Overview of United Arab Bank
United Arab Bank (UAB) was incorporated in Sharjah, UAE in 1975. The bank is a leading financial center in the UAE, providing tailor-made financial services to its clients. UAB has a network of six branches across the UAE, offering personal, corporate, and Islamic banking services.
UAB was established as a joint venture between UAE investors and the French international financial conglomerate Société Générale (SG). Since its inception, the bank has become a trusted partner of individuals, businesses, and institutions in the UAE.
Some key facts about United Arab Bank are:
- The bank started in 1975 as a joint venture between UAE investors and Société Générale.
- UAB has a network of six branches across the UAE, providing personal, corporate, and Islamic banking services.
- The bank offers tailor-made financial services to its clients.
- UAB is one of the leading financial institutions in the UAE.
Overall, United Arab Bank is a reputable financial institution that has been serving the UAE for over four decades. Its commitment to providing tailor-made financial services has made it a trusted partner of individuals, businesses, and institutions in the UAE.
Banking Services
United Arab Bank offers several banking services to meet customer needs. These services include retail banking, corporate banking, and digital banking.
Retail Banking
United Arab Bank’s retail banking services offer customers various everyday products and services. These include current accounts, savings accounts, personal loans, and credit cards. Customers can also take advantage of UAB’s online banking services, which allow them to access more than 50 services at a single click, available in English and Arabic. UAB’s retail banking services make banking easy and convenient for its customers.
Corporate Banking
United Arab Bank’s corporate banking services meet the needs of businesses of all sizes. The bank offers various services, including lending, trade finance, cash management, and more. UAB’s corporate banking team is dedicated to providing personalized service and customized solutions to help businesses achieve their goals. The bank focuses more on corporate banking, which accounts for 53% of its services.
Digital Banking
United Arab Bank’s digital banking services provide customers access to their accounts and services from anywhere, anytime. Customers can use the UAB Mobile app to log in via UAE PASS, view their account, credit card, finance, and deposit balances and details with one touch, and view their UAB Wallet. The app also lets customers apply for a UAB product, find the nearest branch or ATM, use fixed deposit and exchange rate calculators, and contact UAB for assistance. The app is available for download on the App Store and Google Play.
Whether you’re looking for retail banking, corporate banking, or digital banking services, UAB offers something. With its commitment to personalized service and customized solutions, UAB is a trusted partner for businesses and individuals.
Sustainability and Social Responsibility
United Arab Bank is committed to sustainability and social responsibility. The bank has undergone several initiatives for environmental sustainability and support the local community.
Green Initiatives
As part of its commitment to sustainability, United Arab Bank has implemented several green initiatives. The bank has adopted energy-efficient practices, such as using LED lighting and implementing a paperless system. The bank also promotes sustainable practices among its employees and customers, encouraging them to reduce their carbon footprint.
Ramadan Community Programs
United Arab Bank recognizes the importance of giving back to the community. The bank has launched several community programs during Ramadan to support those in need. These programs include distributing food and clothing to the less fortunate, supporting local charities, and sponsoring community events.
Overall, United Arab Bank’s sustainability and social responsibility initiatives demonstrate the bank’s commitment to positively impacting the environment and the local community.
Financial Health
Net Profit Analysis
United Arab Bank (UAB) has been performing well financially, as evidenced by the net profit figures. In the year ending December 31, 2022, UAB recorded net profits of AED 155 million, a significant increase from the AED 70 million recorded in 2021. This translates to a year-on-year increase of 120%, indicating that UAB is on a positive trajectory in terms of financial performance.
Strategic Financial Growth
UAB has been pursuing strategic financial growth to strengthen its core business and ensure future growth. In this regard, the bank has concluded a strategic agreement with the Commercial Bank of Qatar (CBQ) to explore potential opportunities for collaboration in various areas, including trade finance, cash management, and correspondent banking. This partnership is expected to enhance UAB’s capabilities and position it for future growth.
The bank has launched several digital initiatives, including mobile banking, online account opening, and virtual assistants, to provide customers with convenient and seamless banking services. This investment in technology is expected to drive UAB’s future growth and help it remain competitive in the market.
Overall, UAB’s financial health is vital, as evidenced by its solid economic performance, strategic partnerships, and investment in technology. The bank’s focus on strengthening its core business and pursuing future growth opportunities bodes well for its long-term prospects in the financial services industry.
Technology and Innovation
Offering its clients access to the most recent technical developments in the banking sector is a top priority for United Arab Bank. The bank has made significant investments in innovation and technology to improve client experience and make banking safer, easier, and more efficient.
Mobile Banking App
The UAB Mobile App is a user-friendly and secure mobile banking application that gives customers access their accounts, transfer funds, pay bills, and manage their finances. The app is available for download on both iOS and Android devices, and it offers a range of features such as biometric login, account alerts, and transaction history.
The UAB Mobile App is designed to provide customers with a seamless banking experience, and it is updated on a regular basis to ensure that it meets the evolving needs of customers. The app also has an API that allows third-party developers to integrate their services with UAB’s banking platform.
E-Statements and Online Services
With UAB’s e-statements and online services, users may view their account details and complete transactions from any location at any time. Paper statements are no longer necessary because customers can see their account balances, transaction histories, and e-statements online.
Bill payment, cash transfers, and account management tools are among the additional online services offered by UAB that improve accessibility and convenience of banking. The web platform of the bank is user-friendly, safe, and updated often to guarantee that it upholds the strictest security and dependability requirements.
