AUB Credit Card Customers to earn Gulf Air frequent flyer miles through Pearl Rewards Loyalty Program
Ahli United Bank B. S.C. (AUB) has entered into a strategic alliance with Gulf Air, the Kingdom's national carrier, to offer its credit card customers the chance to earn Gulf Air frequent flyer miles through AUB's Pearl Rewards Loyalty programme.
AUB's alliance with Gulf Air comes as part of its strategy to enhance its Pearl Rewards program and offer customers an even greater selection of destinations and travel privileges to choose from. Under the terms of the agreement Pearl Points earned by AUB customers can be converted to an equal number of Gulf Air frequent flyer miles. This strategic alliance with Gulf air shall span across the region to cover all of AUB's subsidiary and associate bank's credit card holders in Bahrain, Kuwait, Qatar and Egypt.
Launched earlier this year in Bahrain, AUB's Pearl Rewards Loyalty scheme is one of the most comprehensive and rewarding travel rewards programme in the Middle
East region. Every Bahraini Dinar spent on an AUB credit card enables customers to accumulate two Pearl Points. Pearl Points can be redeemed for a range of travel benefits including: free flights, hotel stays, car rentals and upgrades.
The Gulf Air frequent flyer programme is one of the oldest and most respected loyalty programs in the GCC region. Gulf Air frequent flyer miles are valid for 10 years at various membership levels; Blue, Silver and Gold. Offering exclusive lounge access at some of the best airports around the world as well as a host of other travel benefits the Gulf Air frequent flyer programme sets itself apart from the rest.
AUB's recent alliance with Gulf Air underscores the bank's commitment to continually work towards providing customers with the most innovative, unique retail banking products in the Kingdom. In the short time since its inception, AUB's Pearl Rewards Loyalty scheme has proved extremely popular. Besides the opportunity to fly for free with Gulf Air, AUB credit cards also offer the security of a smart chip and peace-of-mind with comprehensive travel insurance including medical insurance.
For more information on AUB's Pearl Rewards scheme customers may visit any AUB branch or call +973 17221999.
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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 alliances 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$ 207.5 million for the year 31 December 2006, an increase of 25.8% compared to the same period last year. As of 31 December 2006, total assets for AUB stood at US$ 20.8 billion (31 Dec 2005 - US$ 13.9 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 45.1 million for the year ended 31 December 2006.
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 45.3 percent higher net profit of QR 205.7 million for the year ended 31 December 2006 compared to last year. AUB has a 10-year management contract with Ahli Bank Q.S.C.
AUB also entered into a joint venture in 2004 with Bank Melli Iran and Bank Saderat Iran to form Future Bank BSC (c), a joint venture commercial bank in the Kingdom of Bahrain, with an equal one-third shareholding. Future Bank was established on 1 July 2004 with a paid up capital of US$ 99 million. Future Bank's net profits for the year ended 31 December 2006 was US$ 16.0 million, up by 26.2% compared to last year.
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 and its total assets were IQD 156 billion at 31 December 2005 with a net profit of IQD 1.6 billion for 2005.
Ahli United Bank, its associate banks and other Gulf financial institutions together acquired an 89.3% in Delta International Bank (DIB) in August 2006. Established in 1978, DIB 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 18 branches across Egypt.
During the year, AUB was awarded: "Best Bank 2006 - Middle East and Africa" (awarded by Global Finance); "Global Bank of the Year 2006 - Middle East" (The Banker); "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.
AUB has been reaffirmed foreign currency long-term rating of A- and short-term rating of A2 with a stable outlook from Capital Intelligence in June 2006 and a long-term rating of A- with a stable outlook from Fitch Ratings in November 2006.
For further information please contact:
Maya Ribeiro
Action Bahrain
Tel: +973 17 234 553
Email: maya.r@actionprgroup.com
© Press Release 2007
