CAIRO: In an environment where banks are merging and collapsing on the global scene, Ahli United Bank Egypt is maintaining a bullish, yet steady, growth-oriented approach to its business.
One of the men who is most familiar with AUB Egypt’s business strategy, who has hop scotched the region setting up the bank’s operations in various countries, is Deputy CEO and Chief General Manager of Finance, Risk and Operations Shafqat Anwar.
Everything about Anwar exudes familiarity of and expertise in international banking. Raised in Bangladesh, he made his first move to the Middle East in 1990, where he worked in Dubai for ANZ Grindlays Bank.
In 1997, he moved to Bahrain to serve as chief operating officer for Grindlays Bahrain Bank. In 2001, shareholders sold Grindlays Bahrain to AUB, and Anwar agreed to stay on the team.
“I can see that the bank has a very professional team, a very multinational team, he said.
He eventually moved to Egypt in 2006 to help oversee AUB’s acquisition of Delta International Bank. Impressed with the heavy restructuring of the new acquisition that he oversaw, management encouraged him to stay in Cairo and oversee operations.
Since its founding in 2001, Ahli United Bank has adopted an aggressive growth model. In 2004, it made its first acquisition: Ahli Bank Qatar.
That first acquisition, argued Anwar, was an important lesson for the bank on the amount of time and energy an acquisition can take.
“We had to look at the entire bank – reorganize and restructure, he said.In 2005, AUB undertook a challenge of a different kind when it purchased the Commercial Bank of Iraq. Unable to do the restructuring on site because of security concerns, AUB flew its newest employees to neighboring countries for training.
Despite the deterioration of the security situation in Iraq that continued long after the purchase of the bank, Anwar remains optimistic about the deal.
The bank, he said, was taking a “long-term view of Iraq. He cited the size of the country and the historically high level of education among Iraqis as factors contributing to his optimism.
AUB now has operations in the UK, Bahrain, Qatar, Oman, Egypt, Iraq and Kuwait.
And now, with a global banking meltdown in progress, one might expect AUB to change its tune and pursue a more protective strategy.
As Anwar sees it, though, AUB has succeeded based on a strategy of cautious, yet continuous growth. In that vein, the bank, he says, will continue to eye acquisitions going forward, despite unfavorable economic currents.
“I see that we’ll still be growing in the next one to five years, he said. “It’s a period of turmoil, so we have to remain vigilant.
Saudi Arabia and the UAE are major targets.
Anwar is also fortunate to have gotten a front-seat for the region’s most impressive development in modern memory: the explosion of growth in the Gulf.
Arriving in the Gulf almost 20 years ago, Anwar has seen many of the countries in the Gulf go from dusty towns to booming centers for international development, awash with wealth and potential.
He largely credits the commitment of Dubai’s leaders for the expansive growth.
“The leadership has been very committed to the cause of its people, he argued.
Anwar believes that the Egyptian government is also deserving of praise. Its reforms over the past several years, he argued, have been integral to building a strong economy in Egypt.
“You cannot restrict business flow, he said. “You have to open up. And that, he said, is what Egypt has done to great effect.
Even though inflation is rising, Anwar believes that the government is acting appropriately to curb it, but that the government does not have full control over it.
“The government has done as much as possible, he said.
Anwar praised the government’s use of subsidies and said he believes the country is on the right track economically.
To read the other stories in our monthly special focus on Egypt s banking sector, click here:
http://www.thedailynewsegypt.com/article.aspx?ArticleID=16711
http://www.thedailynewsegypt.com/article.aspx?ArticleID=16710
http://www.thedailynewsegypt.com/article.aspx?ArticleID=16709
