05 April 2011
ADCB's 26th Annual General Assembly
Abu Dhabi, 5 April 2011: Abu Dhabi Commercial Bank (ADCB) today held its Annual General Assembly (AGM) followed by an Extraordinary General Assembly (EGA) in its head office, ADCB building, Salam Street, Abu Dhabi. Both meetings were chaired by H.E Eissa Al Suwaidi, Chairman of the Board of Directors, in the presence of Board Members, the Executive Management team and a number of shareholders.
Commenting on the AGM, Chairman, Eissa Al Suwaidi, said: “During 2010 the banking environment remained challenging in the UAE and the region. Nevertheless, ADCB delivered a robust performance and the Board was pleased that the Bank returned to profit. Whilst the difficult environment continued to impact profitability, the Bank delivered record operating and pre-provision profits. The Bank also achieved a number of milestones, such as pre-provision profits increasing to record levels, up 14% at AED3, 687m, and operating income increasing to record levels, up 12% at AED5, 336m.”
Mr. Al Suwaidi also commented: “The most significant development in 2010 was the acquisition of the UAE consumer banking businesses of The Royal Bank of Scotland; the acquisition deepened and extended ADCB’s leading credit card, consumer and wealth management franchises.
“The Board believes that the strong efforts of itself and senior management during 2009 and 2010 have positioned the Bank to benefit strongly in the event that market conditions improve in 2011 and beyond.”
Ala’a Eraiqat, Chief Executive Officer and Board Member at ADCB, stated: “2010 was a year of measured growth for ADCB. After a difficult year in 2009, the Bank looked to solidify its position within the local banking market and add scale and momentum to its business divisions where appropriate. The Bank succeeded in its mission by producing solid annual results in 2010.
“We enter 2011 with a clear vision, strategy and healthy capitalisation. The Bank has emerged from 2010 with improved business lines and strengthened partnerships across its operations and is well positioned and committed for continued success in the year ahead.”
In 2010, ADCB continued to succeed in the field of corporate governance, following on from the Hawkamah-UAB award in 2009, ADCB won the World Finance Award (UK) for the best corporate governance in the UAE in 2010. This was supported by the Asian Banker Excellence in Retail Financial Services Award for Best Retail Bank in UAE for the third year in a row and Best Retail Bank in the Gulf States.
ADCB also collected the Banker Middle East Product Awards 2010 for its BusinessEdge suite of products offered by the Small and Medium Enterprises (SME) Banking Division. The Best SME Bank in MENA at the Banker Middle East Industry Award 2010 and the Best Consumer Internet Bank in the UAE by Global Finance Magazine.
The Bank also remained committed to its Emiratisation strategy. ADCB’s recruitment and development drive now supports over 1,000 UAE nationals, which totals 36% of all employees (excluding the recent acquisition of RBS), working for the Bank at the end of 2010.
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