|
Company Profile:
|
Ahli United Bank is a fully-fledged commercial and investment banking institution based in Bahrain providing wealth management, retail, corporate, treasury, offshore and private banking services. It is geared towards growth through the development of a larger client base in the Gulf states and through its close partnerships with customers, staff and product providers. The evolution of future mergers and acquisitions in the Gulf region remains central to the Bank’s expansion strategy.
AUB has a c.48% share in the Bank of Kuwait and the Middle East (BKME). BKME has a 10% market share in Kuwait. BKME achieved a net profit of KD 22.8 million in 2004, a growth of 19.3% over 2003.
AUB also has a 40% share in Ahli Bank Q.S.C (formerly known as Al-Ahli Bank of Qatar Q.S.C.), a commercial bank in Qatar with the second largest capital base following the100% participation by AUB in its capital increase. Ahli Bank Q.S.C. achieved a 14% higher net profit of QR 82.8 million for 2004 over 2003.
AUB also entered into a joint venture in 2004 with Bank Melli Iran and Bank Saderat Iran to form Future Bank BSC (c), a joint venture commercial bank in the Kingdom of Bahrain, with an equal one-third shareholding. Future Bank has a paid up capital of US$ 99 million and its net profits were US$ 6.2 million for the six months period ended 31 December 2004 since inception.
AUB was also recognised by retaining the “ Bank of the Year in Bahrain” Bankers Award in 2004 for the second consecutive year by the Banker Magazine.
AUB’s ordinary shares have been listed on the Bahrain Stock Exchange (BSE) since August 2000 and are actively traded. AUB’s Class A preference shares are also listed at the BSE.
|