AUBE Launches Innovative Savings Account Feature With Insurance Benefits

Press release
Published November 24th, 2019 - 12:17 GMT
AUBE Launches Innovative Savings Account Feature With Insurance Benefits
Ahli United Bank
Highlights
Ahli United Bank continues to provide innovative product offerings that meet customer needs with the launch of a new feature “Save and More”

Ahli United Bank (AUBE), a premier corporate and retail bank in Egypt that empowers customers to realize their ambitions, continues to provide innovative product offerings that meet customer needs with the launch of a new feature “Save and More” that provides customers with daily interest calculation and life insurance coverage up to EGP300,000 with many other benefits.

“At AUBE, we have a unique ability to meet customer needs by providing innovative, high-quality products and features to meticulously meet those needs,” said Hala Sadek, Acting Chief Executive Officer and Board Member. “Our award-winning performance enabled us to offer our customers the superior products and services they’ve come to expect from AUBE, and that’s exactly what we intend to do for many years to come”.

This new permanent feature provides AUBE customers with life insurance coverage up to EGP 300,000 with a minimum balance of EGP 50,000 in the account. The insurance coverage includes coverage against accident and disability, medical, funeral and educational expenses.

Since 2007, AUBE has been providing its customers with comprehensive and innovative banking products and services with exceptional privileges, such as medical insurance, in addition to the traditional return on investment. AUBE delivers customer-centric services by creating a one-stop shop for all banking and bancassurance products. Other innovative products include mobile wallet, as well as inclusive internet banking services for corporate and individual customers.

With nearly 4,000 employees and a global network of 147 branches in eight countries, with 42 branches in Egypt alone. AUBE is a premier regional partner that has been operating in Egypt since 2007 to empower customers to save, invest and prosper through diversified financial services that provide support in all aspects of life.

Background Information

Ahli United Bank

Ahli United Bank BSC (AUB) is a full fledged commercial and investment banking group providing wealth management, retail, corporate, treasury, offshore and private banking services.

The Group's businesses consist of the operations in Bahrain, a wholly owned subsidiary in the UK and associates in Kuwait, Qatar, Oman, Egypt and Iraq. In Kuwait, AUB has an effective holding of 75% in the Bank of Kuwait and The Middle East while in Qatar, AUB has a 40% stake in Ahli Bank QSC. In Oman, AUB has a 35% stake in Ahli Bank SAOG while in Iraq AUB has a 49% stake in the Commercial Bank of Iraq. In Egypt, AUB, its associate banks and other Gulf financial institutions together hold an 89.3% stake in Ahli United Bank SAE. Apart from these banks, AUB has a nominal stake of 75% in KMEFIC, a brokerage, asset management and corporate finance company based in Kuwait with operations around the Arabian Gulf.

Overall, the AUB Group, through its subsidiaries and associates, operates through a network of 93 branch offices and employs over 3,000 people. 

AUB’s stated mission is to create an unrivalled ability to meet customer needs, provide fulfillment and development for staff and to deliver outstanding shareholder value. AUB’s strategy is to expand through both organic growth and acquisition in order to act as a ‘multifaceted financial bridge’ between the international financial markets and its Gulf clients. It has sought to establish an operating presence in each of the Pan-GCC countries with a targeted 10% - 20% market share. To this end, AUB continues to develop and invest to increase its ability to acquire new businesses and rapidly integrate them with the bank’s systems. This development has helped accelerate progress in the delivery of financial services and penetration into targeted geographical markets.

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