United Arab Bank Doubles Its Commitment To SMEs

United Arab Bank (UAB), the fastest growing bank in the UAE, has ambitious plans to expand its services to the Small and Medium Enterprises (SME) segment.

UAB have been providing working capital solutions to commercial entities for several decades. In 2012, the Bank responded to growing demand from SME customers for a specialized service offering. The bank now offers a full range of simple SME solutions, backed by a commitment to provide market-leading levels of service.

In the past six months, the bank has seen a four-fold increase in the number of SME applications it receives, with a similar impact on its business volumes and number of customers. In 2013, UAB expects to:

Further double its SME business in the next six months
Support this growth by doubling its specialist SME team
Provide SME services throughout 10 new branches that are opening during the year
Continue to provide top-class service in 10 languages, including Arabic, Farsi, Russian, Hindi and all other major languages of the sub-continent.

The bank is firmly committed to the UAE national vision for the SME sector. Importantly, UAB recognizes that its SME customers require fast and accurate service, whether opening an account or conducting any type of transaction. Such services are often provided at the location of the business for additional customer convenience.

Paul Trowbridge, CEO of United Arab Bank, commented: “With an unrivalled understanding of the local banking sector and having been catering to the UAE economy for the past 37 years, we are well positioned to contribute to this segment with innovative offerings. Our commitment to the SME sector is further reinforced by the fact that our director, Najla Al Midfa, is actively associated with the prestigious Khalifa Fund for Enterprise Development.”

Explaining further, Brian West, Chief Financial Officer and Head of Strategy, said: “Our new SME offering is proving to be a key driver for attracting new customers to the UAB portfolio. The segment is already proving to be a significant contributor to the Bank’s balance sheet and profitability.”

He further added: “We are building a sustainable and rewarding SME business based on understanding the customers’ specific needs and addressing them through a highly experienced team of SME relationship, risk and operational professionals.”

Sreeram Subramaniam, Head of SME Banking, explaining the product offerings commented: “Simple customer solutions form the core of UAB’s SME Banking offering. Exclusive product and service propositions are designed to take care of all business needs – from short term cash flow requirements met through Business Installment Loans to Working Capital and Trade Services for medium enterprises.”

Trowbridge concluded: “We are proud of our position as the fastest growing bank in the region, as demonstrated by our strong financial performance in 2012. The net profit of AED 410m was a record for UAB that we expect to surpass in 2013, supported by a significant contribution from the SME business.” 

Emirate:  Dubai

Date: Mar 20, 2013

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