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23 March 2008

ADCB Deputy CEO Captures Asian Banking Award

Hanoi, Vietnam, 23 March 2008: Abu Dhabi Commercial Bank Deputy CEO Ala’a Eraiqat won The Asian Banker ‘Promising Young Banker Award for the Gulf Region 2007’. It was recently bestowed at a ceremony in the Vietnamese capital, Hanoi.

The only accolade to recognize excellence among bankers in the middle of their career, it was judged based on candidates’ accomplishments, responsibility for major operational or business lines and strong financial performance.

“This is fantastic recognition of all the work Ala’a has put into the business initiatives he has launched since he joined us in 2004,” said Eirvin Knox, ADCB CEO.

“This includes the restructuring that led to the creation of ADCB’s UAE Banking Group - for which he is now directly responsible. It also includes the building of the new teams and departments that have captured fresh revenue opportunities and the establishment of new businesses to take advantage of a host of external and tripartite business opportunities.”

Emmanuel Daniel, president of The Asian Banker, said of the award: “We feel that it is important to celebrate the incredible efforts that certain outstanding individuals are making to the industry mid-career. They set new benchmarks for talent and are raising the bar for the whole industry.”

In 2007, ADCB saw a 40 percent growth in core business, a 31 percent growth in assets, a 30 percent growth in customer deposits and a ratio of bad loans of just 1.3 percent - the lowest in the UAE.

“Of all of his peers in the Gulf region, Ala’a scores extremely highly on his ability to ensure business growth, something that this award focuses very closely on,” said Eirvin Knox.

“But it is not just the quality of the evaluation process that makes this award so special; it is the quality of the panel of judges. These are some of the most influential people working in banking today. They have put their seal of approval on both Ala’a and what he has achieved at ADCB in the past couple of years.”

“I’d very much like to thank the ADCB Board of Directors and Mr. Knox for their trust and the opportunities they have given me,” said Ala’a Eraiqat. “Without their support I would never have been in the position to receive this award.

“I would also like to express my great appreciation for the work of every ADCB staff-member over the past year.”

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