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UAE: United Arab Bank (UAB) announced that Fitch Ratings has affirmed its Long-Term Issuer Default Rating (IDR) at 'BBB+' with a Stable Outlook and upgraded its Viability Rating (VR) to 'b+' from 'b'.
The upgrade of the VR reflects the improved business profile following the asset quality clean up and new strategy, improvements in asset quality and coverage of impaired loans, a recovery in profitability metrics after material losses, and stronger capital buffers.
Commenting on the announcement Mr. Shirish Bhide, Chief Executive Officer of UAB, said: “We are pleased with Fitch’s recent action to upgrade UAB’s viability rating from ‘b’ to ‘b+’ which stems from their acknowledgment of UAB’s “improved business profile following the asset quality clean up and new strategy, improvements in asset quality and coverage of impaired loans, a recovery in profitability metrics after material losses, and stronger capital buffers”. Given the strength and quality of our management team, the now significantly augmented Tier 1 capital and strong levels of liquidity, we remain confident of being able to further enhance our market share through the systematic implementation of our strategic and financial plans.”
He added: “We are moving swiftly forward with our strategic and financial plans, and we expect this to have a positive impact on our growth and profitability in the future.”
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About United Arab Bank P.J.S.C.
United Arab Bank, P.J.S.C. (UAB) was incorporated on the 21st of January 1975 as a joint venture between UAE investors and the French international financial conglomerate, Société Générale (SG). Today, the bank is considered among the longest-standing and most innovative banking and financial services providers in the United Arab Emirates.
Headquartered in Sharjah, UAB operates through 6 branches, 17 ATMs, and 11 cash and cheque deposit machines (CCDM) across the UAE offering retail and corporate banking services. The Bank succeeded to establish itself as a partner of choice for corporate clientele with a comprehensive suite of Wholesale Banking services supported by Trade Finance, Retail Banking, and Financial Markets services, in addition to Islamic Banking solutions.
For further information, please contact:
Sirine El Merhebi
Marketing & Corporate Communications Department
sirine.elmerhebi@uab.ae