Ahli United Bank (AUB) has been named Bank of the Year in Bahrain by the Banker, a publication of the Financial Times.
AUB's strong performance in 2002 and its successful ongoing expansion strategy were key to its selection for the award, which was further supported by a 51 percent increase in its net profits for the first half of 2003 compared with the same period last year.
Last year, AUB strengthened its presence in Kuwait by increasing its stake in the Bank of Kuwait and the Middle East to 46 percent. Its other recent significant achievements include the accumulation of one billion dollars in new assets under management by the parent operations of AUB, as well as the full integration of its two Bahrain retail banks into AUB – Al Ahli Commercial Bank and the Commercial Bank of Bahrain, which was acquired in July 2001.
Ahli United Bank is a commercial and investment banking institution providing wealth management, retail, corporate, treasury, offshore and private banking services. It is geared towards growth through the development of a larger client base in the Gulf States and of close partnerships with customers, staff and product providers. The evolution of future mergers and acquisitions remains central to the Bank's expansion strategy.
As of June 30, 2003, AUB had total assets of $ 5.5 billion on a shareholders' equity of $ 865.8 million. Capital adequacy stood at 23.3 percent providing significant scope for future growth. — (menareport.com)
© 2003 Mena Report (www.menareport.com )