Ahli United Bank (AUB) has been named ‘Best Bank in Bahrain 2010’ by Global Finance, the highly respected international financial services magazine.
This is the fifth year running AUB has won this accolade in the annual Best Emerging Markets Banks survey by New-York based Global Finance. In the same survey, AUB’s subsidiary in Iraq, Commercial Bank of Iraq, was named ‘Best Bank in Iraq 2010’ for the second consecutive year, a further testimony to AUB Group well-established leading position in Bahrain and the region.
Fahad Al-Rajaan, Chairman, AUB, said: “We are pleased to be rated the best bank in Bahrain by the influential Global Finance. This award is recognition of our dedicated efforts towards achieving excellence and providing best in class products and services to our valued clients across business lines and geographies, and a testament to our success in delivering solid financial performance against the grain of very adverse operating environment,”.
“Despite market turbulence, we remained focused on our connecting for growth strategy, adding high-potential Libya to our network of markets by way of 40% acquired stake in Tripoli-based United Bank for Commerce & Investment with a management agreement. We also increased our stake to c.80% in AUB (Egypt). In the same vein, Legal & General Gulf, our equally owned joint venture with UK-based Legal & General, has commenced offering conventional and Sharia-compliant insurance products to the Bahraini market, a key milestone towards fulfilling the comprehensive financial services provider model in markets where we operate,” added Mr. Al-Rajaan. AUB currently operates out of 8 countries in Bahrain, Kuwait, Qatar, Iraq, Oman, Egypt, United Kingdom and most recently Libya.
Joseph Giarraputo, publisher of Global Finance said: “We remain in an unusually challenging environment for banks and their customers. More than ever, customers are demanding superior competence from their banking partners. These are the banks best providing that competence”.
Global Finance editors, with input from industry analysts, corporate executives and banking consultants, selected the best emerging market banks in 13 countries in the region. Criteria for choosing the winners include growth in assets, profitability, strategic relationships, customer service, competitive pricing, and innovative products.