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News Article

21 November 2007

The Only Bank in UAE ADCB Wins JP Morgan Elite Quality Award

Abu Dhabi, 20 November, 2007: Abu Dhabi Commercial Bank announced today that it has been awarded the prestigious 2006 JPMorgan Chase's MT103 Elite Quality Recognition Award.

At the award ceremony, held on Thursday, 15 November 2007 in ADCB's Head Office, JP Chase’s Alexander Caviezel, Senior Regional Executive, Treasury Services - EMEA together with Ali Moosa, Senior Country Officer, Treasury Services Area Manager - MENA, JP Morgan Chase Bank, presented this award to ADCB's senior management, Alaa Eraiqat, Deputy Chief Executive Officer and Walter Pompliano, Acting Head of Investments and Treasury.

Alaa Eraiqat, Deputy Chief Executive Officer, ADCB commented, “ADCB is proud to be placed among the select few banks worldwide to have achieved this challenging global benchmark and won this prestigious recognition’

‘In our endeavor to be the most recommended bank we have a ‘customer first’ approach which offers our customers the best quality global banking standards along with our superior customer service, innovative products and advanced efficient operational systems”, concluded Eraiqat

‘MT103 Elite award is given for = 99.0% Straight Through Rate. MT103 awards require a minimum debit volume of 10,000 MT103 transactions for 2006. This honour is in acknowledgement of the consistent, high quality performance and standards in our funds transfer operations management and staff have maintained for the 2006 calendar year’, added Walter Pompliano, ADCB's Acting Head of Investments and Treasury.

The JPMorgan Chase annual Quality Recognition Award was instituted in 1997 to recognize those clients who achieve a best-in-class level of operating excellence. The award has a rigorous selection process and with funds transfer clients having to demonstrate that they are able to meet the stringent criteria. Less than 1% of JPMorgan Chase's funds transfer clients are able to meet the selection criteria to qualify for this global benchmark for consistency, high quality performance and standards in the area of international transfers.

Caviezel congratulated Abu Dhabi Commercial Bank for the outstanding achievement and noted that JP Morgan Chase’s total funds transfer client base lists ADCB as “one of the high-quality organizations, an elite group, clearly meeting the current operating challenges of today”.

Caviezel added: “It is our objective to recognize the best in class for operations efficiency and to keep the criteria of the straight through processing ratio high that tremendously helps in reducing funds transfer processing cost, as well as conduct error-free transfers to the bank’s valued retail and corporate clients.

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