19 February 2006
New State-of-the-Art Branch
In presence of a number of state high ranking officials, prominent figures of the UAE business community, ADCB directors, managers and executive officers, H.E. Rashid Humaid Al Mazroei, ADCB board member, accompanied by Mr. Eirvin Knox, CEO of ADCB inaugurated today a new branch in Karama area, Dubai.
During the inauguration ceremony, also attended by Mr. Alaa Eraiqat, Head of UAE Banking Group and Mrs Fatima Mansour, Head of Branch Network, Mr. Al Mazroei stated: 'Abu Dhabi Commercial Bank continues to provide its services all over the UAE for ensuring innovative, efficient, fast and easy to use products and services to its customers'. 'The new Karama branch came to cater for the increasing demand on banking services from of the expanding trade and economic activities flourishing in Karama area within Dubai economic progress matrix' pointed out Al Mazroei.
'This branch is a new valuable addition to ADCB's branch network endeavouring to keep pace with the international standards and trends for providing its customers with innovative customer oriented products and services in Dubai and the Northern Emirates'. Al Mazroei added, and pointed out that ADCB had, in September 2005, opened two other new branches in the New Dubai city (Internet City and Emirates Mall) which harbours many resorts, mega shopping malls, giant residential complexes and vast investment opportunities. 'Sincere efforts and hard work coupled by good planning and sound strategies enabled ADCB to position itself as a major financial institute on both national and regional levels' Al Mazroei concluded.
Mr. Eirvin Knox, CEO of ADCB said ' the establishment of this new branch in Karama area under the Bank's new brand comes in realization of the board's strategic vision aiming at opening more branches and business centres in prime locations in the UAE cities to ensure ADCB's services and products available and readily accessible to all our clients .
'The inauguration of this branch demonstrates the highest levels of commitment to providing the best financial and banking services under a comprehensive plan in real effective contribution to the UAE Economic growth' added Knox.
Mr. Knox also revealed ADCB's intent to open a new branch soon in Sharjah to cater for the Emirate's fast growing market and unveiled the Bank's plan to open five new branches in Abu Dhabi and other cities in 2006 to meet rapidly increasing demand on its services.
'The new branch environment will encourage customers to use technology and alternative channels, reduce queuing times as before entering the branch core business area the customer encounters the fast transactions zone where clients can get access to our ATM network, the contact centre as well as our Internet Pool, taking advantage of this activity to cross sell and improve the impression of service quality'. Knox concluded.
It is noteworthy mentioning here that Abu Dhabi Commercial Bank (ADCB), one of the UAE's leading financial institutions, realized a net profit of AED1912mn for the year ending on 31st December 2005 against AED 801mn for the last year, an increase of 139 per cent. Return on equity of 28.2% is 66% better than 2004 ROE of 17%. Another key indicator return on average assets (ROAA) is at 3.99% reflecting a growth 67% over 2004 ROAA of 3.28%.
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