Tue, Mar 29, 2016

Business, Banking & Finance
AUB offer wealth services to UAE’s HNWIs

High net worth individuals (HNWIs) in the UAE now have easier access to private banking and wealth management solutions from Ahli United Bank (AUB) through the bank’s new operation at the Dubai International Financial Centre (DIFC).

Based at the DIFC, Ahli United Bank Limited (AUBL) is a fully owned subsidiary of the Bahrain-based Ahli United Bank (AUB) and the first bank in the GCC to receive the Category 1 licence from the Dubai Financial Services Authority (DFSA).

C B Ganesh is the Chief Executive Officer of AUBL, which will offer corporate banking, private banking, wealth management, trade finance, treasury and cross-border financial products and services to clients based in the UAE as well as the wider Middle East region.

The expansion into the UAE is in line with AUB Group’s strategy to develop an integrated banking presence in markets across the GCC region and to act as a preferred regional intermediary for clients with regard to securing their cross border banking needs. 

AUB Group is already present in the UK, Bahrain, Kuwait, Oman, Egypt, Iraq and the UK. 

Speaking on the launch of operations of AUB Group at DIFC, Essa Kazim, Governor of DIFC, said:  “We are pleased to welcome Ahli United Bank Limited to DIFC as the first GCC bank to receive a Category 1 licence.  AUBL’s landmark decision to operate out of the centre reinforces our 2024 strategy and further strengthens DIFC’s position as a leading global hub for businesses and financial institutions seeking growth opportunities across the Middle East, Africa and South Asia. Our enabling and robust platform is continuously evolving to give clients the confidence to leverage new corridors for the continued expansion of their operations.”

Adel El Labban, Managing Director & Group CEO of AUB Group, said: “We are grateful for the support and cooperation we have received from DFSA and DIFC. The launch of our operations in the UAE, which is a strategic hub and market, represents yet another important milestone in AUBL’s evolution as a truly diversified regional bank. We look forward to effectively servicing our UAE and regional customers through a dedicated presence in this country as their trusted partner of choice.”

Ganesh said: “Our presence in DIFC allows us to work closely with our existing clients in the UAE and attract new client base. AUBL has already registered high interest from AUB Group clients across the UAE and the region. In the upcoming period, we will work to significantly develop and enhance these relationships through offering tailored, need-based services.”

Meanwhile, AUB today approved an 18 per cent cash dividend and 5 per cent bonus stock for shareholders at its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) at its headquarters in Bahrain. 

AUB's AGM also approved the repurchase by AUB of its own shares up to a maximum of 10 per cent of its issued capital.  

At the EGM,  shareholders voted to extend for a further two years their authorisation for the board to decide on the timing, pricing and terms of the issuance of up to $4 billion in bonds, loans or any other similar financial instruments deemed required to support the growth plans of the bank.  

AUB Chairman Hamad Al Humaidh said: "Despite the global uncertainties and continuing challenges faced in its operating markets, AUB reported another robust performance in 2015, by achieving an 11.3 per cent growth in net profit to $537.2 million, on the back of strong operating income totalling $1.09 billion, thereby validating the resilience and viability of its core business model based on product and market diversification." 

“2016, as all years, brings its challenges which appear to be strong and increased. Our response will continue to be hard work, focus and a commitment to client servicing and prudent asset deployment.”

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