United Arab Bank CEO Sees ‘Good Loan Growth’ as Economy ExpandsClaudia Carpenter
United Arab Bank will have “good loan growth” in 2015 as the United Arab Emirates economy expands 2 percent to 3 percent, Chief Executive Officer Paul Trowbridge said.
“We will outperform the sector,” Trowbridge said in an interview Saturday in Dubai where the bank is building a regional office that it expects to open in five years. United Arab Bank is based in Sharjah, the emirate next to Dubai.
Assets grew to to 25.7 billion dirham ($7 billion) last year from 7 billion dirham in 2009, according to data compiled by Bloomberg. The expansion came by taking market share, Trowbridge said. He declined to give a specific forecast for loan growth this year.
The U.A.E. economy is diversified enough in logistics to residential real estate and tourism that low oil prices will only be a “moderating factor” to growth, he said. The member of the Organization of Petroleum Exporting Countries holds about 6 percent of global oil reserves. Oil prices have dropped about 45 percent in the past year. U.A.E. economic growth slowed from 5.2 percent in 2013 to 4.3 percent last year, according to data compiled by Bloomberg.