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United Arab Bank (UAB), one of the fastest growing banks in the Gulf, has received another prestigious industry accolade for its strong financial performance. Following a record result in 2012 and in the first quarter of 2013, Forbes Middle East has ranked United Arab Bank at 22nd position amongst all the companies in the UAE and at 12th position in the list of local banks with an overall 117th rank in the top 500 companies in the Arab world representing Middle East and North Africa.
Forbes Middle East presented ‘The Top 500 Companies in the Arab World’ at a recent gala event organised in Dubai. Following an in-depth study into companies listed on stock exchanges across the region, the Forbes Middle East team formulated a ranking of the leading publicly-listed enterprises. Companies from 10 countries made it to their final list. The coveted awards were presented by Sheikh Nahayan Mabarak Al Nahayan, Minister for Culture, Youth & Community Development, UAE.
Paul Trowbridge, UAB’s Chief Executive Officer, commented: “This prestigious recognition reinforces UAB’s position as one of the fastest growing banks in the Gulf. Our growth has been well supported through our expanding branch network and improved product offerings. We are now a truly local bank where almost half of our new customers are UAE nationals. These prestigious honours combined with the consistent robust financial results encourage us further improve our performance to meet the growing expectations of our loyal customers, supportive stakeholders and the financial community. These factors with the proven benefits from the alliance with the Commercial Bank of Qatar, we expect UAB to continue on its successful journey throughout 2013 and beyond.”
Earlier UAB had announced a robust 60% growth in its first quarter net profit to AED 120 million, the highest quarterly net profit ever reported by UAB. Other recent awards won by United Arab Bank include ‘Best Loyalty Programme in the Middle East’ Award from The Banker Middle East and Editor’s choice Award for Supporting Trade Finance’ from ‘Trade & Export Middle East’.
Operating with 20 branches and offices across the UAE, United Arab Bank has recently moved its Head Office to ‘UAB Tower’ in Al Buhaira Corniche. UAB’s growth in 2013 will be supported by its branch expansion plans in Dubai following the opening of branches in Abu Dhabi and the Northern Emirates in 2012. UAB’s branch network is set to reach 30 by the end of 2013. “The Bank continues to grow in both size and success, supported by recognition from our customers, partners and the financial community,” concluded Trowbridge.
He also acknowledged the strategic alliance with the Commercial Bank of Qatar (CBQ), which acquired 40% of UAB’s stake in 2007 after concluding a similar alliance with National Bank of Oman two years previously. With CBQ’s recent acquisition of 71% stake in Alternatif Bank, Turkey, the alliance of the four banks provides synergies across a range of businesses and support areas which would continue to facilitate commercial growth.
The bank is rated by Moody’s as Baa1 with a stable outlook.
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