United Arab Bank: Providing Comprehensive Banking Solutions with Regional Alliances

Starting off as a private joint stock company in the city of Sharjah, UAB has undergone great strides and development throughout the years including very recently having been transformed to a public joint stock company in 1982 by virtue of Emiri Decree No. 17/82. This marked the launch of a high-octane drive to become the first financial solutions provider to the trade and industry of the UAE.

The issued share capital of UAB had been listed on the Abu Dhabi Securities Exchange since 2005. This consolidation of financial strength diversified the source of investors for the bank. It also highlighted that the stature of the bank in the UAE financial market has been rising to offer its services and to reach more customers today. UAB stands as one among the promising regionally recognized banking institutions for the commitment to delivering diverse financial services and solutions to multiple clients.

The financial services suite offered by UAB strengthens the banks’ corporate, institutional, and retail client franchises in the UAE. Believing that prosperity can be created for businesses of all sizes, their Corporate and Institutional Banking portfolio focuses strongly on trade finance, treasury services, and cash management solutions. In this scenario, the thorough knowledge of the domestic market and flexibility to establish customized financial solutions helped turn the bank into a favorite among numerous businesses that have emerged in the UAE. UAB also presents a comprehensive portfolio of Retail Banking products targeted at personal customers: saving accounts, personal loans, credit cards, mortgage solutions-movable goods insurance, and other services designed to help customers manage finances effectively and achieve all their financial objectives. The interests of the clients also appear to come first through this seamless customer experience whether through the branches or digital platforms that have been put in place, including efficient and reliable banking solutions for the clients.

Another major achievement for UAB is the introduction of Islamic Banking solutions exemplifying commitment to the different needs of the UAE’s population. With Sharia-compliant products like Islamic financing and savings accounts, UAB ensures its customers enjoy full access to financial services, which are in line with religious views and standards they adopt.

The significant turning point for UAB came in December 2007, when the strategic acquisition by The Commercial Bank saw it acquire a 40% stake in the bank. In that strategic partnership, UAB became a part of the powerful regional banking alliance that includes the National Bank of Oman (NBO) and Alternatifbank in Turkey. The alliance has provided a long platform for growth at UAB and enabled the bank to exploit synergies within the region, therefore enabling it to continue offering a wide array of competitively priced as well as diversified services to its customers. Through this partnership with The Commercial Bank, UAB has strengthened its financial capabilities while also streamlining its operations and diversifying its product offerings. The partnership has been rich in allowing UAB to share knowledge and technology with the adoption of best practices, thus giving the bank a powerful positioning in the years after acquisition. It has further opened doors for cross-border business and trade finance, thereby further establishing UAB as a competitive player in the market.

United Arab Bank continues to demonstrate financial strength and stability with strong capital adequacy ratios and liquidity positions. The bank discipline approach in terms of managing risks and corporate governance makes sure that the bank stays adequately capitalized during alterations in the economy. That is the basic reason UAB has been such a reliable partner to its clients, and could successfully serve them with a justified confidence concerning the ability of the bank to support their needs. UAB ranks 11th among the listed banks in the UAE in terms of market capitalization, as at December 31, 2015. This indicates that the bank has grown and enjoys an excellent financial basis in such a competitive UAE banking landscape. In addition, the great financial health and resilience impressively portrayed by the strong credit rating granted by Moody’s with a stable outlook underscores the bank’s reputation as a reliable banking partner.

The key to success has always been customer service delivered best and more than expectations. Matching this core value, the bank remains committed to understanding the unique needs of its customers. It continues to deliver focused financial solutions that positively add value to lives through competitive financing for its business and convenient digital banking for its individual customers. Further, the bank invests in technology and innovation to show its allegiance to customer-centricity. UAB keeps striving for better digital banking capabilities, offering its clients ready access to online banking services that are both convenient and secure. This regard for technology means that the financial lives of the clients of UAB can be easily managed, whether this is through making transactions, applying for loans, or getting information about the client’s accounts.

Going forward, UAB still looks towards becoming the most efficient and customer-centric financial provider. The bank is strategically leveraging its partnerships, embracing technological advancements, and holding high its commitment to service excellence to drive growth for a long time to come in the service of the UAE economy.