Abu Dhabi, 22January 2012:H.E. Eissa Al Suwaidi, Chairman of Abu Dhabi Commercial Bank (“ADCB”)today led by example and took part in the 2ndZayed Sports City 10km race presented by ADCB in partnership with Abu Dhabi Striders alongside fellow runners, ADCB customers and ADCB staff.The event sponsorship is in line with the bank’s vision to support and encourage people of the UAE to lead healthier, more active lives. 

The Zayed Sports City 10km series presented by ADCB is a set of three races which are designed specifically to help runners measure their progress throughout the UAE running season and set personal goals to work towards over the winter months.All races in the series are open to participants of all running levels.

ADCB is very proudly committed to supporting community enriching initiatives which encourage ambition and active participation. All ADCB customers and employees were encouraged to participatewith the reward of a complimentary healthy recovery breakfast after the race.

H.E. Eissa Al Suwaidi, commented after his finish: “This time of the year is often an opportunity to reflect on our financial health as we move into the coming year, however, we must also pay close attention to our own physical health and well being and set personal goals to work towards. While ADCB guides customers through what we call the wealth journey, we are also huge advocates of the health journey and our commitment to the wellness of the nation can be seen through sponsorship of events like this. These worthy initiatives enrich the broader community and naturally cultivate personal ambition. At ADCB we encourage all our employees as well as members of the community to endeavour in leading a healthier lifestyle during 2012.”

“I would like to take this opportunity to extend a special word of thanks to the event organizers: Abu Dhabi Striders, to Zayed Sports City and to all 330 participants who took on the challenge today and made the event such a success. “

The ADCB Stretch Zone helped ensure a less painful muscle recovery for all runners with free professional stretch sessions from the experts at Haddin’s gym post-race. Participants were also encouraged to bring along their old trainers to the race where there was a designated collection box. All the “old soles” collected will be distributed to “Good Soles” which is organized by www.adoptalabourer.com. All proceeds from the race series will go to Special Care Centre, Abu Dhabi. Look out for the next in the series on the 9th March 2012 at Zayed Sports City.

Abu Dhabi, 27 December 2011: ADCB Islamic Banking was named the “Most Improved Islamic Bank in the UAE” by the Global Islamic Finance Awards (GIFA) committee at a highly prestigious ceremony held on 17 December 2011 in Muscat. Awards were presented at the Oman Islamic Economic Forum (OIEF) bringing together leaders from around the globe, including keynote speaker Tun Abdullah Badawi, the former Prime Minister of Malaysia. The award was presented to ADCB Islamic Banking by Tun Abdullah Badawi.

Amr Al Menhali, Head of ADCB Islamic Banking, said: “We are honoured and delighted to receive “The most improved Islamic bank in the UAE” award for 2011. This prominent award rightly recognises the leading position of ADCB and its success in raising the benchmark for Islamic banking in the region. ADCB Islamic Banking offers a complete suite of Shariah compliant products specifically designed to cater to the needs of consumers that are key to the health of the UAE economy. This recognition is subsequent to the milestone ADCB Islamic Banking has achieved, which was acknowledged by the reputed worldwide Shariah governing body in an appreciation letter positioning ADCB Islamic Banking as a role model for Islamic Banks worldwide.”

The OIEF proudly assembles a diverse number of financial practitioners, academicians, business leaders and policy makers in the industry with the Ex-Prime Minister of Malaysia Tun Abdullah Haji Ahmad Badawi as the key note speaker. The forum addressed issues including the regulatory challenges facing Islamic banking, the practice of socially responsible Islamic Finance, and the need for utilization of Islamic Banking as a tool for global economic reform.

The forum, endorsed by the Fatwa office of the Ministry of Awqaf and Religious Affairs has received support from an array of leading financial institutions from the GCC, Canada, UK, Luxembourg and Malaysia.

Aspiring Manager Program

Abu Dhabi, 11 September 2011: Abu Dhabi Commercial Bank (“ADCB”) has announced the success of its Aspiring Managers Programme, as the first 14 UAE National employees graduate from the course.

The programme runs for 10 months and has been designed by ADCB to prepare existing UAE Nationals for management positions within their respective industries. The programme incorporates classroom work, practical business projects and workshops, giving participants a wide range of training in understanding and implementing/adopting management techniques and practices to their skill base.

The officer-level participants were selected based on outstanding performance in their respective groups and nominated by their department heads. Since the start of the 10 month programme, participants have attended a wide range of workshops and initiatives including: Tatweer Performance Management Workshop; Managing Self & Others Workshop; Career Planning and Management; Coaching Skills Workshop; The Fundamentals of the Business of Banking; Business Project Assignments; and a CSR project with the Al Noor School for Children with Special Needs.

