United Arab Bank (UAB) hosted once again a Trade Finance Workshop for its corporate customers. Following the tremendous success of UABâ€™s previous workshop in Dubai, the workshop took place again this year at the Fairmont Bab Al Bahr Hotel in Abu Dhabi targeting the Bankâ€™s Abu Dhabi and Al Ain based customers. The workshop was conducted by Vincent Oâ€™Brien who is a long standing member of the ICC Banking Commission and is the ICC Representative to the WTO Expert Group on the Financial Crisis. Vincent was recently appointed as Chair of the ICCâ€™s Market Intelligence Working Group.
The workshop mainly tackled Incoterms (International Commercial Terms) 2010 Rules that will apply globally from January 2011. The Rules set out sellers and buyers obligations under the International Contract of Sale. UAB organized this timely workshop one month in advance of the Rules to support its customers in their International Trade business.
United Arab Bank was awarded â€˜Best Trade Finance Houseâ€™ by The Banker Middle East for 2010 following a host of innovative initiatives directed at improving its Trade Finance services and strengthening its reputation as an excellent Trade Finance Services provider.
Paul Trowbridge, UABâ€™s Chief Executive Officer, commented: â€œUAB has left no stone unturned to become a world-class bank in the UAE. We realize that only a single-minded focus on product quality and service excellence would help us get here. Today, we are proud to say that we are well on our way towards that goal. Our long standing Trade Finance offering is no exception to that.â€
Over the past year, UAB has taken major steps to bring its Trade Finance decision-making closer to the customer, simplifying paperwork and speeding up processes to provide a superior level of service.
Shahid Baloch, EVP, Group Head – Commercial Banking said: â€œUAB has arranged this exclusive workshop for our valued customers based not only on our long standing relationship with them, but given the current economic environment we want to partner with our customers to help them understand and to manage the challenges in international trade resulting from the global financial crisis. In addition, it is the Bankâ€™s aim to facilitate our Trade Finance customers being strongly positioned to get the most out of the expected global trade upturn which is already showing some positive signs.â€
Having delivered award winning Trade Finance technical assistance and training in more than 50 countries worldwide, Vincent Oâ€™Brien, who delivered the workshop, stated: â€œSerious exporters and importers must understand the rules so we can get the maximum benefit from the resurgence of Trade that is taking place.â€
The event was attended by 80 UAB customers who expressed their recognition and satisfaction with the high profile training. â€œAn excellent training session,â€ Mr. Unnikrishnan Balakrishnan, Finance Manager of Al Faraâ€™a Group commented. He added: â€œI am truly impressed with the quality of the subject and facilitation level.â€ Mr. Khaled Abu Sabha, Finance Manager at Petro Middle East observed: â€œI would like to thank UAB for giving its customers the opportunity to remain abreast of all developments in Trade Finance and to offer us the expertise of Mr. Vincent Oâ€™Brien.â€
UAB became part of a GCC regional banking alliance in December 2007 upon the acquisition of a 40% interest in UAB by The Commercial Bank of Qatar (Cb), Qatarâ€™s largest private sector bank. With the Commercial Bank of Qatar concluding a similar alliance with National Bank of Oman (NBO) two years previously, all three banks are more strongly positioned for future growth.
In a challenging financial environment, United Arab Bank continued to maintain earnings momentum recording net profit growth of 6% for the nine months ended September 2010 compared to the same period in 2009.