The European Union currently conducts some $250bn of trade with the Middle East every year and is a significant trading partner for the region. When Europe Arab Bank was established in August 2006, it was to ensure that their clients would get the best possible knowledge, expertise and understanding of the opportunities that existed in both regions.
As a wholly-owned subsidiary of Arab Bank, Europe Arab Bank (EAB) has its Head Office in the City of London. In an imposing building in Moorgate, its Chief Executive Officer, Antoine Sreih, has experienced recessions, periods of rapid growth and the rise of the City of London as a global financial hub.
EAB, which is regulated by the Financial Services Authority; has offices in a number of key European cities, Frankfurt, Madrid, Milan, Paris, Vienna and Cannes and its aim is to be the bank of choice for private and corporate clients operating across the European-MENA axis.
Although it was only established in 2006, EAB has a rich heritage. Its parent, Arab Bank, was established in 1930 as the first private sector financial institution in the Arab World. Based in Amman, Jordan, Arab Bank has an unmatched MENA branch network and a global footprint spanning 29 countries, in five continents. It plays a major role in financing strategic projects in the region in areas such as power generation, desalination, petro-chemicals, aluminium, telecommunications, construction, hospitality and tourism and other infrastructure projects.
Antoine Sreih says: “Our business is founded on a rich international heritage and experience and provides a commercial financial bridge between the MENA region and Europe. When you look at all the wealth that’s being generated, Europe provides a good investment home for Arab investors even in these challenging markets. Our vision is to be recognised as the pre-eminent bank for clients in Europe, the Middle East and North Africa; a European gateway to the Arab and North African worlds and vice versa, providing the best possible products and solutions with exceptional service that our clients can depend on”.
Sreih has been with Arab Bank for over 30 years, 25 of which have been in the City of London. Lebanese by birth, he is full of enthusiasm for the Middle East and its opportunities and relishes his role as CEO. He goes on to explain: “The support we have received from Arab Bank has been significant over the last few years; our Chairman Abdel Hamid Shoman, together with our Board of Directors, has led the Bank to concentrate its efforts on building strong governance, create an effective infrastructure and establish a highly skilled management team”.
He believes that by maintaining EAB’s core values, tactical and calculated goals and more importantly, its solid strategy that focuses on providing a financial bridge between Europe and MENA, its well placed to ride out the difficult times.
Against a backdrop of the worst recession since the Great Depression of the 1930s under Sreih’s direction, the Bank has restructured its credit team and strengthened it by adding a Business Support Team. This team has been tasked with providing advice and guidance to those businesses which are struggling in these challenging markets to ensure that they have the best possible chance of recovery.
He and his Executive Management Team have also looked at the bank’s business model to ensure that it is ‘fit for purpose’ and well positioned for the economic upturn. He goes on to explain: “We have been aggressive with cost control and we will continue to manage those costs throughout 2011. The well-publicised financial crisis has undoubtedly affected most businesses, but it is a measure of the strength of our people that we have continued to focus on the opportunities to work very closely with our colleagues in Arab Bank and to seek good, profitable business in our chosen markets”.
Sreih has a strong management team underpinning his leadership. Ittira Davis, Managing Director of Corporate and Institutional Banking; Neil Turnnidge Head of Treasury and Philip Arida Head of Private Banking who lead the Bank’s business units. As Sreih points out: “Our regional knowledge of the economic, corporate, social and political environment adds real value to business relationships with clients across a wide range of sectors and our ability to offer a genuine one-to-one relationship with those clients is what really differentiates us from the competition”.
Although other banks have flocked to the region Sreih still feels that EAB has an added advantage, “as part of the Arab Bank Group, our unparalleled footprint in Europe and MENA enables clients to benefit from a strong ‘on the ground’ presence”.
Despite the challenges that have faced all banks over the last few years EAB has put a considerable amount of effort intodeveloping and encouraging its people. In December 2009 EAB was awarded ‘Investors in People’ (IIP). Whilst most organisations attempt to reach the IIP standard by focusing on its UK business EAB wanted to ensure that whatever they do, they do it as a European bank so they set out to ensure that they could achieve the Standard on an international basis, despite the fact that this increased the challenge and complexity.
As Sreih explains: “Our people are our greatest asset and the true differentiator so I am delighted that we achieved the required standard to be recognised as an ‘Investor in People’”. In 2011 he remains confident that with the measures the Bank has put in place over the last couple of years, they are well positioned to move forward together, win new profitable business in their chosen markets and build on the solid foundation that has been built since he took up the role as Chief Executive Officer.
EAB is registered in England and Wales. Its registered office is 13-15 Moorgate, London, EC2R 6AD. Europe Arab Bank plc is authorised and regulated by the Financial Services Authority. For further information visit www.eabplc.com