UNITED ARAB BANK, P.J.S.C. (UAB) was incorporated in 1975 as joint venture between influential UAE investors and the French international financial conglomerate, Societe Generale (SG). In February 2005, SG sold its 20% stake in UAB to the UAE shareholders in what was reported as one of the largest UAE Share deals concluded in recent years.
Head quartered in Sharjah and operating with ten offices and branches throughout UAE, the Bank offers clients tailor-made financial services in both corporate and retail banking, and has mainly established itself as a leading solutions provider for a growing commercial and industrial base across the seven emirates. Through the provision of a comprehensive range of Corporate Banking, Trade Finance, Treasury and Transaction Banking services, UAB is the bank of choice among major corporate clientele segments in the UAE.
UAB has recently entered into a strategic alliance with The Commercial Bank of Qatar (Cb). Described by Investment analysts from around the region as a natural strategic fit, Cb acquired a 40% interest in UAB in December 2007, in one of the few GCC cross border agreements between two national banks-the first between banks from Qatar and the UAE.
In mid 2005, Cb concluded a similar alliance with National Bank of Oman (NBO), and the addition of UAB has set the stage for strong growth by all three banks across the region. Through its majority shareholding and management services agreements with United Arab Bank and National Bank of Oman, Commercial Bank of Qatar has forged a regional banking alliance with a footprint spanning three states in the economically vibrant southern region of the GCC.
In building an increasingly aligned structure, the Alliance of the three banks is actively focused on optimizing potential synergies, implementing industry best practice and developing shared services and product offerings.
The Convergence process is being accelerated by Vision 2013, a key strategic initiative which will develop core business across the Alliance, with the aim of strengthening market share and enhancing profitability in the more challenging business environment that we face in 2009. The Vision 2013 project will enable UAB to improve bank processes, optimize cost structures and introduce new product offerings which will contribute towards creating a better customer experience.
