Ahli United Bank Explained

Ahli United Bank
Logo Alt:Ahli United Bank Logo
Native Name:البنك الأهلي المتحد
Industry:Banking, Financial services
Predecessors:-->
Successors:-->
Founders:-->
Location Country:Bahrain
Locations:147 Branches
Area Served:Bahrain
Kuwait
United Arab Emirates
United Kingdom
Egypt
Iraq
Oman
Libya
Key People:Meshal AbdulAziz Alothman[1] [2]
(Chairman)
Hala Hatem Sadek
(CEO)
Products:Financial services
Services:Banking
Operating Income: USD 1,124.3 million
Income Year:Q4 2018
Net Income: USD 940.5 million
Net Income Year:Q4 2018
Assets: USD 35.5 billion
Assets Year:Q4 2018
Equity: USD 3.9 billion
Equity Year:Q4 2018
Owners:-->
Num Employees:3901[3]
Website:https://www.ahliunited.com

Ahli United Bank (Arabic: البنك الأهلي المتحد) is a regional bank based in Bahrain.[4] Its head office is situated at Manama and is the largest bank in Bahrain.[5] [6] It is present in 8 countries in the Middle East and United Kingdom. Ahli United bank's ordinary shares are listed on Bahrain Stock Exchange since August 2000[7] and the Kuwait Stock Exchange since June 2006.[8]

History

Ahli United Bank established in May 2000 following a merger between The United Bank of Kuwait and Al-Ahli Commercial Bank, and it is licensed by the Central Bank of Bahrain under a retail banking license. Following the merger, both entities became fully owned subsidiaries of Ahli United Bank.

Kuwait Finance House initiated discussions about a possible merger with Ahli United Bank in July 2017. However, the deal encountered delays, with the Central Bank of Kuwait requesting a reassessment in March 2020 due to the Covid pandemic. In 2022, Kuwait Finance House's completed its acquisition of Ahli United Bank for $11.6 billion. The acquisition created a lender with approximately $121 billion in assets.[9]

Operations

The AUB (Ahli United Bank) Group provides retail banking, corporate banking, treasury and investment services, private banking and wealth management services and Islamic banking products and services. Additionally, the Group also provides life insurance products in both conventional and Takaful schemes.

In 2016, Ahli United Bank started its operations in the UAE through Ahli United Bank Limited (AUBL) in DIFC, Dubai, under a category 1 license.[10]

In 2018, Ahli United Bank signed an agreement with Bahrain’s labor fund, Tamkeen, to provide a BHD 40 million portfolio for subsidized financing to eligible medium and large-sized enterprises in Bahrain.[11]

Major shareholders

Business divisions

The AUB Group operations consist of four core business divisions, all also offering Islamic finance products: Corporate Banking, Treasury and Investments, Retail Banking, Private Banking and Wealth Management.[13] [14]

Islamic finance

Ahli United Bank provides Sharia-compliant banking services through the Islamic banking subsidiary, Ahli United Bank K.S.C.P., Ahli United Bank (UK) PLC. In April 2010, the Bank of Kuwait and the Middle East was converted to a fully Sharia-compliant Islamic banking institution, and its name was changed to Ahli United Bank K.S.C. After that, the Group launched Islamic banking services in the first quarter of 2013, through an associate in Oman, Ahli Bank S.A.O.G. The AUB Group launched its Islamic banking services formally under the name, Al-Hilal.[15] [16] [17]

Entities

Regional awards

See also

Notes and References

  1. http://www.bahrainbourse.com/sysimages/keyperson/AUB_KeyPerson_10312418.pdf List of Key Persons
  2. Web site: AUB's AGM approves a dividend of 20% in cash, 10% in bonus shares. 28 March 2019.
  3. News: Ahli United Bank's annual report 2018.
  4. Web site: Home . ahliunited.com.
  5. News: Qatar's Ahli Bank says top shareholder to sell most of stake. 28 May 2015. Reuters. 28 November 2012.
  6. News: Ahli United Bank's overview.
  7. News: Ahli United Bank Profile. 22 September 2019. Bahrain Bourse. 2000. 22 September 2019. https://web.archive.org/web/20190922110800/https://www.bahrainbourse.com/ahli-united-bank-bsc%3Fsearchtext%3Dahli%2Bunited%2Bbank. dead.
  8. News: Ahli United Bank B.S.C. Profile. 22 September 2019. Boursa Kuwait. 26 June 2006. 6 November 2020. https://web.archive.org/web/20201106151223/https://www.boursakuwait.com.kw/stock/818/profile. dead.
  9. Web site: Kuwaiti banks reap the rewards of economic boom year . 2023-12-15 . www.thebanker.com . en.
  10. News: Ahli United Bank launches operations in DIFC. 2 October 2019. Gulf News. 23 March 2016.
  11. News: Tamkeen and Ahli United Bank Sign a BD 40 Million Portfolio To Support Bahraini Businesses. 2 October 2019. Tamkeen. 13 March 2018.
  12. News: Ahli United Bank Major Shareholder. 22 September 2019. Bahrain Bourse. 2019.
  13. News: Ahli United Bank Al bawaba. 7 September 2019. Al Bawaba. 2019.
  14. News: Fitch Affirms Bahrain's Ahli United Bank and Subsidiaries' IDRs; Downgrades AUB's VR. 7 September 2019. Reuters. 10 September 2019.
  15. News: Ahli United Bank. 14 October 2019. Islamic Markets IQ. 29 July 2019. 14 October 2019. https://web.archive.org/web/20191014064122/https://iq.islamicmarkets.com/co/ahli-united-bank. dead.
  16. News: Ahli United Bank Overview. 14 October 2019. Bahrain Clear. 2019.
  17. News: Ahli United Bank Bahrain. 14 October 2019. Bank Track. 2019.
  18. Web site: About – Aub.
  19. Web site: Dubai – AUB.
  20. Web site: AUB. Webmaster Ahli. United.
  21. http://alhilal.life/en/home Alhilal Islamic
  22. Web site: AUB.
  23. Web site: Homepage. www.ahliunited.com.kw.
  24. Web site: Commercial Bank of Iraq.
  25. News: WORLD'S BEST BANKS 2009. 2 September 2019. Global Finance. 16 September 2009.
  26. News: Awards for Excellence 2012: Awards medals table. 2 September 2019. Euromoney. 5 July 2012.
  27. News: Best Regional Bank, GCC, 2014: The CFI.co Award Winner is Ahli United Bank B.S.C.. 2 September 2019. Capital Finance International. 2014.
  28. News: The Banker's Bank of the Year Awards 2016. 2 September 2019. The Banker. 8 December 2016.
  29. News: Ahli United Bank: Best Regional Bank GCC 2016. 2 September 2019. Capital Finance International. 2017.

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