union national bank ranked
Fastest Moving Bank in the region by Banker Magazine
Union National Bank (UNB), one of the leading financial institutions in the UAE, has been ranked as the fastest moving bank in the region based on Tier 1 capital according to a report published in the July edition of Banker Magazine, a subsidiary of the Financial Times in London.
Jumping a massive 303 places in the magazine’s annual global bank ratings - from 641st place in 2006 to 338th in 2007 - UNB has been recognized as not only the fastest moving bank in the region but one of the top ten movers in the world.
The magazine’s rankings, which rank more than 1000 global financial institutions, are based on a wide range of criteria including the strength of Tier 1 Capital, the size of assets, the capital assets ratio, the profits growth, return on assets, BIS Capital Ratio and non performing loans to total loans.
“We are pleased to be ranked amongst the fastest movers in the world in terms of Tier 1 capital which reflects the confidence of our shareholders in the long term policies adopted by the Board of Directors and the management of the Bank. Taken together with the recent upgrades in our ratings by both Capital Intelligence and Fitch Ratings, this presents a satisfying result for our various stakeholders.”, said Mr. Mohammad Nasr Abdeen, CEO of UNB.
UNB has adopted the total quality management concepts and methodologies, quality management systems and a business excellence framework. A strong testament to this was when the Bank won the 2004 / 2005 Sheikh Khalifa Excellence Award, Gold category for the financial sector, and the 2005 Dubai Quality Award.
In 2002, UNB became the first bank of its size in the Middle East to be ISO 9001:2000 (Certified by Lloyds Register of Quality Assurance for Quality Management Systems under the terms set out by the United Kingdom Accreditation Service – UKAS – scheme.) certified across its entire operations in the UAE. The Bank has since received full ISO 9001:2000 recertification in 2005.
In addition, in September 2006, UNB was ranked ‘Number One Bank in the UAE’ by Forbes Arabia magazine in terms of performance.
