Abu Dhabi, 25 March 2013, Abu Dhabi Commercial Bank "ADCB" announced today the implementation of a new Cash Management mandate with Green Crescent Insurance Company (GCIC), the leading group health and life insurance Company in the UAE, in a step that will boost GCIC's internal efficiency. Senior representatives from GCIC and ADCB attended a celebration ceremony to celebrate the inauguration of their business partnership.
As part of the agreement, GCIC will rely on ADCB experience to enhance its cash management system and to utilise ADCB's ProCash service, a state of the art cash management platform. The new system will help to streamline GCIC's wide range of electronic banking services and allow on-site printing of automated cheques among many other benefits. The insurance company has identified ADCB as one of its preferred banks and by utilising the ProCash system GCIC will ensure accurate and efficient cash management when servicing their clients.
Colin Fraser, Head of Wholesale Banking Group at ADCB, said: "We are honoured to be the bank of choice for GCIC, ahead of other local and international financial institutions. We are committed to provide the best solutions to our clients and ADCB has invested in state of the art Cash Management products and services. Today, this relationship further demonstrates the superior service that ProCash offers and we are certain that the simplicity and efficiency of the ProCash platform will undoubtedly impact GCIC's overall performance in a positive manner. ProCash has become an essential corporate banking portal that makes corporate internet banking both convenient and fast."
The implementation of ProCash comes in line with GCIC's latest strategy which includes a complete overhaul of the company's internal functions and operations as well as its underwriting strategy.
Commenting on this occasion, Dr. Hazem Al Madi, CEO of Green Crescent Insurance Company said: "We are delighted to embark on this partnership with ADCB. We pride ourselves on providing premium health and life insurance solutions to groups and corporate clients and are constantly seeking ways to improve and enhance our services. ADCB's cash management platform has been extremely well received by other institutions and we trust that it will benefit our clients significantly in terms of efficiency as a result."
ADCB always endeavours to offer its clients with effective reliable and innovative solutions. The bank was recently ranked in the top three best Cash Management banks in the Middle East, in a Cash Management poll by Euromoney. ADCB has recently launched its latest cash management platform - ProCash- with over 2,700 clients already actively using the service since its launch.
-Ends-
About ADCB:
ADCB was formed in 1985 and as at 31 December 2012 employed over 3,000 people from 55 nationalities, serving over 465,000 retail customers and approximately 37,000 corporate and SME clients in 50 branches, 4 pay offices in the UAE, 2 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 181 bn as at 31 December 2012.
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 2012, ADCB's market capitalisation was AED 17 bn.
For further details please contact
Corporate Communications
Majdi Abd El Muhdi
E: majdi.a@adcb.com
© Press Release 2013
