Ahli United Bank receives Commerzbank Award for excellence in international settlements

Press release

Published December 3rd, 2012 - 10:44 GMT

AUB

Ahli United Bank B.S.C. (AUB) has been awarded the prestigious STP Award by Commerzbank AG, in recognition of the Bank’s outstanding efficiency in processing funds transfers and international transactions in Euro.

This is the fourth consecutive year AUB has received this award, which is conferred on select banks worldwide which meet stringent criteria for processing Euro payments through Commerzbank. In respect of 2011, AUB has achieved a straight through processing (STP) rates of 95.6% and 99.8% for MT103 and MT202 transactions respectively.

At a ceremony held at the Bank’s headquarters in Seef, Ralph Nitzgen, Senior Executive Officer & General Manager, Commerzbank AG, formally presented the award to Shafqat Anwar, Deputy Group CEO for Operations and Technology, AUB.

“AUB’s excellence in the processing and delivery of international transactions in Euro was once again much in evidence during the year. We are delighted to work with banks that demonstrate such professionalism and high commitment to acting in the best interest of customers and concerned parties”, said Mr. Nitzgen of Commerzbank AG.

Accepting the award on behalf of AUB, Mr. Shafqat Anwar said: “We are delighted to receive this award for the fourth straight year, a tribute to the high caliber and superior efficiency of AUB’s operational capabilities. With state-of-the-art technology and operational infrastructure, our team of seasoned professionals is well placed to meet the full needs of individual and corporate customers alike. I wish to congratulate all my colleagues in the Operations Division on their hard work and outstanding contribution in earning the trust and confidence of our valued clients and counterparties at all times”.

Background Information

Ahli United Bank

Ahli United Bank BSC (AUB) is a full fledged commercial and investment banking group providing wealth management, retail, corporate, treasury, offshore and private banking services.

The Group's businesses consist of the operations in Bahrain, a wholly owned subsidiary in the UK and associates in Kuwait, Qatar, Oman, Egypt and Iraq. In Kuwait, AUB has an effective holding of 75% in the Bank of Kuwait and The Middle East while in Qatar, AUB has a 40% stake in Ahli Bank QSC. In Oman, AUB has a 35% stake in Ahli Bank SAOG while in Iraq AUB has a 49% stake in the Commercial Bank of Iraq. In Egypt, AUB, its associate banks and other Gulf financial institutions together hold an 89.3% stake in Ahli United Bank SAE. Apart from these banks, AUB has a nominal stake of 75% in KMEFIC, a brokerage, asset management and corporate finance company based in Kuwait with operations around the Arabian Gulf.

Overall, the AUB Group, through its subsidiaries and associates, operates through a network of 93 branch offices and employs over 3,000 people.

AUB’s stated mission is to create an unrivalled ability to meet customer needs, provide fulfillment and development for staff and to deliver outstanding shareholder value. AUB’s strategy is to expand through both organic growth and acquisition in order to act as a ‘multifaceted financial bridge’ between the international financial markets and its Gulf clients. It has sought to establish an operating presence in each of the Pan-GCC countries with a targeted 10% - 20% market share. To this end, AUB continues to develop and invest to increase its ability to acquire new businesses and rapidly integrate them with the bank’s systems. This development has helped accelerate progress in the delivery of financial services and penetration into targeted geographical markets.