NEWS ROOM

ADDAX named ‘BEST NEW BANK’ at 2007 Banker Middle East Awards

Date : 20 May 2007

Yousef Al Essa, Chief Executive Officer, Addax Bank, accepted the award on behalf of Addax at the awards ceremony held at the Ritz Carlton, Doha, Qatar.

Addax Bank received the prestigious “Best New Bank” award at the Banker Middle East Industry Awards 2007. Yousef Al Essa, Chief Executive Officer, Addax Bank, accepted the award on behalf of Addax at the awards ceremony held at the Ritz Carlton, Doha, Qatar.

The Banker Middle East Awards, now in their seventh year, were set up to reward excellence in the Middle East’s banking community. Addax Bank’s impressive growth over the last three years contributed to the Banker Middle East’s decision to award the bank “Best New Bank” for 2007. In 2006, Addax Bank expanded into the hospitality, media and education sectors as part of the bank’s objective to diversify and strengthen its network in the GCC region.

“It is an honor for us to receive the “Best New Bank” accolade by the Banker Middle East magazine. It is extremely satisfying to be recognized for our efforts; since its inception Addax has always strived to bring dynamic, high-return, investment opportunities to the Gulf region. The “Best New Bank” award reflects the confidence our investors have in us and underlines our leading presence in the Middle East’s investment banking sector,” said Yousef Al-Essa, CEO, Addax Bank.

Last year Addax Bank reported a 265% growth in profits and its return on average capital employed during 2006 was one of the highest in the industry. Spurred by the bank’s recent success and in line with its strategy of organic growth and expansion, Addax Bank is set to announce a major capital increase in the next few months.