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Best Bank: ADCB |
Middle Eastern regional awards
Competition for the position of best bank in the UAE has been more intense than ever. Local and international institutions are vying ever more aggressively for a share of this fast-growing market.
Smaller banks, such as RAK Bank noted for their professionalism, and Islamic institutions such as Dubai Islamic, are making a big impact and others that have delivered strong performances over a number of years, such as Mashreq Bank and the National Bank of Abu Dhabi, are maintaining high standards.
The bank, though, that stood out this year, for its results and the quality of its delivery, was ADCB. Clear evidence of the success of its three-year restructuring programme is its achievement of being the top bank for 2006 in the UAE in terms of net profit. This totalled Dh2.15 billion ($680 million).
The bank’s consumer business has enjoyed unprecedented growth, creating one of the strongest consumer franchises in the UAE.
ADCB has achieved this by offering both innovative lending packages, including a joint promotion with Mercedes-Benz for auto loans, and a range of investment products, including extremely popular Islamically structured ones.