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ArabBank
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Global Finance, the New York-based international publication, has recently granted Arab Bank the “Best Trade Finance Provider 2021 in the Middle East” award. The recognition comes as an acknowledgment of the bank’s leading position in the region and its exceptional capabilities in providing the latest banking solutions and trade finance products that meet its clients’ evolving needs across the different sectors.

Arab Bank was selected for this award based on an evaluation process conducted by a panel of the magazine’s editors with input from international financial analysts, corporate executives and technology experts. Criteria for choosing the winners included transaction volume, scope of global coverage, customer service, competitive pricing and innovative technologies.

This global recognition is a testament to Arab Bank’s solid performance and long success record driven by its institutional vision and constant efforts towards adopting the latest technologies in the banking industry to provide seamless and well-rounded banking experience to its clients. It also comes as a manifestation of its integral role in facilitating trade across the Middle East and North Africa by delivering comprehensive banking solutions and services that are in line with the latest developments in the banking sector locally, regionally and globally.

Arab Bank owns one of the largest global Arab banking networks with more than 600 branches spanning five continents, as well as extensive experience in trade finance and deep understanding of the region, thus reaffirming the bank’s ability to meet its clients’ evolving needs across countries.

It is worth mentioning that Arab Bank also received several international recognitions during the past year, most notably the “Best Bank in the Middle East” award from Global Finance for the fifth consecutive year. The list of awards also includes “Best Bank for Cash Management in the Middle East” from Global Finance, “Best Trade Finance Services in the Middle East” from EMEA Finance, “Cash Manager of the Year in the Middle East” from Global Investor/ISF. The bank also received the “Best Mobile Banking App in the Middle East” award from Global Finance in recognition of its corporate digital banking services.

Feb 28, 2021
Arab Bank Named the Middle East’s Best Trade Finance Provider 2021

Arab Bank has recently launched a special offer in collaboration with Travel One Group, the leading travel agency in Jordan and the region, for its customers in Jordan when paying for their travels using their cards through toghi.com or by visiting Travel One Group offices.

The new offer available for Arab Bank’s credit and debit cardholders until the end of March entails 10% cashback of the value of the cardholder’s reservation, credited automatically to the card account. The cardholders will also earn reward points through “Arabi Points” program, which allows customers to redeem their points for cash and gift vouchers; in addition to the reward points available on toghi.com. Furthermore, the offer allows Arab Bank credit cardholders to exclusively benefit from the Easy Payment Plan Program with 0% interest up to 12 months upon using their credit cards to make payments at any of Travel One Group offices or through their website.

Travel One Group, through its website toghi.com, provides comprehensive travel and tourism services, which include booking and issuing airline tickets, international hotel bookings, personalized travel packages, car rental and transportation services, as well as specialized MICE services – both locally and abroad, at competitive rates and after-sales services.

It is worth mentioning that Arab Bank credit cards provide a wide range of benefits to its holders, including worldwide acceptance, easy and secure access to credit card accounts anytime through both “Arabi Mobile” and the bank’s internet banking service “Arabi Online” and many more benefits.

Feb 8, 2021
Arab Bank Launches Special Offer with Travel One Group Through toghi.com
Arab Bank has recently launched a special promotional offer in collaboration with Agoda.com, a subsidiary of the Booking Holdings Group - one of the leading online travel agencies in the world. The offer aims at introducing exclusive benefits to Arab Bank credit cardholders when using their cards to pay for their online reservations through the website.
 
The offer, which will run until 15 June 2021, targets Arab Bank debit and credit cardholders and entails an instant 20% discount on the value of the cardholder’s reservation when booking through Agoda.com, which offers over 2 million hotels globally.
The offer is valid exclusively for bookings made through www.agoda.com/arabbank.

It is worth mentioning that Arab Bank credit cards provide a wide range of benefits to its holders, including worldwide acceptance, easy and secure access to credit card accounts anytime through both “Arabi Mobile” and the bank’s internet banking service “Arabi Online”, in addition to the easy payment plan for convenient installments at a variety of merchants. Arab Bank cardholders can also use the “Arabi MobiCash” application to pay with their cards using their smartphones.
Feb 1, 2021
Arab Bank Launches Special Offer in Collaboration with Agoda.com

Arab Bank Group closed 2020 reporting net income after tax of $195.3 million as compared to $846.5 million in 2019, recording a drop of 77%.  Group equity grew to reach $9.4 billion.