Commenting on the announcement Ali Darwish, Head of Human Resources at ADCB, said: “We continue to take great pride in our efforts to further the experiences and opportunities available to UAE Nationals within the banking industry across the Emirates. This programme is a pioneering initiative that progresses the development and adoption of Emiratisation in the UAE banking sector and I would like to commend our Human Resources Group on the hard work they have done to make this possible and achieve such early success.”

Ali Darwish added: “While recruitment remains a big focus of Emiratisation, equally important is the development of existing UAE National employees, and this programme aims to influence just that. By giving participants the tools to progress their careers to the next level, we not only equip the next set of UAE National managers, but also facilitate the movement of labour up the corporate scale as our existing Emiratisation efforts bring new starters into the UAE’s banking industry.

“The early success of this programme is fantastic news, both for participating graduates and also for the banking sector as a whole. With more UAE Nationals entering the programme I look forward to it continuing, and would like to extend my appreciation to all those who have made it such a success.”

ADCB the world’s first bank to offer such a mobile payment solution; product designed to lead payment industry into the digital economy

Abu Dhabi, UAE and Mountain View, California, 2nd June 2011: Abu Dhabi Commercial Bank (ADCB), one of the UAE’s leading banks, and Mobibucks, a leader in mobile payment solutions in the U.S. announced today their alliance to offer - “Mobi” -   a first-of-its kind payment product for making purchases using a mobile phone number.  Abu Dhabi Commercial Bank is the world’s first bank to offer this unique mobile payment service which provide customers with a patented cashless, card-less, paperless and phone-less payment solution that targets the everyday purchases made by consumers.

ADCB held a press roundtable on Wednesday 1st of June at its head office to launch the Mobi payment system. Journalists were met by the ADCB Management, including the CEO, Ala’a Eraiqat, and Head of Consumer Banking, Arup Mukhopadhyay, and taken through the process.

Ala’a Eraiqat, CEO at ADCB, said: “At ADCB, we take pride in using innovation as our key business philosophy.   Whether it is the launch of the first bank-wide loyalty program, launch of the first contactless card in the region, use of voice authorization for card issuance or development of behavior based analytic models & use of predictive neural networks for attrition gating.  ADCB has been at the forefront of driving change & creating value for customers. The concept behind the Mobi payment system will be the first of its kind offered by a bank anywhere in the world – a patented cashless, card-less, paperless and phone-less payment targeted at the millennium.”

Arup Mukhopadhyay, Head-Consumer Banking Group of ADCB said, “Our partnership with Mobibucks is significant not only for providing convenience and flexibility to our customers, but also for laying the groundwork to forge ahead in the digital economy” he added.

“This Mobile Payment service will be used for frequent low-value purchases among the defined target segment. It’s a logical extension of the other easy-to-use and secure electronic services offered by the bank.” said Mr. Mukhopadhyay

“The Middle East is not only a fast-growing mobile market but is also a market where cash dominates,” said Jorge Fernandes, CEO of Mobibucks.  “We are pleased to have the opportunity to work with such a prestigious partner as ADCB and help implement a simple payments solution that gives their customers throughout the Middle East convenient and affordable access to their money from any mobile phone.”

“This is the first step in bringing a simple, convenient and secure payment solution to the rest of the Middle East and North Africa” said Ziad Al Shobaki Managing Director of the MENA operation. “We expect to add a number of new customers shortly, allowing even more consumers to benefit from this new payment alternative.”

Mobibucks entered the Middle East market last year with the opening of MobiBucks FZ-LLC in Dubai, United Arab Emirates as part of an international expansion to bring mobile payments to consumers around the world

Awaits Central Bank’s approval on $100m deal and is yet to determine final net asset value

Abu Dhabi Abu Dhabi Commercial Bank (ADCB) said late Wednesday it has signed an agreement with the Royal Bank of Scotland to acquire its retail banking business in the UAE for about $100 million (Dh367 million).

The deal is subject to the UAE Central Bank’s approval.

“The total cash consideration is equal to the net asset value of RBS’s UAE retail banking business at completion plus $46 million,” said ADCB chief executive Ala’a Eraiqat at a news conference here.

“This is a historic occasion in the UAE banking industry with a local bank acquiring the business of a multinational bank for the first time.

“The acquisition is in line with our key strategic objective of strengthening our core business and market position in the UAE.

“I am confident this acquisition will deliver long-term value to all ADCB stakeholders,” Eraiqat added.

The bank will fund the acquisition from its internal cash resources.

As of December 31, the net assets of RBS’s retail banking business in the UAE were about $54 million.

Eriqat said both parties will sit together to determine the final net asset value of the business segment. Eraiqat didn’t particularly say when the reassessment of the net asset value will be finalised.

Shares of ADCB yesterday ended at Dh1.51.

Through the acquisition ADCB will get access to 250,000 RBS retail banking customers in the UAE.

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