United Arab Bank Opens A New Branch In Sharjah Industrial

United Arab Bank (UAB) today opened a new branch in Sharjah Industrial Area under the patronage of HE Ahmad Mohammad Hamad Al Midfa, Chairman of the Sharjah Chamber of Commerce and Industry.

The new branch is situated in a prime strategic location in Abdullah Rashid Al Shamsi building, Industrial Area 12, and offers both conventional and Islamic banking services to corporate and retail customers.

In an earlier statement to the press, Paul Trowbridge, UAB’s Chief Executive Officer, commented: “This branch constitutes a key in the chain of our expansion plan. By opening this Branch with additional branches in plan, UAB is strategically opting for poised, sustainable, and diversified growth.”

Awni Alami, the Bank’s Deputy CEO, stated: “Today’s opening showcases our commitment to create and maintain a major banking entity capable of keeping up with the challenges of growing economic demands and customer requirements across all the seven Emirates. The Bank’s ambitious branch network expansion program includes, in addition to this new one in Sharjah Industrial and the two new branches opened last year in Sharjah Corniche and Fujairah, two more to be opened soon in Jebel Ali and Ras Al Khaimah. We are currently refurbishing all our existing branches with a view to modernize our image and better serve our valued customers and will be opening additional branches in Abu Dhabi and across all the seven Emirates during the course of 2011.”

Shahid Baloch, UAB’s Executive Vice President, Group Head – Commercial Banking said: “this branch opening is part of our ongoing commitment to reach out to our customers and to be present where they are. The new branch is centrally located in the Sharjah Industrial Area and is positioned to service the transaction banking requirements of our valued corporate customers who operate in the Industrial Area. This expansion will translate into better greater reach and more efficient service, providing convenient access to UAB’s comprehensive range of Conventional and Sharia’a compliant products and services. A dedicated Corporate Banking Relationship Team will be on hand to provide a high quality service to our customers.”

Commenting on the opening, Tom Smith, UAB’s Executive Vice President, Group Head – Retail Banking, observed: “Despite the fact that this branch is situated in the main corporate Sharjah Industrial area, it will still offer a full range of retail banking services including Islamic banking. This is UAB’s twelfth operating branch in the UAE. It offers 24-hour ATM service incorporating cash and cheque deposit facility.”

UAB became part of a GCC regional banking alliance in December 2007 upon the acquisition of a 40% interest in UAB by The Commercial Bank of Qatar (Cb), Qatar’s largest private sector bank. With the Commercial Bank of Qatar concluding a similar alliance with National Bank of Oman (NBO) two years previously, all three banks are more strongly positioned for future growth.

In a challenging financial environment, United Arab Bank maintained earnings momentum recording net profit growth of 6% for the nine months ended September 2010 compared to the same period in 2009.
 

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