Abu Dhabi: The United Arab Bank (UAB), headquartered in Sharjah, said here yesterday it is investing Dh40 million in its Abu Dhabi expansion programme.
This is part of an aggressive expansion plan that would see the bank growing its branch network in the country to 20 from 14 by the end of this year.
"Abu Dhabi is a strategic focus for United Arab Bank and our branch expansion reinforces our presence and commitment towards the emirate of Abu Dhabi.
"We see huge potential for growth in the capital across both the corporate and retail arms of our business," said UAB Chairman Shaikh Faisal Bin Sultan Bin Salem Al Qasimi at the opening of the bank's newest branch in the capital on Airport Road.
Paul Trowbridge, UAB Chief Executive Officer, said three branches will open in Abu Dhabi by the end of the year. As well, there will be the opening of two branches in Sharjah this year. UAB will move into its new head office in Sharjah on January 1, 2013.
"Our assets have grown 52 per cent over an 18-month period and at 1.3 per cent we have the lowest NPL ratio of the banks," Trowbridge told reporters,
"We are aiming to double our balance sheet in the next five years. Where other banks have become more insular in the wake of the financial crisis, we have been outward looking in our focus and embarked on a rapid growth strategy," he said.
Trowbridge said that over the last three years, UAB has doubled its branch network and grown its retail business by more than 300 per cent.
UAB reported a record net profit of Dh330 million in 2011.
"The bank's first quarter results reinforce the bank's growth trajectory with year-on-year operating profit growth up 38 per cent," said UAB.
UAB was established in 1975 as a joint venture between UAE investors and Societe Generale.
In December 2007, UAB became part of a GCC regional banking alliance upon the acquisition of a 40 per cent stake by Qatar's largest private sector bank — The Commercial Bank of Qatar.
