First 100 Platinum card holders to receive free return air ticket
Ahli United Bank B.S.C. (AUB) has announced the launch of its new Platinum Credit Card which provides unique benefits and specifically caters to the requirements of discerning customers, including the Bank's Premium and Private banking customers.
The launch was announced at a press conference held at AUB's headquarters today and attended by Sawsan Abulhassan, Deputy Group CEO for Private Banking and Wealth Management, Ahli United Bank and Greg Park, Group Head of Marketing & Product Development, Ahli United Bank. The Bank's new Premium debit card for Premium banking customers was also launched at the event.
The Platinum Credit Card from AUB provides benefits that are tailored to the lifestyle of customers who frequently travel around the world and are accustomed to the finer things in life. AUB Platinum credit card holders are offered access to over 500 VIP lounges across the world whilst also enjoying significant discounts at major international hotel chains and car rental companies. The AUB Platinum Credit Card also provides for a complimentary travel concierge service for travel bookings, airport pick-up and drop-off services.
Understanding the concerns of frequent travellers, the AUB Platinum Credit Card offers free comprehensive travel insurance, personal liability cover of up to US $1,000,000 and medical insurance cover of up to US$ 250,000.
"AUB is constantly looking at ways to provide products and services that are tailor-made to the requirements of high net-worth customers. Our Premium and Private banking customer base has grown phenomenally over the last few years and as such we wanted to introduce a credit card that would cater exclusively to their demanding lifestyle." said Sawsan Abulhassan, Deputy Group CEO for Private Banking and Wealth Management, Ahli United Bank.
"With so many exclusive features, our new AUB Platinum Credit Card is set to become an essential accessory for Bahrain's jet setters and senior executives," Abulhassan added.
"Apart from the lounge access, concierge service and travel insurance, AUB Platinum Credit Cardholders also benefit from a very rewarding usage programme that gives points against credit card spends and allows them to fly for free on different regional airlines. The credit cards also help card holders to save on interest by consolidating their credit card balances," said Greg Park, Group Head of Marketing & Product Development, Ahli United Bank.
As an introductory offer, AUB is giving free business class return tickets to anywhere in the GCC to the first 100 cardholders who receive the AUB Platinum Credit Card. AUB Platinum Credit Card holders will also benefit from substantial savings by paying an interest rate of just 1 per cent rate on all purchases made in the first 3 months. Moreover, customers who transfer their outstanding balances from other credit cards onto their AUB Platinum Credit Card will have to pay no interest on the amount transferred for 60 days
AUB's Premium debit card is provided to the Premium banking customers in order to reflect their exclusive relationship with AUB. The card will also provide Premium customers with priority service at AUB Seef and Manama branches.
For more information on AUB credit cards and promotions, 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 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$ 94.3 million for the three months period ended 31 March 2008, an increase of 37% compared to the same period last year. As of 31 March 2008, total assets for AUB stood at US$ 25.1 billion (31 Dec 2007 - US$ 23.0 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 48.2 million for the year ended 31 December 2007, an increase of 6.9% compared to the 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 49.7% percent higher net profit of QR 302.7 million for the year ended 31 December 2007 compared to the 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 165 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 December 2007, AUB has acquired a 35% stake in Ahli Bank S.A.O.G. (ABO), [formerly Alliance Housing Bank S.A.O.G.], a bank specializing in residential mortgage lending through its seven branches in the Sultanate of Oman. The Bank has signed a five year renewable technical services and management agreement to provide technical and management services to ABO. Following the receipt of Central Bank of Oman's approval to convert its operations from a specialized mortgage finance provider into a full fledged commercial bank and receipt of a commercial banking license effective 27 December 2007, ABO is extending corporate, retail, treasury and private banking services to its customers.
In 2008, AUB has been awarded "Best Bank in the Middle East 2008" and "Best Foreign Exchange Bank in Middle East - 2008" by Global Finance. During 2007, AUB was named: "Best Bank in the Middle East - 2007" by Euromoney and Global Finance and "Bank of the Year 2007 - Bahrain" by The Banker. In 2006, AUB was awarded: "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 17 234 553
Email: maya.r@actionprgroup.com
© Press Release 2008