The Board of Directors has recommended to the shareholders the distribution of 12% cash dividends for the financial year 2020.

The year 2020 was challenging for the global and regional banking sectors due to economic contraction, higher cost of risk, and lower interest rates in addition to the plunge in oil prices since the outbreak of the pandemic.

The Bank entered the crisis from a position of strength, with stable credit quality coupled with sound liquidity and capital ratios. The drop in profits is attributable to the build up of higher provisions, driven by the deterioration of the macro-economic environment regionally and globally, and to lower revenues from interest and fee income due to the Covid-19 pandemic and to lower market interest rates and weakening oil prices.

Group net operating income is at $ 1,007 million, 25% lower than the prior period as a result of a decrease in net interest and commission income, and the drop in the contribution of the bank’s associates in the Gulf.  Customer deposits grew by 7% to reach $ 38.7 billion as compared to $ 36.2 billion, while loans grew by 1% to reach $26.5 billion as compared $ 26.1 billion. The Group maintained its strong and robust capital base with equity of $9.4 billion and a capital adequacy ratio of 16.8% calculated in accordance with Basel III regulations. The Group enjoys high liquidity with a loan-to-deposit ratio of 68.4%, while credit provisions held against non-performing loans continue to exceed 100%.

Mr. Sabih Masri, Chairman of the Board of Directors remarked that the Covid-19 pandemic has had a material impact on businesses around the world and the economic environments in which they operate. In an effort on safeguard their economies, governments and regulatory authorities launched various programs to mitigate the impact of the crisis. He added that the bank dealt with these challenges while maintaining its strong liquidity and capital positions.

Mr. Nemeh Sabbagh, Chief Executive Officer, stated that the Group took several strategic initiatives to help mitigate these unprecedented economic and market conditions, safeguarding its healthy liquidity and capital ratios, maintaining resilient asset quality metrics, and scaling up digital banking initiatives and channels across the Group.

Mr. Sabbagh also highlighted that the increased provisions taken across the Group are in accordance with the guidelines of International Financial Reporting Standard # 9, and as per the bank’s internal expected credit loss model, and include general provisions built due to the current economic situation in Lebanon.

Arab Bank was careful to support both its corporate and consumer customers who were impacted by the pandemic. Arab bank was also actively involved in community programs inline with initiatives by governments and regulators to alleviate the burden on customers by restructuring, deferring or reducing instalments and by lowering interest rates for the most exposed sectors, especially small and medium-sized companies.

Arab Bank Group has also donated $25 million as part of its social responsibility in support of national efforts to combat the COVID-19 crisis and to mitigate its health, economic and social repercussions on citizens.

Mr. Masri concluded by stating that while the negative impact of the pandemic is unprecedented, its effect on the Group is well cushioned by the bank’s resilience, the strength of its franchise, and the success of its diversified business model.

The 2020 financial statements are subject to the approval of the Central Bank of Jordan.

Jan 26, 2021
Arab Bank Group reports net profits of $195.3 million for 2020 12% cash dividends

Global Finance, a New York-based international publication, has recently granted Arab Bank the “Best Mobile Banking App 2020” award in recognition of its corporate digital banking services across the Middle East, offered to the bank’s corporate clients through “ArabiConnect - Mobile” app. The bank was also named “Cash Manager of the Year” in the Middle East by Global Investor/ISF, a flagship title of Euromoney Institutional Investor plc. 

Arab Bank was selected for the “Best Mobile Banking App 2020” award based on several factors including: strength of strategy for attracting and servicing digital customers, success in getting clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives and web/mobile site design and functionality. 

As for the “Cash Manager of the Year” award in the Middle East, the bank received this recognition despite fierce competition in the region. It came as a result of the bank’s ongoing commitment towards digital transformation manifested in the advanced solutions offered to its corporate clients across the region such as “ArabiConnect” platform, which enables clients to take advantage of a host of cash management services instantly and effectively. A vital platform especially during the current challenges faced by corporations in the region and across the globe. 

