signing of a landmark US$ 200 million loan agreement with the International Finance Corporation (IFC), the private sector arm of the World Bank Group. This is IFC’s largest investment in the region to date. IFC’s loan, will help Ahli United Bank in its successfully pursued strategy of becoming a significant financial group, with a broader network of banks and financial institutions in the region’s developing countries, including Egypt, Iran, Iraq, Lebanon, Oman, and Yemen.

The announcement was made at a press conference held today at the Bank’s Seef Headquarters in the Kingdom of Bahrain, following an official signing ceremony. The agreement was signed by Hamad Al Marzouq, Deputy Chairman and Adel El-Labban, Group CEO and Managing Director, on behalf of AUB, and Michael G. Essex, IFC’s Director for the Middle East and North Africa, and Jyrki Koskelo, IFC’s Director of Global Financial Markets.

Under the terms of the agreements, the IFC will provide a US$ 200 million tier II eligible subordinated term loan to AUB, and will also acquire a ten per cent equity (up to US$ 40 million) in Delta International Bank (DIB), Egypt, primarily through a planned capital increase. In August this year a consortium of GCC institutional investors led by AUB acquired a 89.3% stake in Delta International Bank, marking the Bank’s entry into North Africa.

Speaking at the press conference on behalf of AUB, Hamad Al Marzouq, Deputy Chairman, said, “It is a privilege to have a reputed organisation like the IFC as our partner as AUB enters into a period of significant growth and expansion. Our agreement with the IFC will support our expansion initiatives in the Middle East region and North Africa. We intend to establish our presence in new markets through our strategy of acquiring and re-structuring financial institutions.”

Michael Essex, IFC’s Director for Middle East and North Africa, said, “IFC is pleased to enter into a long term partnership with Ahli United Bank as they expand their presence across the MENA region and create a network of banks that will provide a much needed channel for private sector investment from resource-rich Gulf Cooperation Council markets to lower-income countries.”

Jyrki Koskelo, IFC’s Director of Global Financial Markets, said, “The regional expansion of AUB will support trade, financial flows, remittances, tourism, and investments from the resource-surplus Gulf Cooperation Council countries into parts of the region that need economic growth through productive private sector investment.”

Adel El-Labban, Group CEO & Managing Director, AUB, concluded by speaking on the significance of the agreement, “The IFC has made its single, largest investment into the Middle East region through AUB, which underlines the bank’s leading position in the Gulf’s banking industry and its recognition internationally. “

“Through a strategy of structured, organic growth and acquisitions we have evolved into an integrated, regional banking group with a well diversified cross border reach augmented by distinct local knowledge in all the countries in which we operate,” said El-Labban.

Ahli United Bank No Comments

FITCH UPGRADES AHLI UNITED BANK AND ITS SUBSIDIARIES TO A- RATING

FITCH UPGRADES AHLI UNITED BANK AND ITS SUBSIDIARIES TO A- RATING

Ahli United Bank B.S.C. has announced that the long term rating of the Bank and its major subsidiaries in Kuwait and the United Kingdom have all been upgraded to ‘A-’ (stable) by Fitch Ratings, the international rating agency.

Fitch has upgraded the Issuer Default Rating (IDR) of Ahli United Bank B.S.C. from ‘BBB+’ to ‘A-‘ with a Stable outlook. Similarly, AUB’s subsidiary in the United Kingdom, Ahli United Bank (UK) PLC, and in Kuwait, Bank of Kuwait and the Middle East K.S.C, were both upgraded to ‘A-‘ (A minus)/Stable/’1’ from ‘BBB+’/Stable/ ‘2’ ratings.

Fahad Al-Rajaan, Chairman of AUB Group commented “We are very pleased with the improved rating of the bank and its major subsidiaries in both Kuwait and the United Kingdom. The upgrade highlights the key strengths of our group on the basis of robust asset quality, supported by a diversified revenue portfolio and reduced risk exposure”.

Ahli United Bank No Comments

IN AN EXCLUSIVE SURVEY BY GLOBAL FINANCE MAGAZINE AUB named “Best Foreign Exchange Bank in the Middle East”

IN AN EXCLUSIVE SURVEY BY GLOBAL FINANCE MAGAZINE AUB named “Best Foreign Exchange Bank in the Middle East”

Ahli United Bank B.S.C. (AUB), one of the region’s leading banking institutions, has been named ‘Best Foreign Exchange Bank in the Middle East’ by Global Finance magazine ahead of all other regional banks.

Global Finance magazine, one of the industry’s most reputed publications, named the winners of its ‘Best Foreign Exchange Banks and Providers’ by region and country. AUB won the accolade of ‘Best Foreign Exchange Bank’ in both categories, as it was also named the ‘Best Foreign Exchange Bank in Bahrain’.

Fahad Al-Rajaan, Chairman of AUB, commented: “The latest award received by AUB reflects its technical competence in a banking field characterized by very intense competition which demonstrates our commitment to client servicing and satisfaction”.

A panel of Global Finance editors selects the award winners after assessing input from industry analysts, corporate executives and technology experts. They assess banks against specific criteria which include: transaction volume, market share, scope of regional coverage, customer service, competitive pricing and innovative technology.

During 2006 AUB has won many accolades, among them: ‘Best Bank in the Middle East and Africa’ by Global Finance; ‘Best Local Private Bank in the Middle East’ by Euromoney; ‘Best Private Bank for Real Estate Investment in Bahrain’ by Euromoney and the ‘Elite Quality Recognition Award’ by JP Morgan Chase.