Month: December 2007

AHLI UNITED BANK NAMED ‘BEST FOREIGN EXCHANGE BANK IN THE MIDDLE EAST 2008’

Ahli United Bank B.S.C. (AUB) has been named ‘Best Foreign Exchange Bank in the Middle East 2008’ by Global Finance magazine, the New York-based banking publication.

This marks the second consecutive year AUB has been named ‘Best Foreign Exchange Bank Middle East’ by Global Finance magazine, one of the banking sector’s most reputed publications. The ‘Best Foreign Exchange Banks and Providers’ awards are divided into two categories: region and country. AUB won the accolade of ‘Best Foreign Exchange Bank’ in both categories winning ‘Best Foreign Exchange Bank in Bahrain’ in addition to the overall Middle East title.

“The latest award received by AUB reflects its operational and technical excellence in a banking field characterized by very intense competition which demonstrates our commitment to client servicing and satisfaction”. said Fahad Al Rajaan, Chairman, Ahli United Bank.

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

“Average daily turnover has surpassed $3 trillion in this fast growing market. We have identified the banks that large global companies can rely on for their FX needs,” commented Global Finance.

AHLI UNITED BANK ANNOUNCES SUCCESSFUL COMPLETION OF PRE-EMPTIVE SHARE OFFER

Ahli United Bank BSC (AUB) has announced the successful completion of its pre- emptive share offer, launched on 8th November, 2007. A total of 364,025,764 shares were subscribed representing 121% of the issue size of 300 million shares.

“The response to AUB’s pre-emptive share offer has been extremely positive; the support we have received from our shareholders was strong and broad based, underscoring the confidence investors have in AUB as an integrated, regional, financial group. The capital injection received from our recent share offer will provide us with a solid foundation from which to further expand within the Gulf and Middle East region, “said Fahad Al- Rajaan, Chairman, AUB.

In accordance with the terms of the rights offer, the newly allotted 300 million shares will be separately identified for trading purposes until the AUB Annual General Meeting for the year ending 31 December 2007 as these shares will carry only pro-rated cash dividend rights for fiscal 2007. The dividend rights of the new shares for the current fiscal year will be calculated on the period starting from the Final Allotment Date i.e 09 December 2007 till 31 December 2007. The share certificates of the newly allotted shares and the refund cheques will be ready for collection at the head office of AUB at Seef District beginning from 13 December 2007 for a period of two weeks, after which they may be collected from the office of the Registrar KPMG (P.O Box 710, Al Hedaya House II, 5th Floor, Government Avenue, Manama, Kingdom of Bahrain, Telephone: ++973 17215080 Fax ++973 17212055).

AHLI UNITED BANK’S RIGHTS ISSUE OF 300 MILLION ORDINARY SHARES OPENS ON 18 NOVEMBER 2007

The Pre-emptive Rights Issue of Ahli United Bank B.S.C. (AUB) opens on 18 November 2007. The Offer consists of issue of 300 million ordinary shares of US$0.25 nominal value each at the rate of US$1.01 per share including issue expense of US$0.01 per share on a pro-rate basis of 100 ordinary shares for every 1001 ordinary shares held on the record date of 13 November 2007.The subscription period opens on 18 November 2007 and closes on 2 December 2007.

“To support its well established strategy of regional growth, AUB is continually assessing and seeking to expand in the region organically and through further consolidation, mergers and alliances when the appropriate viable opportunities arise.” said Fahad Al- Rajaan, Chairman, AUB.

The new shares offered will rank pari-passu with all other ordinary shares of the Bank following the issue except for any cash dividends relating to the fiscal year 2007 which will be paid on these shares on a pro-rate basis relating to the time period from the final allotment date to 31 December 2007.These new shares will receive full rights for any stock dividends relating to the fiscal year 2007.

The subscription application forms and the information memorandum will be available from 18 November 2007 at the offices of the Share Registrar ( “KPMG”),Issue Agent (“Keypoint Consulting WLL) ,besides at the AUB’s selected branches in the Kingdom of Bahrain and at the Head Office at the Bank of Kuwait and Middle East K.S.C. in the State of Kuwait.

AHLI UNITED BANK NAMED ‘BANK OF THE YEAR BAHRAIN 2007’ BY THE BANKER MAGAZINE

Ahli United Bank B.S.C. (AUB), one of the region’s leading banking institutions, has been named ‘Bank of the Year – Bahrain’ for 2007 by The Banker magazine, a widely respected publication and part of the UK’s Financial Times Group.

The Banker’s editorial team assesses banks on overall performance in the previous financial period incorporating performance criteria, qualitative achievements and strategic objectives. This year, The Banker received a record number of applications, with more banks than ever before competing fiercely for the coveted award.

“AUB is extremely pleased to accept the ‘Bank of the Year- Bahrain 2007’ award. This is the fourth time we have received this accolade from The Banker, despite increasing competition and rapidly changing market conditions, underscoring our consistency and steady growth year on year,” said Fahad Al-Rajaan, Chairman, AUB.

“This award is a further endorsement of the sound management principles and strategic direction of AUB as it relates to our regional expansion strategy by which we aim to achieve a significant cross-border presence in the various Gulf states,” added Mr. Al-Rajaan.

Panelists for The Banker magazine judged AUB’s increase in net profits, improvements in ROE, mergers and acquisitions strategy and consistently strong performance as key reasons for securing the ‘Bank of the Year- Bahrain 2007’ award.