Firas Al Turki, Corporate Operations Division Head, poses with NCB staff handling the Treasury Operations and with J.P. Morgan's executives. JEDDAH: In a new achievement that confirms its leading position in the banking industry, J.P. Morgan Chase announced NCB as the winner of the J.P. Morgan's "Elite Quality Recognition Award" for quality excellence in Treasury operations for the years 2009 and 2010. J.P. Morgan explained that NCB's winning the award was "due to its outstanding efficiency during those two years in Straight Through Processing (STP) operation by scoring above 99.7 percent 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 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 his letter to NCB's CEO Abdulkareem Abu Alnasr, Mark Garvin, Chairman of Treasury and Securities Services of J.P. Morgan, said "your ability to maintain outstanding STP performance levels for 13 consecutive years clearly designates your organization 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,” he added. He added that "we are proud to recognize your achievements and look forward to working with you to exceed your current outstanding levels of performance." Saleem Ayub, Treasury Operations Head, highlighted the importance of this award as it shows the quality sought by the Treasury Operations Team and the strict qualification criteria involved. In addition, Firas believes that this award will sustain the team confidence to achieve NCB's desired objectives for 2011. JP Morgan Chase has also awarded both Payment Operations & Trade Services the Quality Recognition Award for USD Commercial STPs. Both awards were received by Hussain Al Sharif, Head of Investigations, Test Key & OFAC; and Sami Wafa, Correspondent Banking Products & Services Manager, who received the award on behalf of the Trade Services Department.
