United Arab Bank Holds Board Meeting to Review Achievements During 2012
Opening of new regional office in Abu Dhabi & shifting to new headquarters in Sharjah were high on agenda
United Arab Bank (UAB), UAE’s fastest growing bank with record profit increase of 32% for the first 9 months of 2012, recently held its year-end Board Meeting at the new regional office in Al Khalidiya, Abu Dhabi. With a network of 20 branches across the UAE, UAB reported net profit of Dh298 million and operating profit of Dh382 million for the first nine months this year.
The meeting was called to order by His Highness Sheikh Faisal bin Sultan Salem Al Qassimi, Founder and Chairman UAB, to discuss and review the current year’s performance and the outlook for 2013. The Chairman commended efforts of the UAB team for the outstanding growth results during 2012.
His Highness Sheikh Faisal welcomed the Board members and quoted: "These outstanding growth rates contribute tremendously to the vision of the bank’s founders, will help us forge stronger ties with stake holders and set ourselves apart from other local banks and financial institutions. The opening of our new and up-market regional office in Al Khalidiya, Abu Dhabi will enable us to offer our discerning customers a superior banking experience."
Paul Trowbridge, Chief Executive Officer of United Arab Bank quoted "I appreciate the efforts of all the stake holders and the time and energy they have devoted in making UAB the bank of choice for its target segment of customers. The bank is poised for another exciting year in 2013 where we will increase our footprint across Dubai and Abu Dhabi with 10 additional branches and 20 off-site ATMs. In addition, we are proudly looking forward to shifting to our new headquarters in Sharjah in the first quarter of 2013."
He further added “With our planned expansion, we will be in a position to offer more opportunities for talented Nationals to consolidate their expertise in managerial positions. This approach falls in line with the stated goals of the UAE government’s declaration of 2013 as the year of Emiratisation which the authorities intend to achieve through joining forces and uniting energies of like-minded organizations like UAB as well as other private and public sector enterprises."
About United Arab Bank:
United Arab Bank (UAB) was established in 1975 as a joint venture between UAE investors and Societe Generale. The Bank will have a network of 20 branches across the UAE by the end of 2012, with its headquarters in Sharjah. UAB offers a range of financial services in both Corporate and Retail and is acknowledged as a leading solutions provider to the growing commercial and industrial base across the seven emirates. The Bank has gained strong recognition in the corporate sector for the provision of structured finance solutions for complex banking transactions.
With the launch of its Sadara Wealth Management Unit and Islamic Banking Services, United Arab Bank has significantly expanded its customer base. In December 2007, UAB became part of a GCC regional banking alliance upon the acquisition of 40% interest by The Commercial Bank of Qatar (Cb), Qatar’s largest private sector bank. United Arab Bank’s strong financial performance in 2011 is also indicative of the benefits gleaned from its strategic alliance with the Qatari Bank.
The Commercial Bank of Qatar has a similar alliance with National Bank of Oman (NBO), which has positioned all three banks more strongly for future growth. UAB is not only the fastest growing local UAE bank; it is also one of the most profitable. It has the strategic vision and momentum to continue on its growth trajectory, as its executive team seeks to create long term value for its shareholders.
Emirate: Sharjah
Date: Dec 30, 2012
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