23 March 2009
Abu Dhabi Commercial Bank wins two awards - Best Retail Bank in the UAE and Best Retail Bank in the Gulf States for the year 2008
Abu Dhabi, 23 March 2009: Abu Dhabi Commercial Bank has been named the Gulf States’ Best Retail Bank in the eighth Asian Banker Excellence in Retail Financial Services Awards Programme. The bank received the awards at The Asian Banker Excellence in Retail Financial Services Awards 2009 ceremony, held at the Grand Hyatt in Singapore on the evening of March 19th, 2009.
Around 120 senior bankers from award winning banks in 22 countries across the Asia Pacific, the Gulf and Central Asian regions attended the formal gala dinner, the industry’s celebration of the region’s best retail bankers that recognizes their efforts in bringing superior products and services to their customers. The awards programme, administered by The Asian Banker and refereed by prominent global bankers, consultants and academics, is the most prestigious of its kind. A stringent three month-long evaluation process, based on a balanced and transparent scorecard, determined the winners and the position of the different retail banks in the region.
For the second consecutive time, Abu Dhabi Commercial Bank won the award for Best Retail Bank in the UAE for an incredibly strong performance in 2008 and outperformed all its peers in the whole Gulf Region. With a healthy return on equity of 25% and substantial revenue growth of 43%, ADCB Retail weathered the upheavals in the financial system better than its peers.
“This award is a testimony of our commitment to our customers and our stakeholders” says Ala’a Eraiqat, CEO of ADCB.
Arup Mukhopadhyay, Executive Vice President and Group Head Retail Banking at ADCB, added “This award is recognition for a consistent retail banking strategy with a relentless focus on customer experience that has shaped strong and sustainable financial performance.”
“Among the main achievements of ADCB was the acquisition of market leadership in mortgages and personal loans. The bank also grew considerably in credit cards”, says Mr. Chris Kapfer, head of Excellence in Retail Financial Services Awards Programme at The Asian Banker. “One of the profit drivers is the high level of automation, as seen in the usage of self-service transactions, which is almost 10% higher than its closest peer.”
The retail banking team at ADCB was very busy launching several new products & services during 2008. The most significant of new product launches in 2008 was its Islamic Banking business, with a complete suite of Shariah compliant consumer banking products. In order to close a market gap by providing customised financial solutions for the mass affluent customer segment, ADCB launched Privilege Club with product differentiation built around the customer experience theme. Equally significant was the introduction of the Lulu co-branded Credit Card, which proved to be an instant hit with the target customer segment. The extremely popular TouchPoints loyalty program was extended to offer ADCB customers the option of redeeming TouchPoints for Skywards Miles, the frequent flyer program of Emirates Airlines.
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