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20 September 2003
For the second consecutive year since Brunei was included in The Banker Awards in 2002, Baiduri Bank emerges as the winner of “Bank of the Year Brunei 2003” in the rigorous selection process by the global editorial team of The Banker magazine. This prestigious accolade was awarded to the Bank at an Award Ceremony held at The Dorchester Hotel, London on 9 September 2003.

Present at the Award Ceremony were His Royal Highness Pengiran Muda Abdul Qawi, Director of Baiduri Bank Group and Mr Pierre Imhof, General Manager of Baiduri Bank. Attended by more than 124 award winners who represented the cream of the global banking community, the Ceremony was a unique celebration of excellence in the banking world.

Assessment criteria for Bank of the Year Awards focus not only on the latest results and banking data such as key growth and performance measures, but also on technological and strategic developments. The award is granted for the best overall performance incorporating both quantitative and qualitative achievements.

“Baiduri Bank is the recipient of the award again this year after holding up extremely well in an environment marked by a sluggish economy and tough competition from the world’s leading banks,” according to The Banker in its September edition.

Baiduri Bank’s superior financial performance was also a major achievement recognised by The Banker. “Baiduri Bank, which has become one of the country’s leading banks since its founding in 1994, posted a record operating profit of BND26m for 2002 despite the trying conditions. And it is certain to surpass that milestone this year – its operating profit for the first five months of 2003 was double the level for the same period in 2002.

” In addition, The Banker commended Baiduri Bank’s proven ability to innovate and demonstrate forward thinking in product development. Baiduri Bank is the first bank in Brunei to introduce internet and mobile phone banking, as well as the Baiduri MTV prepaid card, the first of its kind in the world.

Commenting on the Bank’s outstanding achievement, Mr Pierre Imhof said, “"We are honoured to be conferred the prestigious Bank of the Year Award for the second consecutive year. This is a remarkable achievement and recognition of our market leadership.

“This prize comes as a reward to the successful efforts Baiduri Bank has made again this year to innovate and deliver excellent services to our customers,” he added. Mr Imhof is confident that, in the years to come, Baiduri Bank will achieve their ambitious objectives of growth, innovation and quality to the satisfaction of both its customers and shareholders.

Since its inception in 1926, The Banker, a publication owned by Financial Times Business Ltd., UK, has been a trusted source of global financial intelligence. Its exclusive World Banks listings and banking coverage has become not only essential reading to financial professionals worldwide but also a key indicator of financial performance.

The Banker Awards go beyond The Banker’s top 2000 global banks ranking, published each July, by looking at more than just hard statistics. All banks invited to enter are hand-picked by The Banker and asked to answer questions on their growth and performance in terms of tier-one capital, assets and return on equity. Added to this, they must demonstrate how use of technology is helping them advance their market position and show how their banking structure and strategy will equip them for future developments in their market. All these factors are taken into consideration by The Banker’s global editorial team to judge the standard of their performance over the whole year, as well as the strength of their position for the coming year.
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