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Eirvin Knox, Abu Dhabi Commercial Bank : quality and innovation are important |
Abu Dhabi Commercial Bank has found a niche. Despite the overcrowded, mature market in the Middle East, ADCB restructured and established an Islamic brand only three years ago. Now it is an influential player. In October 2006 ADCB reported a record net profit for the first nine months of AED1.62 billion ($440 million), against AED1.425 billion for the same period in 2005 – an increase of 13%. The UAE bank attributes its success to its client-focused approach: “Innovation and quality are more important to us than offering a huge quantity of products that few of our clients want,” says Eirvin Knox, chief executive officer of ADCB.
A move in February 2006 to market life meethaq takaful services, in partnership with FWU group, made ADCB the first in the UAE, and second among Gulf Cooperation Council states, to offer them. A unique Shariah-compliant overdraft facility was also established in 2006.
In the sukuk market, ADCB was co-lead manager, with Deutsche Bank, of a $350 million trust convertible bond for Aabar Petroleum.