May 16th 2017
The Bank’s Simpler Banking Strategy continues to pave the way
Al Ahli Bank of Kuwait (ABK) proudly took home the ‘Best Commercial Bank in Kuwait’ award for the second consecutive year and ‘Best New Brand in Egypt’ award, presented by the Banker Middle East, in recognition of its outstanding performance on various fronts. The award for Kuwait was received by Mr. Abdulla Al Sumait, Deputy Chief General Manager and Mr. Fawzy Al Thunayan, General Manager for Board Affairs, and for Egypt, Mr. Ali Marafi, ABK- Egypt Chairman and Mr. Khaled El Salawy, ABK-Egypt CEO & Managing Director, during a ceremony that was held on 11th May, 2017 at the Emirates Tower Hotel, Dubai.
The Best Commercial Bank award recognizes ABK’s series of achievements across various areas, substantially in line with its Simpler Banking strategy, growing the Bank’s operations, and demonstrating the Bank’s strength across the region.
ABK recently launched a new core banking system; a powerful infrastructure framework that has transformed the Bank’s existing IT infrastructure and operating systems entirely. This has already been successfully deployed across its UAE operations and will roll out in Kuwait later this year.
An additional achievement for the Bank was the successful debut issue from its recently established US$1.5 billion Euro Medium-Term Note (EMTN) program. Not only was it the first bond issue for ABK but it was also the first Kuwaiti issuer to launch a bond following Kuwait’s recent successful debut sovereign bond.
The Best New Brand in Egypt award was earned in recognition of the Bank’s exceptional turnaround following the acquisition of Piraeus Bank Egypt. The rebranding process was successfully completed for ABK-Egypt, and a new division to cover the Alexandria and Delta regions was created , as well as a new Syndication and Project Finance Unit. Strategies were aligned across the Group and several new services were also introduced. Moreover; ABK-Egypt recorded substantial performance in 2016 with growth in+ total assets of 62%, in loans by 82% and in customer deposits by 50%; a true testament to the new successful management approach.
For more information on Al Ahli Bank of Kuwait please contact ‘Ahlan Ahli’ at 1899899.