UNION NATIONAL BANK
UNB: The bank that cares Mohammad Nasr Abdeen, CEO of Union National Bank, revolutionized the group’s operations since taking lead 15 years ago.
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mid the world’s challenging economic cycles, Union National Bank’s selective approach has led to strategically positioned investments and expansions. From around 22 branches at the start to more than 110 branches today across five countries, the UAE-headquartered bank has been growing year after year. UNB’s subsidiaries are now among the best performing in their fields. Al Wifaq Finance Company, for example, was established in response to an increasing demand for Islamic banking, while Union Brokerage Company with its well-diversified network was one of the first companies to deal in the brokerage field in the UAE.
Mohammad Nasr Abdeen
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“Our brokerage business was established before many others and is one of the best today. We also got the approval from Central Bank and other UAE authorities to double our capital in Al Wifaq, which will be completed next January,” reveals Abdeen, who was named CEO of the Year, Banking category award at the 2013 CEO Middle East Awards and more recently, in 2014 won a Silver Stevie award for Executive of the Year – Banking at the 11th International Business Awards also known as the Stevie Awards.
LEVERAGING ECONOMIC COOPERATION In line with its mission to leverage trade relations between countries, UNB’s extensive coverage spans the UAE, Kuwait, and Qatar, as well as China and Egypt, two of the world’s most populous nations. “We acquired ACMB in Egypt in 2006, and grew our presence from eight to 32 branches over the last five years, despite the revolution in Egypt and economic crisis. We doubled the capital of this bank this year, and there’s an aggressive plan to grow because of the huge potential for business in Egypt,” explains Abdeen. Indeed, UNB Egypt achieved impressive results ever since launching in the North African country, prompting the group to double its capital there last October. In China, UNB has a representative office, the first from a UAE bank, which is now moving toward becoming a branch. “China is a huge market and its relations with the UAE are growing fast; that was one of the main reasons we decided to go there, to facilitate business between the two countries”. The core market for UNB, however, remains the UAE, as Abdeen points out. “The UAE is a vibrant hub of international commerce, trade and tourism and one of the most connected in
the world. Expo 2020 is a big story and Dubai is taking it very seriously with a clear vision. We expect the construction of required hotels, ancillary infrastructure and every store to leave its impact on the banking business.
MULTI-AWARD WINNER When it comes to financial growth, proactive asset quality management has ensured higher than expected results for the group. As of 30 September 2014, UNB’s total assets had reached AED 88.6 billion, an increase of three percent from last year, and loans and advances had risen to AED 64 billion, up by six percent. UNB also recorded a profit of AED1,584 million for the nine month period, 2014 an increase of 10% compared to the corresponding period of previous year “This is a result of proper planning and is supported by the economic progress and stability of the country. We have a very sound balance sheet and strong support from our board and chairman, H.H. Sheikh. Nahayan Mabarak Al Nahayan. The biggest reason for our success, however, is the commitment and quality of our people, who we train, guide and care about. People at UNB are a prized asset”. UNB consistently receives high ratings by reputed credit rating agencies and its long list of international and local accolades speaks for itself. The bank is notably a winner of the Sheikh Khalifa Excellence Award – Diamond category as well as the Dubai Quality Gold Award, which makes it the first organisation to win these two quality awards simultaneously. Yet Abdeen is quick to emphasize that there’s more to success than past achievements. “We’re not only focusing on the existing results, but we also look forward to the future and see the potential to achieve much better results”.
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