To sum up, United Arab Bank is dedicated to giving its clients access to the newest technology developments in the banking sector. Due to the bank’s investments in innovation and technology, it is now able to provide a variety of safe and convenient banking services that meet the changing demands of its clientele.
Regulatory Compliance
As a bank operating in the United Arab Emirates (UAE), United Arab Bank (UAB) is subject to strict regulatory compliance requirements enforced by various regulatory bodies. The following is a summary of the key regulations and guidelines that UAB must adhere to:
- The Central Bank of the United Arab Emirates is the main authority in the UAE for bank regulation. It is in charge of safeguarding customers and making sure the financial system is efficient and stable. UAB must abide by a number of rules and directives published by the CBUAE, including the Rulebook and the Bank Guidelines.
- Authority on Securities and Commodities (SCA): The UAE’s commodities and securities markets are governed by the SCA. Although UAB is not specifically restricted by the SCA, it must abide by some rules and regulations that the SCA has established, such as the Guidelines for Financial Institutions that it has jointly issued with other regulatory bodies.
- Dubai Financial Services Authority (DFSA): The DFSA regulates the Dubai International Financial Centre (DIFC). UAB operates a branch in the DIFC and is, therefore, subject to regulation by the DFSA. UAB must comply with various rules and guidelines by the DFSA, such as the DIFC Rulebook.
- Financial Services Regulatory Authority (FSRA): The FSRA regulates the Abu Dhabi Global Market (ADGM). UAB operates a branch in the ADGM and is subject to regulation by the FSRA. UAB must comply with various rules and guidelines by the FSRA, such as the ADGM Rulebook.
Regulatory Measures
- Regular training for employees on regulatory compliance requirements and best practices.
- Implementation of robust policies and procedures for identifying and managing regulatory risks.
- Regular internal audits to assess compliance with regulatory requirements and identify areas for improvement.
By adhering to the regulations and guidelines of various regulatory bodies, UAB can maintain its reputation as a trustworthy and reliable financial institution in the UAE.
Strategic Partnerships
In an effort to broaden its clientele and enhance its offerings, United Arab Bank has aggressively pursued strategic alliances. The bank hopes to increase operational effectiveness and provide a variety of goods and services to its clients through these alliances.
Acquisitions and Alliances
One of the most notable strategic alliances that United Arab Bank has entered into is with Mastercard. The bank has appointed Mastercard as its preferred and exclusive partner for credit, debit, and commercial cards. This partnership will allow United Arab Bank to offer its customers first-class products, seamless services, benefits, and superior user experience.
In addition to this, United Arab Bank has also joined the UAE Trade Connect consortium as its 11th bank. This strategic partnership aligns with UAB’s mission to accelerate growth through digitization and to build a secure and transparent trade finance ecosystem. The bank is thrilled to benefit from the advantages presented by this agreement to provide safe and innovative banking solutions to its customers.
United Arab Bank has also made strategic acquisitions to strengthen its position in the market. In 2017, the bank acquired the Commercial Bank of Dubai’s operations in the northern Emirates. This acquisition allowed the bank to expand its customer base and improve its product offerings.
Customer Experience
United Arab Bank (UAB) is a leading financial solutions provider in the United Arab Emirates (UAE), offering tailor-made financial services in corporate and retail banking. One of the bank’s key priorities is to provide a superior customer experience to its clients.
Support and Services
UAB offers its customers various banking services, including personal banking, corporate banking, and wealth management. The bank’s customer support team is available 24/7 to assist customers with queries or issues. Customers can contact the bank’s support team via phone, email, or visiting branches.
The goal of UAB’s digital strategy is to leverage technology to provide customers with an unparalleled experience. The bank has made investments in its mobile banking app, which enables users to access and manage their accounts as well as make and receive payments. The consumer was the focus of the app’s design, which includes a user-friendly layout and a number of features that make banking easier to use and more convenient.
In order to improve the client experience, UAB has also put a number of cutting-edge innovations into practice. The bank, for instance, has implemented biometric authentication, letting users access their accounts with just their fingerprints. This technology makes it simpler for users to access their accounts and adds an extra degree of protection.
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Frequently Asked Questions
How can I open an account with United Arab Bank?
Opening an account with United Arab Bank is a simple process. You can apply for a savings or current account by completing an online application form on the bank’s website. You will need to provide your personal and contact information, as well as your Emirates ID and passport details.
What are the benefits of United Arab Bank credit cards?
United Arab Bank offers a range of credit cards to suit different needs. Some of the benefits of UAB credit cards include:
- Cashback on purchases
- Discounts on dining, travel, and entertainment
- Complimentary airport lounge access
- Free travel insurance
- Points that can be exchanged for vouchers, gifts, or air miles
How can I contact United Arab Bank customer service?
You can contact the bank’s customer service team through various channels if you have any queries or issues related to your UAB account or services. You can call the UAB customer care number, send an email, or visit a UAB branch in person.
What career opportunities are available at United Arab Bank?
Top talent in the financial sector is something that United Arab Bank is dedicated to recruiting and keeping. A variety of employment options are available at the bank in areas including corporate and retail banking, risk management, compliance, and more. On the UAB careers page, you may look through the available positions and submit an application for one that suits you.
Where can I find the nearest United Arab Bank branch?
United Arab Bank has a network of branches and ATMs across the UAE. You can find the nearest UAB branch or ATM using the bank’s online branch locator tool. You can search for branches by location, services offered, and opening hours.
What is the process for finding the head office address of United Arab Bank?
United Arab Bank’s headquarters are in Sharjah, United Arab Emirates. The UAB main office’s full address and phone number are available on the bank’s website. To locate the main office, you may also get in touch with the bank’s customer support department.