CBI Opens New Branch in Al Wahda Mall : Bank Launches Branch Expansion Program with 12 New Branches in Dubai and Abu Dhabi
Wednesday, September 17, 2014
Commercial Bank International (CBI) announced today it is investing significantly in branch expansion across the UAE in 2014.
CBI, which was named the ‘Fastest Growing Bank in the UAE’ at the much coveted Banker Middle East Industry Awards in 2013, is expanding its footprint in the nation’s capital and will have five new branches open in Abu Dhabi and Al Ain before the end of the year, in addition to three new branches in Dubai, according to its CEO, Mr. Kris Babicci.
“Earlier this year, CBI embarked on a new business strategy to re-position the Bank for future growth. Abu Dhabi is a strategic focus for us and our branch expansion reinforces our presence and commitment towards this emirate. We see huge potential for growth in the capital across both the corporate and retail arms of our business,” said Kris Babicci.
Speaking on the occasion of the opening of CBI’s newest Branch at Al Wahda Mall in Abu Dhabi, CBI’s Chief Executive Officer said the Bank’s expansion in Abu Dhabi will not only help us serve our customers better, but it will also lead to the creation of new job opportunities for UAE nationals as part of the bank’s Emiratization programme. He added that by the end of 2014, the bank will have a total of 27 branches, servicing all seven Emirates.
In addition to four branches opened in 2013 and the new Branch in Al Wahda Mall, CBI opened its first dedicated business banking unit in Dubai’s JAFZA earlier this year. The Bank currently operates five branches in Abu Dhabi and Al Ain.
David Power, CBI’s Head of Retail Banking, added: “Since the beginning of 2013, we have added 12 new branches to our retail network, significantly grown our retail franchise in both balance sheet and reach and repositioned the bank as a serious retail contender in a highly competitive market.”
“The Bank is committed to making its services even more accessible for its growing customer base. One of the key goals of our expansion drive is to reach out and be close to our customers where ever they are in the UAE. The Al Wahda Mall is the ideal location for our new branch in Abu Dhabi due to its high foot-fall and offers customers a full range of retail and commercial services.”
Earlier in 2014, CBI was recognized by the Banker Middle East for Transparency in Retail Banking, a first-in-its-category win that highlighted CBI’s renewed customer-centric strategy.
In 2012, Qatar National Bank (QNB), the leading financial institution and largest bank in the MENA region completed the acquisition of 40% of CBI. CBI’s new brand launched in March last year reflects this partnership. With an expanding network across the United Arab Emirates, an enhanced product suite and a renewed customer-centric approach, CBI remains well positioned for future growth.
CBI reported a net profit of AED 177 million in 2013. The bank’s First Half 2014 recorded AED 108.7 million in net profit, a reinforcement of the bank’s growth trajectory with a year-on-year Operating Profit growth of 22%.