With a clear vision to create a premier pan-Gulf-Middle Eastern diversified financial services group, Bahrain-based AUB achieved net profits of $296.3m in 2007 as well as profits of $280.1m for the first three quarters of 2008 in a difficult global financial environment.
In 2007 the bank acquired a 35% stake in Oman’s Alliance Housing Bank (renamed Ahli Bank – Oman) and diversified into Islamic banking with the launch of Al Hilal Islamic Banking services and the establishment of four Islamic branches in Bahrain and Qatar. AUB also concluded a $374m rights issue with 33% oversubscription in 2007 and in September 2008 successfully secured a substantially oversubscribed $800m syndicated loan facility. And in 2008, AUB signed a memorandum of understanding with Legal & General to form a regional life insurance joint venture.
The bank, which achieved an 18% return on equity in 2007, continues its strategy to build significant market shares of 10% or more in its primary target markets of Bahrain, Kuwait, Qatar, Oman, UAE, Saudi Arabia and Iran while securing platforms in its secondary target markets of Egypt, Iraq, Lebanon and Yemen.
“We at Ahli United Bank are pleased to have been recognised Bank of the Year for Bahrain in 2008 by The Banker,” says Adel El-Labban, CEO and managing director. “This is the third consecutive year that the bank has received this accolade and the fifth time overall. These awards reflect the achievements the bank has made in a very short time since its inception in 2000.”
