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Union National Bank
Leading Bank Reports another Year of Stellar Performance
Union National Bank – consistently ranked one of the world’s best performing banks – achieved another stellar performance in fiscal year 2011, reporting a record consolidated profit of €309.9 million (AED1.5 billion) for an increase of 11.1% over 2010. Commenting on these impressive results, His Excellency Sheikh Nahayan Mabarak Al Nahayan, the bank’s Chairman, said, “The prudent approach adopted by Union National Bank is reflected in the consistent performance of the bank over many years, positioning it strongly as a leading customer focused bank.”
In fact, every year from 1999, when it was restructured, to the present, Union National Bank has been ranked the top bank in Abu Dhabi in average annual dividends for its shareholders. CEO Mohammad Nasr Abdeen explains, “We have always grown and performed well and we continue to expand and increase our presence in the local banking industry. Our mission is to be the UAE’s leading bank, not in size but in quality. We are ranked number five in size but we are number one in quality!”
Maintaining A+ rating with stable outlook
Union National Bank remained profitable even during the 2008 financial crisis and is still profitable today, maintaining an A+ rating with a stable outlook. “We are one of very few banks that have maintained this stable rating through this period, and we have the figures to prove it,” Mohammad Nasr Abdeen says proudly.
One reason Union National Bank is prized by its customers is the bank’s rapid decision making. Mohammad Nasr Abdeen points out, “Our business is not at all bureaucratic. Our decision-making processes here are among the fastest in the world! We have a set turnaround time for each and every decision on every level, and it is hard for even world leading banks and companies to meet these standards. We are very professional in this regard and this is one of the major reasons for high satisfaction among our customers.”
Supporting Abu Dhabi
Union National Bank supports many corporate social responsibility projects, including rehabilitation centres, educational programmes, environmental initiatives and more. In its role as a provider of corporate financing, the bank has also played a significant role in spurring on the growth of the local private sector. The bank is committed to playing a key role in Abu Dhabi’s ongoing development.
While it will continue to focus on Abu Dhabi and the UAE, Union National Bank is currently expanding to Qatar and Egypt. Over the past few years, the bank opened 22 more branches of its subsidiary company in Egypt and boosted its profits there by 25%, an impressive record in a troubled global economy.
In its quest for excellence, UNB has adopted the Total Quality Management concepts and systems and business excellence framework. In the process, it has received several prestigious accolades and third party validations. The Sheikh Khalifa Excellence Award (SKEA) received in 2002 was followed by SKEA Gold in 2005 and again in 2009, thereby becoming the only organisation to have won the SKEA Gold twice. UNB is also a winner of the prestigious Dubai Quality Award in 2006 and 2009 as well as the MRM Business Award in 2009.
In 2010 UNB received the Bank of the Year award at the 2010 Arabian Business Achievements award. In addition, the UNB CEO received the CEO of the Year Award at the CEO Middle East Awards 2010, Banking Category. UNB also received the Superbrand Status in the UAE for the year 2011 and 2012. In 2011 UNB became the first financial institution in the world to be certified by M/s Lloyd’s Register Quality Assurance (LRQA) Ltd. to the Integrated Management System (IMS) comprising of three standards, ISO 9001, ISO 14001 and OHSAS 18001.
In 2011 UNB won the coveted People’s Choice Stevie Award For Favourite Companies in the Financial Services category and was also recognised as a Distinguished Honouree in two categories of the International Business Awards, namely Company of the year Financial Services and UNB CEO Mohammad Nasr Abdeen as Executive of the Year Financial Services. In 2011 UNB also received the distinguished Golden Award for quality and excellence from the Arab Administrative Development Organisation member of the Arab League. In 2011 Union National Bank has also been ranked one of the “50 Safest Banks in Emerging markets” by Global Finance. UNB has also received an accolade at the Asian Leadership Awards 2011 by winning the “Dream Company to Work For” Award.
Being located in Abu Dhabi is a significant advantage for the bank, according to Mohammad Nasr Abdeen. He says, “The UAE is a haven for investment for anyone from anywhere in the world. The legal system is very fair, the decision-making process regarding investors is the fastest in the world, investors are safe and supported, the financial sector is very strong and stable, and we have the infrastructure and the geographical location to reach markets in many regions, including Asia, (India, Pakistan, China and others) as well as the Middle East.” He praises the government of Abu Dhabi, which has been quick to implement policies suggested by private-sector financial leaders and which has developed coherent development plans for the local economy in the coming decades.
One of Union National Bank’s goals for 2012 is to remain the best service provider in the local banking sector, a challenging task given the competition. Mohammad Nasr Abdeen says, “Service is the key factor that differentiates one bank from another. We also aim to maintain high returns for our shareholders despite the economic problems around the world, and to continue to give our full support to the economy and to our country.”
Head Office – Abu Dhabi
UNB Building, Salam Street,
Tel: +971 02 674 1600