 The “ArabiConnect - Mobile” app represents a value-added proposition that complements Arab Bank’s digital banking services offering corporate clients further flexibility and convenience while conducting their banking transactions, anywhere and around the clock. The app’s features include: around the clock access to corporate accounts, domestic and cross-border accounts management, cash, liquidity and payables management, among many more. The platform is part of Arab Bank’s fully integrated portfolio of distinguished digital banking solutions designed for the corporate sector and aligned with the latest advancements in the banking industry.

Arab Bank was also named “Cash Manager of the Year 2020” in Jordan based on a cash management survey by Euromoney magazine for non-financial institutions. 

Jan 20, 2021
Arab Bank Receives International Awards for its Corporate Services in the Middle East

Arab Bank has recently opened Al-Yasmeen Branch in its new location on Jabal Arafat Street near Al-Khareeta circle. The opening comes as part of the bank’s strategy to reinforce its branch network and self-service branches, and to provide its customers with advanced banking solutions based on the highest standards of quality and security.

The new branch offers a dedicated area for “Elite” customers, a wide range of services to “Arabi Premium” program customers through dedicated relationship managers, and a transactional kiosk machine that offers instant issuance and renewal of debit and credit cards as well as instant issuance of account statements. The branch also offers ATMs that provide a range of banking services around the clock, including cash withdrawal with double the daily limit, the ability to deposit cheques at anytime, and many more.

Commenting on the branch opening, Head of Consumer Banking at Arab Bank – Jordan, Mr. Yacoub Matouk stated: “Shifting Al-Yasmeen branch to its new location comes as part of Arab Bank’s ongoing efforts to provide customers with an integrated banking experience that meets their evolving needs and enables them to conduct their transactions with utmost flexibility and convenience.”

It is worth mentioning that the new branch also offers the usual banking services such as opening all types of accounts, personal loans, auto loans, housing loans and credit card services. This is in addition to the direct banking services (Arabi Online, Arabi Mobile and others) available around the clock, which allow customers to carry out banking transactions, pay bills, issue account statements among other services, easily and securely.

Jan 17, 2021
Arab Bank Opens Al-Yasmeen Branch in Its New Location

Arab Bank launched a special financing offer in collaboration with Honda Jordan, as part of its constant efforts to provide its customers with value-added banking services and promotions to meet their diverse needs.

The offer, which will run until 28 February 2021, allows customers who want to purchase any vehicle from Honda to benefit from many exclusive privileges, including preferential interest rates, free insurance for the first year, as well as the ability to trade in the customer’s existing car - regardless of the type and model - as a down payment or as part of the full price, through a simple and easy process.

Commenting on the offer, Mr. Yacoub Matouk, Head of Consumer Banking at Arab Bank – Jordan, said: “We continue to introduce a variety of special campaigns and comprehensive financing solutions to our customers offering them competitive rates, preferential benefits and a seamless process.” He added: “This promotion is the latest in our series of ongoing automotive financing offers. It enables our customers to purchase the car of their choice from a wide range of models available through Honda showroom.”

For his part, Mr. Muhannad Tahboub, General Manager at Tahboub Automotive – Honda Jordan: “At Honda Jordan, we are proud to offer high quality Japanese cars equipped with the latest technologies for top performance, in addition to efficient financing solutions in collaboration with Arab Bank, whom we are proud to collaborate with on this promotional campaign for Honda cars.”

It is worth mentioning that Arab Bank’s auto loans offer a wide range of benefits, including competitive interest rates, loan amounts up to JOD 100,000 with a tenor up to 8 years, options to finance more than one car, including new and used cars according to the bank’s special terms and conditions, in addition to a dedicated sales team. Arab Bank also offers the ability to apply for a loan online easily through the bank’s digital banking services which include Arab Bank’s website, the bank’s mobile application “Arabi Mobile” and its internet banking service “Arabi Online”.

Jan 10, 2021
Arab Bank Launches Special Offer in Collaboration with Honda Jordan