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Bank wins prestigious regional award for third year in a row

Global Finance, the well respected US magazine specializing in international finance, announced that it has awarded Ahli United Bank (AUB) the “Best Bank in the Middle East” award for 2008. AUB was also simultaneously awarded “Best Bank in Bahrain 2008”.

This is the third consecutive time that AUB has won this prestigious award, having earlier won the award in 2006 and 2007. The award highlights the continuing international recognition that the Bank has received for its outstanding performance. In the recent past, AUB has been awarded “Best Bank in the Middle East 2007” by Euromoney; “Bank of the Year – Bahrain 2007” by The Banker; and “Best Foreign Exchange Bank in the Middle East 2008” by Global Finance.

“To be awarded a prestigious international award such as this is yet another indication of the confidence that the international financial industry has in AUB’s business strategies and management policies,” said Fahad Al-Rajaan, Chairman, Ahli United Bank. “We are particularly gratified that this is the third consecutive year for receiving this prestigious award from a very well respected journal,” he added.

“Our strategy to grow through both organic and inorganic means has continued to deliver excellent results. In 2007, not only did we expand our presence across the region through our acquisition of a 35% stake in Ahli Bank, Oman; we also delivered record results with a 42% year-on-year growth in net profits,” Mr. Al-Rajaan added.

While announcing the awards, Joseph D. Giarraputo, publisher and president of Global Finance, said “We have identified the banks that provide service to corporations seeking to take advantage of substantial opportunities for growth in a sometimes challenging environment.”

Widely considered as one of the premium awards for financial services globally, the Global Finance Best Bank Awards are now in their 15th consecutive year. Global Finance editors surveyed industry analysts, corporate executives and banking consultants to select the best bank in the region and in 10 countries.

The Criteria for choosing the winners included growth in assets, profitability, strategic relationships, customer service, competitive pricing, and innovative products.