iPhone | iPad
Android
Huawei
KT APPDOWNLOAD
ADCB and Macquarie Bank conclude treasury venture
ABU DHABI — Abu Dhabi Commercial Bank and Australia’s Macquarie Bank Limited have announced the conclusion of their treasury joint venture, as it successfully achieved the set targets.
The joint venture was established in 2005 in order to develop ADCB’s trading expertise and support functions.
“Given completion of Macquarie’s support functions and successful expansion of ADCB’s product delivery capabilities, ADCB and Macquarie have agreed to conclude the treasury joint venture in recognition of these goals being successfully achieved,” a statement, Abu Dhabi based bank said in a regulatory filing on Thursday.
The infrastructure joint venture between ADCB and Macquarie Group remains in place.
Ala’s Eraiqat, Chief Executive Officer of ADCB said that his bank will continue to work with the Macquarie Capital Group Limited in the future through its ongoing joint venture in ‘infrastructure origination, advisory and investment management’.
Annual General Meeting
Meanwhile, ADCB’s AGM which was held the other day, under the chairmanship of Eissa Al Suwaidi, approved the financial statement for the year 2009.
Chairman Al Suwaidi in his report to shareholders said: “Our strategies focused on improving service quality and enhancing customers’ satisfaction.”
In addition, the chairman said the Bank strengthened internal governance standards in the last year which will provide a competitive edge on both local and regional levels. The bank, whose 64.8 per cent shares are owned by Abu Dhabi government, doubled provisions and reserves to Dh4.2 billion during the year 2009, up against Dh2 billion a year ago.
However, the ADCB’s chairman said the core operations witnessed a significant growth of 41 per cent in the year 2009 over previous period. The total assets increased by eight per cent, customer deposits grew by 11 per cent, while net loans and advances reflected a growth of seven per cent.
Net interest income also witnessed a strong growth of 32 per cent and net interest margin increased by 25 basis points or bps. Abu Dhabi’s second largest bank by assets also maintained strong capital base reflecting capital adequacy ratio 17.4 per cent exceeding the UAE Central Bank minimum capital adequacy requirement which stand currently at 11 per cent. —haseeb@khaleejtimes.com]
More news from Local Business
The latest branch is the second branch of the company at Sahara Centre and one of the eight branches opened in the UAE this year, the exchange house said in a statement
Events to be staged at the DWTC, comprising diverse sectors including construction, energy, technology, beauty, food, healthcare, environment and automotive, will mark the emirate’s post-pandemic economic recovery
Dubai FDI supports expansion by Amazon Web Services with upcoming data centres in the UAE
Some banks are now permitting their customers to purchase Bitcoin and other crypto currencies after conducting due diligence tests on payments
The percentage of using the digital transformation platform has grown to 96 per cent compared to the first half of last year, when the percentage of use did not exceed 76 per cent