Ali & Sons Signs Agreement with ADCB for Innovative Cash Management Solutions08/09/2017
Abu Dhabi, UAE: Ali & Sons Holding LLC leads innovation after it announced its partnership with Abu Dhabi Commercial Bank (ADCB) in launching a fully automated cash management solution for the company.
“ADCB’s cash management solution presents a fully operational service which is already integrated to our enterprise resource planning. With this, bank processing becomes more convenient than it was before. Payment processes will be a breeze for our customers as the method allows quick accreditations of cash and cheques in our trusted banks,” according to Mr. Atef Ashour, Ali & Sons’ CFO.
Through ADCB’s cutting-edge management solutions, Ali & Sons will have access to extensive services including credit online transfers both locally and internationally, liquidity management, multibank reporting system and cash & cheque pickup service and PDC management. This reduces risks for the company while maximizing profits through an easy and secure management platform.
The official signing ceremony was held at the Ali & Sons Head Office. Present during the event were Mr. Shamis Al Dhaheri, Group Managing Director, Mr. Saeed Al Dhaheri, Investments Director and Mr. Atef Ashour, Chief Financial Officer. ADCB attendees include Mr. Mazen Zo’mot, Head of Wholesale Banking in Abu Dhabi & Al Ain, Mr. Jacek Kurantowicz, Head of Cash Management and Mr. Eyad Al Khaldi, Unit Manager for Wholesale Banking in Abu Dhabi & Al Ain.
Mr. Shamis Al Dhaheri said, “We are pleased to team up with ADCB in becoming one of the pioneers of cash management solutions for Ali & Sons. ADCB boasts an excellent level of cash management - having received accolades such as the Best in Cash Management Solution Bank in the region and topping global ranks - which is the quality we have been seeking.
This agreement aims to strengthen Ali & Sons Holding as a company under the initiative of improving the integrity of data and having a better visibility of cash movements”. Mr. Mazen Zo’mot, Head of Wholesale Banking in Abu Dhabi and Al Ain for ADCB also commented saying, “We are honored to be chosen by Ali & Sons as their strategic partner in developing cash management services for the company. With our extensive knowledge on this field, we guarantee an easy banking experience, therefore diminishing human errors and enhancing systemized transactions.”
About the Holding group: Ali & Sons Holding (AS) is based in Abu Dhabi (United Arab Emirates) and is a diversified conglomerate established in 1979. The company has strong presence in the automotive, commercial, oil & gas, retail, construction, property management, hospitality, manufacturing, marine engineering and information technology industries. AS is associated with some of the most prestigious brands in the world, such as Volkswagen, Audi, Porsche and Skoda. The Group’s own brands have significant market share, building on the Group’s strength and quality of products and services. These brands are Amwaj Jewellery, Awazen Medical Centre, Sidra Real Estate and Eurostar Rent-A-Car among others.
For more information regarding this press release, please contact:
Hiba Abdul Ghani Hidmi
Head of Marketing & Corporate Communications
Ali & Sons Holding LLC
About ADCB (30 June 2017): ADCB was formed in 1985 and as at 30 June 2017 employed over 4,500 people from 78 nationalities, serving retail customers and corporate clients in 48 branches, 3 pay offices and 2 branches in India, 1 branch in Jersey and representative offices in London and Singapore. As at 30 June 2017, ADCB’s total assets were AED 259 billion.
ADCB is a full-service commercial bank which offers a wide range of products and services, which include retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate and currency derivatives and Islamic products, project finance and property management services.
ADCB is owned 62.52% by the Government of Abu Dhabi (Abu Dhabi Investment Council). Its shares are traded on the Abu Dhabi Securities Exchange. As at 30 June 2017, ADCB’s market capitalisation was AED 36 billion.