CAC Bank Won the “Investment Prize” as the Best Bank of 2013

2/14/2014 12:00:00 AM

The Investment Magazine selected CAC Bank as the best bank in Yemen for 2013 among 20 companies that was awarded with the same prize in the fields of industry, investment and services.

Mr. Abdulqawi Al-Odaini – President of Investors Press Corporation said that this event comes after finishing the National Dialogue Conference successfully and three years of award stop. Mr. Abdulqawi added that the aim of organizing the fourth Investment Award ceremony held on the 13th of this month is to honor the best companies in the Yemeni business sector as well as a recognition of their achievements and to honor the prominent experiences in various economy sectors.

This event is sponsored by His Excellency Mr. Abdu Rabo Mansour Hadi – President of Yemen and the speech delivered on his behalf by Mr. Mahbob Ali -

President Media Advisor stated that the National Dialogue outcomes came to assert the importance of the economy sector that must be given a high consideration since many problems in the country caused by economic aspects.

“We hope that the private sector will have the opportunity to participate in the infrastructure development,” said Mr. Mohammed Abdo Saeed - Head of the General Federation of the Chamber of Commerce. He added that government entities lack the responding to the partnership between private and public sectors especially in the infrastructure, construction of ports and airports and electricity stations.

Then Mr. Salah Sadeq Basha – CEO of CAC Bank pointed out that awarded CAC Bank is regarded as a recognition by sponsors of prize to the achievements of the Bank and its pioneering in the Yemeni banking sector where the bank achieved exceptional growth rates exceeded expectations. Mr. Salah Basha added that in 2013 CAC Bank attained a growth proportion in profit reached to YER 3.7 billion with 62% increase rate compared to the last year, whereby total assets increased to YER465 billion with YER157 billion increase rated 51% compared to the last year, while customer’s deposits reached to YER434 billion with increase rate of 51% compared to the last year YER146 billion. Also, our net treasury bills reached to YER 299 billion with a growth of YER 104 billion rated 54% compared to the last year, while shareholder’s equity increased for YER10 billion to become this year YER 25 billion.

It is worth mentioning that CAC Bank has been granted the Investment Award for the second consecutive year since launching the prize, as a result of its commitments to standards, improving new services and products, maximizing resources and possessing an excellent customer base in the Yemeni banking market.