The UAE's most exclusive credit card will give UAB customers a host of personalized privileges and rewards with “UAB Rewards”- the Best Customer Loyalty Program in the Middle East
Sharjah, UAE (November 2, 2013): United Arab Bank (UAB), the fastest growing Bank in the Middle East and voted the “No.1 Domestic Retail Bank in the Middle East”, today launched its most premier card, the United Arab Bank Visa Infinite Credit Card, offering a wide array of privileges and convenience for elite customers in the UAE. The latest premium offering further demonstrates United Arab Bank's ability to deliver outstanding value to its chosen segment of customers, across a wide range of products, services and experiences.
UAB Visa Infinite card holders will enjoy higher points with “UAB Rewards”, the bank's one of a kind loyalty program and winner of the “Best Customer Loyalty program in Middle East”. In addition, the card offers a host of unmatched travel and lifestyle privileges such as unlimited complimentary worldwide airport lounge access, the convenience of a 24/7 worldwide Concierge service, the prestigious Black-tier Harrods rewards card, Gold membership to the Hilton Honors program, discounts at Golf courses worldwide, as well as an unbeatable cinema offer with VOX Gold cinemas in the UAE.
UAB Infinite Card holders are entitled to earn up to 3 UAB reward points on all retail spends, which is one of the highest travel based reward earnings in this market. These reward points can be redeemed online with over 450 airlines, 200,000 hotels worldwide and over 1,000 electronic items.
Commenting on the launch, Tony B Graham, Executive Vice President - Retail Banking, United Arab Bank, said: “We are proud to launch the new United Arab Bank Visa Infinite Credit Card which offers outstanding features and exclusivity for our customers. At UAB, we are determined to provide our customers with a superior banking experience and become lifetime partners.”
Tony further added: “UAB Visa Infinite card is targeted at the affluent segment of customers who constantly seek premium privileges and rewards. This card will provide cardholders with great experiences and a variety of niche offers to match their lifestyle. The possibilities are Infinite”.
Marcello Baricordi, General Manager UAE and Global Accounts Lead at Visa Inc., said: 'Visa continues to develop innovative and secure payment solutions which help our member banks to become leaders. By combining our tailored payment products with customized benefits, together with United Arab Bank's ability to provide distinct added-value options for their valued customers, the new UAB Visa Infinite Credit Card enables cardholders to enjoy a variety of special benefits and will appeal to the growing number of affluent individuals in the UAE.”
As the fastest growing Bank and Best Domestic Retail Bank in the Middle East, United Arab Bank strives to offer customers clear, compelling reasons to choose UAB as their main bank. The Visa Infinite credit card, together with the bank's unrivalled “UAB Rewards” program, is one of these reasons.
About UAB: United Arab Bank (UAB) was established in 1975 as a joint venture between UAE investors and Societe Generale. By the end of 2013, the bank will be operating with a network of 30 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 AED410m for the year ended 31 December 2012, an increase of 24% over 2011 and the highest annual net profit ever reported by UAB. For the first half of 2013, UAB announced its highest half yearly net profit of AED260m, an increase of 35% over the same period in 2012.
In December 2007, UAB became part of a GCC regional banking alliance upon the acquisition of 40% interest by The Commercial Bank of Qatar (CBQ), 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. Most recently, the Commercial Bank of Qatar acquired a 70.84% stake in Alternatifbank in Turkey, enabling all four banks involved in these strategic alliances to offer integrated services across the GCC and Turkey, including cross border services for corporate banking and capital markets; support on trade services; private banking services; and syndicated loans.
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.