Ahli United Bank launches Platinum Credit Card

Tag : premium card
Notes and media contacts About Ahli United Bank:
Ahli United Bank B.S.C. is an offshore and full commercial bankinginstitution based in Bahrain providing retail, commercial andinvestment banking business, global fund management and privatebanking services. It is geared towards growth through thedevelopment of a larger client base in the Gulf states and throughits close partnerships with customers staff and product providers.The evolution of future mergers and acquisitions in the Gulf regionremains central to the Bank's expansion strategy. AUB reported aconsolidated net profit of $94.3m for the three months period ended31 March 2008, an increase of 37% compared to the same period lastyear. As of 31 March 2008, total assets for AUB stood at $25.1bn(31 Dec 2007 - $23.0bn).

AUB has an effective holding of 75% share in the Bank of Kuwait andthe Middle East (BKME). BKME has a 10% market share in Kuwait. BKMEachieved a net profit of KD48.2m for the year ended 31 December2007, an increase of 6.9% compared to the last year.

AUB also has a 40% share in Ahli Bank Q.S.C. a commercial bank inQatar with an enhanced capital base following the 100%participation by AUB in its capital increase. Ahli Bank Q.S.C.achieved a 49.7% higher net profit of QR302.7m for the year ended31 December 2007 compared to the last year. AUB has a 10-yearmanagement contract with Ahli Bank Q.S.C.

In 2005, Ahli United Bank acquired a 49% share in the CommercialBank of Iraq, a private commercial banking institution establishedin Iraq in 1992. Since its inception, Commercial Bank of Iraq hasperformed consistently well in different business segments and itstotal assets as at 31 December 2006 stood at IQD165bn (31 December2005: IQD156bn).

Ahli United Bank, its associate banks and other Gulf financialinstitutions together acquired an 89.3% in Ahli United Bank (Egypt)S.A.E. (AUBE), [formerly Delta International Bank S.A.E. (DIB)], inAugust 2006. Established in 1978, AUBE is a full-fledged commercialbank offering retail banking, corporate banking, private banking,project and trade finance and treasury services. Apart from itsheadquarters in Cairo, the Bank has 17 branches across Egypt.

In December 2007, AUB has acquired a 35% stake in Ahli BankS.A.O.G. (ABO), [formerly Alliance Housing Bank S.A.O.G.], a bankspecializing in residential mortgage lending through its sevenbranches in the Sultanate of Oman. The Bank has signed a five yearrenewable technical services and management agreement to providetechnical and management services to ABO. Following the receipt ofCentral Bank of Oman's approval to convert its operations from aspecialized mortgage finance provider into a full fledgedcommercial bank and receipt of a commercial banking licenseeffective 27 December 2007, ABO is extending corporate, retail,treasury and private banking services to its customers.

In 2008, AUB has been awarded 'Best Bank in the Middle East 2008'and 'Best Foreign Exchange Bank in Middle East - 2008' by GlobalFinance. During 2007, AUB was named: 'Best Bank in the Middle East- 2007' by Euromoney and Global Finance and 'Bank of the Year 2007- Bahrain' by The Banker. In 2006, AUB was awarded: 'Bank of theYear 2006 - Middle East' (by The Banker), 'Best Bank 2006 - MiddleEast and Africa' (by Global Finance); 'Best Foreign Exchange Bank -Middle East 2006' (Global Finance); 'Best Bank and Bank of the Year2006 - Bahrain' (Global Finance, Euromoney and The Banker).

AUB's ordinary shares are listed on Bahrain Stock Exchange (BSE)(since August 2000) and Kuwait Stock Exchange (KSE) (since 26 June2006) and are actively traded. AUB's Class A preference shares arealso listed at the BSE since 20 March 2005.

S&P have accorded AUB with a long term rating of A- with astable outlook in November 2007. AUB foreign currency long termrating has been upgraded to A with a stable outlook and short-termrating of A2 by Capital Intelligence in June 2007. Fitch Ratingshas reaffirmed its long-term rating of A- with a stable outlook forAUB in August 2007.

For further information please contact:
Maya Ribeiro
Action Bahrain
Tel: +973 17 234 553