Safe haven: Abu Dhabi national bank safest in MENA
The National Bank of Abu Dhabi has been ranked 50 amongst 500 largest banks worldwide as one of the safest banks in the world and the safest the Middle East and North Africa (Mena) region for the fourth consecutive year, NBAD said.
According to Global Finance report, the ranking was created through an evaluation of long-term credit ratings from Moody’s, Standard and Poor’s and Fitch Ratings and total assets of the 500 largest banks worldwide.
“NBAD continuous inclusion and advancement in this distinguished ranking confirms the bank as a safe haven in an uncertain world,” said Michael Tomalin, the Group Chief Executive of NBAD.
Hammam Shamma, chief analyst and economist at Al Fajr Group, said that this ranking because of the confidence in the bank.
“The bank extends and offers innovative products to meet the highest expectations of investors in a manner to contribute to the development of the asset management industry in the country,” said Shamma.
The report showed that NBAD is rated senior long term/short term A+/A-1 by Standard and Poor’s, Aa3/P1 by Moody’s and AA-/F1+ by Fitch.
According to the bank, NBAD’s total Assets increased 17.6 per cent by end of 2012 to reach Dh300.6 billion.
This ranking assures that the standing of the NBAD in the Global Finance’s ranking of the World’s 50 Safest Banks for the fifth consecutive year reflects the strong foundations of the bank.
NBAD had announced last year that it is likely to increase its annual earnings to Dh16 billion by 2021 and that it will expand internationally to countries such as Brazil, Australian, India, and Indonesia after imminent moves to Malaysia and China.
“We’d like to get up to around number 100 in the world,” said the bank.
NBAD has earlier this month been named the Best Asset Management House in the Middle East by International Takaful Awards for the second year running.
- United Arab Bank makes AED250,000 contribution to Al Thiqah Club for the Handicapped
- Opening up: is Saudi Arabia's stock market ready for an upgrade?
- Severe symptom of a savings gap? Turkey leads Europe in credit card debt
- Gulf stocks facing some serious 'downward pressures'
- Long-anticipated hike: Dollar on track for best annual gain in nine years