UAB to add four branches in UAE this year

The Sharjah-based United Arab Bank (UAB) is planning to expand its branch network by adding four more branches before the end of the third quarter taking the total number to 14, said a top official of the bank.

He was talking on the sidelines of the launch of the bank's Sadara Wealth Management Programme, exclusively tailored to suit the requirements of its premium customers.

The launch took place alongside the inauguration ceremony of UAB's branch in Sharjah in Al Muhannad Tower on Buhaira Corniche.

The branch will incorporate an exclusive Sadara Lounge where dedicated relationship managers will receive Sadara customers.

The Chairman of UAB Sheikh Faisal bin Sultan bin Salem Al Qassimi said the bank has made steps towards the realisation of a more comprehensive vision that UAB is pursuing – that of creating and maintaining a major banking entity capable of keeping up with the challenges of growing economic demands and our customer requirements."

CEO Paul Trowbridge said Sadara's philosophy is to listen to clients needs, provide unbiased, objective, and professional advice, and design wealth management solutions to help them meet their financial objectives.

"Our approach is that every one of our customers has needs and expectations. By opening this branch and by launching premium banking services, with additional branches and Islamic banking services on the agenda, UAB is strategically opting for sustainable and focused growth," he added"

Describing the operational methods of the programme, Tom Smith, Executive Vice President – Retail Banking, said Sadara Club will provide a high level of personalised services with superior standards of reliability and confidentiality. High net-worth individuals require exclusive treatment from their bank, enabling them to transact, invest and deposit easily."

UAB PROFIT UP 12% TO DH280.7M

United Arab Bank has posted 12.22 per cent growth in its net profit for 2009 as the profit went up from Dh250.198 million for 2008 to Dh280.77m.

The board of directors has recommended a cash dividend of 22 per cent on the bank's paid-up capital. A statement said the annual general meeting (AGM) has been scheduled on February 17 to discuss the financial statement for 2009. The AGM will be followed by an extra general meeting (EGM) of the shareholders to consider the amendment to the articles of association in order to add a new provision regarding the application of corporate governance.

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