Dubai, June 5, 2008 -- Invest Bank, United Arab Emirates, signed up with IRIS integrated risk management AG, Switzerland for a three year Basel II consultancy support to implement the Basel II advanced approaches, following successful implementation of the standardized approach.
Sami Rashed Farhat, GM Invest Bank UAE
This was a strategic move on the part of Invest Bank since the bank is strong in Corporate Finance and enjoys a unique position in the UAE financial sector with consistent results and performance. The bank now moves ahead of most of the other banks in the region in terms of Risk Management Practices and UAE Central Bank compliance. Sami Rashed Farhat, GM, Invest Bank says, “Invest Bank has been a strong player in the region with its commitment to Corporate Governance and UAE Central Bank regulatory Compliance and inviting IRIS was naturally the best choice for us to benefit from the global expertise which IRIS has in the field of Risk Management and Basel II. With this move, Invest Bank will become the leader in Basel II implementation and will surely set new standards for other banks to follow.”
Dr. Sunil Kumar, Head of Risk Management Middle East for IRIS
“We are proud to be associated with Invest Bank since the Bank has excellent work force and unique work culture and now can benefit from the par-excellence expertise at IRIS” comments, Dr Sunil Kumar, Head of Risk Management, Middle East for IRIS. “The relationship between IRIS and Invest Bank will help not only in complying with the Basel II requirements but also with the improvements of the Risk Standards at the Bank and thus in overall performance,” adds Sami.
About Invest Bank
Invest Bank PSC is a public shareholding company and was incorporated in 1975 by an Emiri Decree issued by H H Dr Sheikh Sultan Bin Mohammed Al Qasimi, Ruler of Sharjah. The Bank provides corporate and retail banking services in the UAE through its branch net work located in Sharjah, Abu Dhabi, Al Ain, Dubai, Ajman, Ras Al Khaimah and Fujairah. The Bank, a key operator in the market is keen to preserve itself as a prime commercial bank and will continue to maintain a significant and effective role in promoting projects and economic growth in the UAE in various sectors.
About IRIS integrated risk management ag
IRIS integrated risk management AG, founded in 1992 in Zurich, Switzerland, continuously develops, maintains and supports its riskpro™ financial analysis infrastructure for banks, insurers and corporations. Delivery, implementation, consulting and support are executed worldwide by a network of IRIS professionals working today out of Switzerland, Frankfurt, Warsaw, Dubai and a number of global and regional partners.