The National Commercial Bank (NCB) has won the J P Morgan Elite Award for efficient treasury operators for the years 2009 and 2010. J P Morgan explained that NCB was chosen “for its outstanding efficiency during those two years for its Straight Through Processing (STP) operation by scoring above 99.7 per cent for all treasury payment transactions processed through J P Morgan”.
Firas Al Turki, corporate operations division head, noted that “selecting NCB’s treasury operations as one of the best performers in the market is a significant indication of the superior professionalism achieved by the bank in this area, and objectively reflects our teamwork philosophy, which aims at soliciting and hiring the best resources to manage operations of such size”.
He added that “the selection of NCB to receive such an award coincides with the bank’s achievement of excellent results at all levels, and is a new assertion of NCB’s position in the treasury operations area. It also asserts the excellent reputation of the bank among professionals in the financial and economic sectors at the local, regional and international levels”.
In a letter to NCB’s CEO Abdulkareem Abu Alnasr, Mark Garvin, chairman of treasury and securities services at JP Morgan, said, “Your ability to maintain outstanding STP performance levels for 13 consecutive years clearly designates your organisation as an industry leader in achieved operational excellence. It is truly our privilege to work with a client that has clearly demonstrated a long-term commitment to quality.”