"While retaining the salient features of checks and balances in risk management, we are now rearing to go, to make forays into the local market and beyond," said Ervin Knox, Chief Executive Officer of ADCB, while short-listing the priorities of the bank's strategy to promote sales and marketing of an array of new products and services.
The restructuring of ADCB's operations in recent times has seen functions centralised with core teams of specialists to design and evolve retail and corporate mechanisms and credit investment processes and the pruning of segment-focused approach, to the shedding to deadwood among the staff.
"We are enthused by the economic scenario, where the Government, prompted by the substantial liquidity at its disposal, is thinking in terms of venturing into a host of new projects," reasoned Knox, who is optimistic of the bank helping itself to a big chuck of the business, drawing strength and leverage from its track record as a successful local bank.
He said mega projects are at various stages. The projects include second phase of the Abu Dhabi Industrial City, redevelopment and expansion of airports and seaports, the Abu Dhabi Trade Centre, the phased acquisition of aircraft by the fledgling Etihad Airways and the Dolphin initiative, he noted.
ADCB is already involved in two syndicated finances for the Etihad's purchase of aircraft, besides playing the role of lead or co-lead manager in several other deals.
"We are working on plans now, to set up our centre at the Abu Dhabi Industrial City, and add six more branches to our network by the end of this year," he said.
Recent initiatives of ADCB saw the soft launch of a domestic equity fund and a new debit card, and in the retail banking pipeline are products such as loans for housing, education and automobiles.
The bank's recent initiatives have led to the implementing of a new IT system that addresses itself to core banking while other steps taken have seen a drop in the level of its non-performing loans.
Knox is also positive about the effects of what he sees as impending liberalisation of land ownership rules in the emirate of Abu Dhabi that will facilitate transfer of ownership titles, where nationals may be the first recipients of the benefits.
"This is bound to toss up a bewildering range of opportunities for financing and servicing the real estate sector," he averred.
Looking beyond the shores, Knox said that the bank is working on forging strategic alliances with local banks in various countries, including Egypt, India, Pakistan and the Philippines. The bank already has in place such an arrangement with a Lebanese bank.
"We are following the trade flows wherever they are and visualise some high tides from China that is opening up its economy," he commented.
ADCB that posted a profit of Dh801 million for the year 2004, up from the figure of Dh405 million the previous year, appears to have set its sights even higher this year.
"I have reasons to feel that we should be growing faster than other banks," Knox added.
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