MANAMA: Bahrain’s largest lender Ahli United Bank (AUB) has been recognised as Bank of The Year - Middle East 2016 by The Banker, an international banking magazine and member of the Financial Times Group.
This is the second time that AUB has received the award.
The announcement was made at the official Bank of the Year Awards 2016 gala event, held in London and attended by senior bankers from around the world.
The award’s judging panel noted that AUB has “made the most progress over the past 12 months; not only in terms of the bank’s strong financials, but also in the wide range of initiatives which the bank undertook during this period”.
The Banker listed the launch of a new wholly-owned AUB subsidiary bank in Dubai International Financial Centre, increasing ownership of its insurance joint venture to 100 per cent, increasing the paid-up capital in AUB’s Egyptian subsidiary and the full conversion of its Libyan affiliate to a Sharia-compliant bank despite a very challenging and operating environment as the key factors in winning the regional award.
The Banker went on to say that this regional title “is testament to the strong management, sound business model and strategy of AUB’.
AUB Group chief executive and managing director Adel El Labban accepted the award on behalf of the bank.
“AUB is very proud to be selected by the industry as a leader in regionalisation initiatives and for the recognition given to its various ongoing organic and inorganic business development initiatives across its home markets in the GCC and Mena,” he said.
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