Noor Bank Wins Citi's STP Award for Second Consecutive Year

From Left: Doug Young, Correspondent Banking Group, Citi;  Mohamed A Al Hammadi Vice President, Global Transaction Services, Citi;  Fawad Khan, Regional Manager, Financial Institution, Noor;  A B Kamath, Head of Operations, Noor

Dubai-UAE: 23 November, 2014 – Noor Bank has been awarded the Citi ‘Straight Through Processing (STP) Excellence Award’ for 2013 for outstanding service related to customers’ international electronic payment transfers.

Receiving the distinction for the second consecutive year, the award recognises Noor for effectively meeting Citi’s rigorous correspondent banking and processing accuracy. Noor Bank achieved an average STP rate of 98.8% in 2013.

The award is in line with Noor’s new philosophy, ‘‘Noor Gets It Done’’ which was announced earlier this year. The approach of ensuring that Noor’s objectives are realised has always been instilled at Noor Bank; with the latest accolade displaying that the team fully abides by that ethos by providing it’s clients with great customer service.  

Noor Bank’s A B Kamath, Head of Operations, and Fawad Khan, Regional Manager - Financial Institution, received the award from Mohamed A Al Hammadi, Vice President, Global Transaction Services at Citi. Doug Young, Director, Correspondent Banking Group, Citi was also present at the award ceremony.

A B Kamath, Head of Operations at Noor Bank, said: "We are honoured to receive this award from Citi. Industry recognitions such as this incentivise us to step-up our operations and processes through adopting best-in-class international practices. The award underscores our efforts to ensure accuracy of electronic payments that help minimise fees and expedite transfers to payment destinations.

The Citi award also validates the high standards of operational efficiency that Noor Bank delivers while demonstrating the professionalism of our employees in serving our clients efficiently and effectively. Noor has constantly demonstrated its ability to respond to the changing market dynamics and social needs. We strongly believe in our philosophy of getting things done.”

The Citi Straight through Processing Excellence Award is the latest in a series of awards won by Noor. The others include the ‘Islamic Finance Bank of the Year’ Award at Trade & Export Middle East Excellence Awards, winning the Citi Award for ‘International Electronic Payment Transfers 2012’ and Noor Bank’s Head of Compliance being recognised at Thomson Reuters Governance, Risk and Compliance Awards 2013.