Abu Dhabi, 16 June 2012: Abu Dhabi Commercial Bank (ADCB) today announced the signing of an agreement with Abu Dhabi General Services, known as Musanada to implement the Bank's Host-to-Host Cash Management Solution as part of ADCB's Government Banking (REYADAH) initiative. Both ADCB and Musanada's Chief Executive Officers were present at today's celebration ceremony held at ADCB head offices in Abu Dhabi.
As part of its commitment to provide the best solutions to its clients, ADCB has invested in state of the art Cash Management products and services such as the Host-to-Host Solution as a platform to cater to all of Musanada's cash management activities. This solution will enable Musanada to automatically streamline payments and reconcile their receipts and collections. These tools also allow Abu Dhabi Government entities, such as Musanada, to maximise their returns on any idle balances in its accounts.
On this occasion, Ala'a Eraiqat, the CEO of Abu Dhabi Commercial Bank said "Government entities have an important role to play in realizing the Abu Dhabi Economic Vision 2030. As such, ADCB is fully committed to providing the banking support Government services required to achieve their goals. As we continue to cement our relationship, we also continue to invest in developing innovative and tailored value added products and services, such as the Cash Management Solution"
Collin Fraser, Head of Wholesale Banking said: "ADCB is delighted to have received the Cash Management Host-to-Host mandate from Abu Dhabi General Services (Musanada). With this solution, Musanada would be able to streamline its transaction processing and reconciliation activities using an ERP server link-up between ADCB and Musanada's systems and should benefit significantly in terms of efficiency as a result. Host-to-Host implementations are typically quite complex integration exercises, but it is a tribute to the excellent teamwork and leadership between Musanada and ADCB that this implementation was done in record time."
Recently, ADCB has launched its latest cash management platform - ProCash- and it has been extremely well received in the market with over 2,700 clients already actively using the service since its launch late last year."
Musanada is an integral component of the Emirate's vision of becoming one of the top governments in the world and contributes directly to the goal of "World Class shared services to the Abu Dhabi Government". Musanada's shared services are grouped across three domains; Building Services, Technology Services and Business Support Services in which Host-to-Host solution will be essential.
ADCB's Host-to-Host solution is part of the bank's cash management department that manages over 30,000 clients from Government, Corporate, Financial Institutions, and SME segment.
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About ADCB:
ADCB was formed in 1985 and as at 31 December 2011 employed over 4,000 people from 49 nationalities, serving approximately 455,000 retail customers and over 34,000 corporate and SME clients in 48 branches, 4 pay offices in the UAE, two branches in India and 1 offshore branch in Jersey. It is the third largest bank in the UAE and second largest in Abu Dhabi by assets, at AED 184 bn as at 31 December 2011.
ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate and currency derivatives and Islamic products, project finance and property management services.
ADCB is owned 58.08% by the Abu Dhabi Government through the Abu Dhabi Investment Council. Its shares are traded on the Abu Dhabi Securities Exchange. As at 31 December 2011, ADCB's market capitalisation was AED 16 bn.
For further details please contact:
Corporate Communications
MajdiAbd El Muhdi
E: majdi.a@adcb.com
© Press Release 2012
