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No.1 Retail Bank in Middle East alters banking landscape with enhanced UAB Rewards
No.1 Retail Bank in Middle East alters banking landscape with enhanced UAB Rewards

UAB's branch network is set to reach 30 by the end of 2013

Almost 50% of UAB's new customers are UAE nationals

Sharjah, UAE (August 5, 2013) – United Arab Bank (UAB) - The No.1 Domestic Retail Bank in the Middle East has further enhanced its Award winning Customer Loyalty Program “UAB Rewards” with additional features which further demonstrate its ability to deliver outstanding value to customers across range of products, services and experiences.

Not only has United Arab Bank added over 90 Low cost Airlines such as FlyDubai, Air Arabia, Ryanair, etc. to the 360 airlines already available for booking, now it presents Middle East's first Online Electronics appliances redemption option, which allows the customers to choose from thousands of electronic products from home appliances, telecom, information technology, personal care, photography and so on. All of these options are available by simply logging on to the website – and delivered to your doorstep anywhere in the UAE or across the globe.

Tom Smith, Executive Vice-President & Group Head of Retail Banking, added: “As a customer-centric bank where clients are put at the center of every decision we take, we are delighted to offer the enhanced UAB Rewards programme giving customers the opportunity to earn points on host of banking products and transactions like Bonus points on 1st salary transfer, placement of fixed deposit, in addition to earning points on all credit and debit card transactions. With UAB Rewards our customers have more flight and hotel choices and that also with no black-out dates! What's more, now you can redeem for electronics and home appliances and deliver to your home with your accumulated points.”

Tom added United Arab Bank is a truly local bank where almost half of its new customers are UAE nationals served by a local workforce. He said: “We are proud to serve our affluent and mass affluent clients who deserve the best in the market and we aim to address their growing needs in an efficient and effective manner. Our growth has been well supported through our expanding branch network, a team of qualified Relationship Managers and dedicated mobile sales advisors throughout the UAE and alternate banking channels.”

He concluded: “We are pleased that our efforts have been recognized not only by our customers but by a series of prestigious awards we have received recently such as No. 1 Customer Loyalty Programme in the Middle East and The Best Domestic Retail Bank in the Middle East. Thus we expect UAB to continue on its successful journey throughout 2013 and beyond.”

Operating with 20 branches and offices across the UAE, United Arab Bank has recently moved its Head Office to ‘UAB Tower' in Al Buhaira Corniche. UAB's growth in 2013 will be supported by its branch expansion plans in Dubai following the opening of branches in Abu Dhabi and the Northern Emirates in 2012. UAB's branch network is set to reach 30 by the end of 2013.

About United Arab Bank:United Arab Bank (UAB) was established in 1975 as a joint venture between UAE investors and Societe Generale. The Bank is operating with a network of 20 branches and offices spread across the UAE with its headquarters in Sharjah. UAB offers a range of financial services in both Corporate and Retail and is acknowledged as a leading solutions provider to the growing commercial and industrial base across the seven emirates.

Through the provision of a comprehensive range of Corporate Banking, Retail Banking, Trade Finance, SME Banking and Treasury services, UAB is the Bank of choice among major corporate clientele segments in the UAE. With the launch of its ‘Sadara' premium banking service, Islamic Banking Services and ‘UAB Rewards' loyalty programme, the Bank has grown its retail customer base, aiming to expand further. All these initiatives and a consistent year on year performance has positioned UAB as one of the fastest growing banks in the region.

The bank is ranked 23rd amongst the top listed companies in the UAE and is one of the top 50 banks in the GCC in terms of market capitalization. UAB announced a record net profit of AED 410 million for the year ended 31 December 2012, an increase of 24% over 2011 and the highest annual net profit ever reported by UAB.

In December 2007, UAB became part of a GCC regional banking alliance upon the acquisition of 40% interest by The Commercial Bank of Qatar (Cb), Qatar's largest private sector bank. United Arab Bank's strong financial performance in 2012 is also indicative of the benefits gleaned from its strategic alliance with the Qatari Bank.

The Commercial Bank of Qatar has a similar alliance with National Bank of Oman (NBO), which has positioned all three banks more strongly for future growth. UAB is not only the fastest growing local bank but also is one of the most profitable. The Bank has the strategic vision and momentum to continue on its growth trajectory, as its executive team seeks to create long term value for its shareholders.

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PR Category : Banking & Investments
Posted on : Monday, August 5, 2013  2:59:00 PM UAE local time (GMT+4)
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