United Bank B.S.C. (AUB)United Bank B.S.C. (AUB)

AUBAUB

With MyHome mortgage loans, customers can either take out a new mortgage loan or transfer their existing mortgage to AUBAUB and receive up to 8 per cent cash back on a 25 year loan. This amount, in certain cases, could be sufficient to buy a car or to furnish their home. In addition, customers will also benefit from facilities such as a higher loan amount, down payment as low as 15 per cent of the value of the loan, low starting installments plus additional finance to own a second home.

This Ramadan AUBAUB is also launching a new consumer loan product called FlexiLoan. This loan has been structured such that the customers can set off additional amounts deposited like savings and bonus payments against the outstanding loan amount at their convenience. This excess payment reduces the loan outstanding and thus reduces the interest charged to the customer. The unique structure also allows the customers to draw down any excess payments at any time over the period of loan.

Owning an automobile has become easier this Ramadan with AUBAUB's MyCar Auto Loans. Customers can avail of a 3 per cent cash back and benefit from low interest rates and affordable repayment solutions.

In addition, with AUB Credit Cards, customers get the advantage of making purchases from selected retailers and repaying the amounts in convenient installments at zero per cent interest. This Ramadan offer also includes zero per cent interest on balance amounts transferred from other credit cards for 60 days, zero annual fees on Gold Credit Cards for life and for the first year on Classic Credit Cards.

"At Ahli United BankAhli United Bank, we aim to provide customers with product offerings that meet their requirements. We understand that with the advent of the holy month of Ramadan and the beginning of the school year, customers need convenient financing solutions. Our Ramadan offerings aim to provide for affordable financial solutions to all customers." said Abdulla Al-Raeesi, Deputy Group CEO-Retail Banking, Ahli United BankAhli United Bank.

- Ends -

About Ahli United Bank
Ahli United BankAhli United Bank B.S.C. is an offshore and full commercial banking institution based in Bahrain providing retail, commercial and investment banking business, global fund management and private banking services. It is geared towards growth through the development of a larger client base in the Gulf states and through its close partnerships with customers staff and product providers. The evolution of future mergers and acquisitions in the Gulf region remains central to the Bank's expansion strategy. AUBAUB reported a consolidated net profit of US$ 94.3 million for the three months period ended 31 March 2008, an increase of 37% compared to the same period last year. As of 31 March 2008, total assets for AUBAUB stood at US$ 25.1 billion (31 Dec 2007 - US$ 23.0 billion)

AUBAUB has an effective holding of 75% share in the Bank of Kuwait and the Middle East (BKME). BKME has a 10% market share in Kuwait. BKME achieved a net profit of KD 48.2 million for the year ended 31 December 2007, an increase of 6.9% compared to the last year.

AUBAUB also has a 40 percent share in Ahli Bank Q.S.C. a commercial bank in Qatar with an enhanced capital base following the 100 percent participation by AUBAUB in its capital increase. Ahli Bank Q.S.C. achieved a 49.7% percent higher net profit of QR 302.7 million for the year ended 31 December 2007 compared to the last year. AUBAUB has a 10-year management contract with Ahli Bank Q.S.C.

In 2005, Ahli United BankAhli United Bank acquired a 49% share in the Commercial Bank of Iraq, a private commercial banking institution established in Iraq in 1992. Since its inception, Commercial Bank of Iraq has performed consistently well in different business segments and its total assets as at 31 December 2006 stood at IQD 165 billion ( 31 December 2005: IQD 156 billion).

Ahli United BankAhli United Bank, its associate banks and other Gulf financial institutions together acquired an 89.3% in Ahli United Bank (Egypt) S.A.E. (AUBE)Ahli United Bank (Egypt) S.A.E. (AUBE), [formerly Delta International Bank S.A.E. (DIB)], in August 2006. Established in 1978, AUBE is a full-fledged commercial bank offering retail banking, corporate banking, private banking, project and trade finance and treasury services. Apart from its headquarters in Cairo, the Bank has 17 branches across Egypt.

In December 2007, AUBAUB has acquired a 35% stake in Ahli Bank S.A.O.G. (ABO), [formerly Alliance Housing Bank S.A.O.G.], a bank specializing in residential mortgage lending through its seven branches in the Sultanate of Oman. The Bank has signed a five year renewable technical services and management agreement to provide technical and management services to ABO. Following the receipt of Central Bank of Oman's approval to convert its operations from a specialized mortgage finance provider into a full fledged commercial bank and receipt of a commercial banking license effective 27 December 2007, ABO is extending corporate, retail, treasury and private banking services to its customers.

In 2008, AUBAUB has been awarded "Best Bank in the Middle East 2008" and "Best Foreign Exchange Bank in Middle East - 2008" by Global Finance. During 2007, AUBAUB was named: "Best Bank in the Middle East - 2007" by Euromoney and Global Finance and "Bank of the Year 2007 - Bahrain" by The Banker. In 2006, AUBAUB was awarded: "Bank of the Year 2006 - Middle East" (by The Banker), "Best Bank 2006 - Middle East and Africa" (by Global Finance); "Best Foreign Exchange Bank - Middle East 2006" (Global Finance); "Best Bank and Bank of the Year 2006 - Bahrain" (Global Finance, Euromoney and The Banker).

AUBAUB's ordinary shares are listed on Bahrain Stock Exchange (BSE) (since August 2000) and Kuwait Stock Exchange (KSE) (since 26 June 2006) and are actively traded. AUBAUB's Class A preference shares are also listed at the BSE since 20 March 2005.

S&P have accorded AUBAUB with a long term rating of A- with a stable outlook in November 2007. AUBAUB foreign currency long term rating has been upgraded to A with a stable outlook and short-term rating of A2 by Capital Intelligence in June 2007. Fitch Ratings has reaffirmed its long-term rating of A- with a stable outlook for AUBAUB in August 2007.

For more information, please contact:
Maya Ribeiro
Action Bahrain
Tel: +973 17234553
Email: maya.r@actionprgroup.com

© Press Release 2008 from Action Group

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