Abu Dhabi, 14 April, 2014: Abu Dhabi Commercial Bank (ADCB) and Abu Dhabi National Insurance Company (ADNIC), the trusted insurance partner with long-standing expertise in providing reassurance and support to individuals and corporates, recently commemorated their partnership in Cash Management, built over the last several years. Senior representatives from ADNIC and ADCB attended an event on the first day of the Eurofinance Conference to celebrate the growing Cash Management partnership between the two Abu Dhabi-based companies. The implementation of a new Cash Management mandate further reaffirms ADNIC's commitment to adopt modern technology for the benefit of its customers.
The innovative Cash Management system will enhance ADNIC's operational efficiencies through process automation and integration and will streamline ADNIC's back office functions. ADNIC and ADCB are also implementing a Host to Host solution that will enable ADNIC to optimise the processing of payments and reconciliation of receipts.
Colin Fraser, Head of Wholesale Banking at ADCB commented: "ADCB is pleased to announce the implementation of its leading edge Cash Management services at ADNIC, As a result of process automation and integration using a straight-through file link-up between our electronic channels, ADNIC will observe increased synergies in all transaction processing and reconciliation activities."
Hammad Khan, ADNIC's Deputy CFO, said: "At ADNIC, we are always looking for new ways to streamline processes. We have started this transformation with ADCB from cheque automation, electronic bulk payments and funds transfers. We have recently adhered to the new Central Bank Direct Debit System and thus will soon have an alternate payment method for our customers. We are continuously improving our processes with better, faster and more cost-effective integrated solutions to enhance our claims payouts and overall customer experience. As the UAE's trusted insurance partner, we are proud to have a first-class Cash Management partner such as ADCB in this journey. It reaffirms our commitment to constantly improve our operational efficiency and ultimately providing the best-in-class services for our customers."
Murali Subramanian, Head Transaction Banking Group added: "Technologically advanced solutions, such as automated integration often require significant implementation periods, due to the complex nature of the exercise. It is testament to the strong business relationship between ADNIC and ADCB that this implementation was executed in an exceptionally short time-frame".
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About ADCB:
ADCB was formed in 1985 and as at 31 December 2013 employed over 4,000 people from 57 nationalities, serving over 500,000 retail customers and approximately 41,000 corporate and SME clients in 50 branches, 3 pay offices in the UAE, 2 branches in India and 1 branch in Jersey. As at 31 December 2013, ADCB's total assets were AED 183 bn.
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 2013, ADCB's market capitalisation was AED 34 bn.
For further details please contact:
Corporate Communications
Majdi Abd El Muhdi
E: majdi.a@adcb.com
About Abu Dhabi National Insurance Company
Abu Dhabi National Insurance Company (ADNIC) PJSC is a trusted insurance partner with long standing expertise in providing reassurance and support to individuals and corporates to manage unpredictable health, life and general risks. Founded in the United Arab Emirates (UAE), in 1972, ADNIC is a leading multi-line insurance provider with a wide network of branches as well as sales and service centers across the country. ADNIC is publicly owned and listed on the Abu Dhabi Securities Exchange (ADX).
ADNIC offers a wide range of General, Health and Life Insurance Products and Solutions for individuals, small, mid-sized and large companies and multi-national corporations in the United Arab Emirates, as well as being a leading provider of risk underwriting solutions across the Middle East and North Africa (MENA) region.
For further details please contact:
ADNIC Corporate Marketing and Communications
Mr. Hassan Al Khuwaildi
M: +971 56 6955847
D: +971 2 4080421
F: +971 2 4080 625
E-mail: h.alkhuwaildi@adnic.ae
www.adnic.ae
© Press Release 2014
