New Credit Card to offer exceptional insurance, other benefits and more
Ahli United Bank B. S.C. (AUB) and Bahrain National Insurance Company B.S.C. (BNI) have entered into a product agreement to offer the first insurance co-branded credit card in the Kingdom of Bahrain.
The launch of the AUB-BNI credit card was announced at a joint press conference held yesterday at the Bahrain Conference Center, Crowne Plaza Hotel and attended by Mr. Greg Park, Group Head - Marketing & Product Development, AUB ; Mr. Abdulla Al Suwaidi, General Manager - Motor and Personal Lines, BNI and other officials from both AUB and BNI.
The new AUB- BNI co-branded credit card will offer customers considerable savings on insurance premiums together with the insurance benefits that an AUB gold credit card offers. The savings on insurance include 10% on premiums for motor, medical and Al Dar home insurance and 5% on premiums for life insurance with BNI. Besides this AUB-BNI credit card holders have the option to have their insurance premium payments automatically charged to their card, under a direct debit facility. This will
ensure that the customer's insurance cover never ceases since premium payments will be automatic.
"AUB's product launch with BNI comes as part of its strategy to enhance its retail banking offerings", said Greg Park, Group Head - Marketing & Product Development.
"Through this joint initiative with BNI, we are offering a credit card that provides unique insurance benefits including the insurance benefits of an AUB gold credit card. AUB looks forward to enhancing the attractiveness of our product range to our customers," added Mr. Park.
"In yet another pioneering step by BNI, we have partnered with AUB to provide Bahrain's first insurance co-branded credit card" said Abdulla Al Suwaidi, General Manager - Motor and Personal Lines, BNI.
"This exciting move is an example of how two of Bahrain's top financial services providers can come together to offer innovative products," Al Suwaidi added.
AUB-BNI credit card customers will also benefit from the other features that AUB credit cards offer. These include comprehensive travel insurance including medical insurance of up to US$ 50,000 and the opportunity to earn great rewards for every dinar spent on the card with AUB's credit card rewards programme, Pearl Rewards.
Accumulated Pearl Points can be redeemed for free air tickets, hotel stays or can even be used for payment of insurance premiums at BNI.
For more information on the new AUB- BNI credit card customers may visit any AUB or BNI branch across the Kingdom or call +973 17221999.
-Ends-
About Ahli United Bank
Ahli 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. AUB reported a consolidated net profit of US$ 225.9 million for the nine month period ended 30 September 2007, an increase of 37.5% compared to the same period last year. As of 30 September 2007, total assets for AUB stood at US$ 21.9 billion (31 Dec 2006 - US$ 20.8 billion).
AUB 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 38.9 million for the nine month period ended 30 September 2007, an increase of 25.1% compared to the same period last year.
AUB 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 AUB in its capital increase. Ahli Bank Q.S.C. achieved a 37.0% percent higher net profit of QR 220.3 million for the nine-month period ended 30 September 2007 compared to the same period last year. AUB has a 10-year management contract with Ahli Bank Q.S.C.
In 2005, Ahli 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 154 billion ( 31 December 2005: IQD 156 billion).
Ahli United Bank, its associate banks and other Gulf financial institutions together acquired an 89.3% in 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 June 2007, AUB signed a Memorandum of Understanding to acquire a 35% stake in Alliance Housing Bank, Oman. The agreement is awaiting necessary regulatory and government approvals.
This year, AUB was named: "Best Bank in the Middle East - 2007" by Euromoney, Global Finance and "Bank of the Year 2007 - Bahrain" by The Banker. In 2006, AUB was awarded: "Global 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).
AUB'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. AUB's Class A preference shares are also listed at the BSE since 20 March 2005.
S&P have accorded AUB with a long term rating of A- with a stable outlook in November 2007. AUB 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 AUB in August 2007.
For further information, please contact:
Maya Ribeiro, Action Bahrain
TEL: +973 17234553
Email: maya.r@actionprgroup.com
© Press Release 2008
