The National Bank of Abu Dhabi (NBAD) has been named the “Safest Bank in the Emerging Markets” by Global Finance, the renowned international financial magazine.
Global Finance based its ranking by evaluating long-term credit ratings from Fitch Ratings, Moody’s, and Standard & Poor’s; and the total assets of the 500 largest banks in the emerging markets.
“Being the Safest Bank, which translates to being the strongest and most sustainable partner, in a sphere that represents ambition and growth is an envied and strong asset,”says Alex Thursby, the Group Chief Executive Officer of NBAD. “NBAD’s strong credit ratings complemented by our ranking among the world’s safest banks reflect our disciplined strategy and ongoing focus on long term, sustainable growth.”
Global Finance, which has also ranked NBAD one of the World’s 50 Safest Bank for five consecutive years, raised NBAD to the top of its 50 Safest Banks in the Emerging Markets following the recent rating upgrade of NBAD’s long- and short-term counterparty credit ratings by Standard & Poor’sto ‘AA-/A-1+’ from ‘A+/A-1’.
The Global Financerankings serve as a recognised and trusted standard of creditworthiness for the financial world.
“For companies looking to expand into new markets, choosing the right banking partner is critical,” says Global Finance publisher Joseph D. Giarraputo. “This ranking is an invaluable tool for companies to evaluate institutional strength in fast-growing emerging markets.”
Emerging markets, which are economies that are undergoing rapid growth and industrialisation, provide great opportunities for banks. In fact, this decade is the era of emerging markets banks. Moreover, in all aspects, emerging market companies are outperforming developed-economy companies. On the macroeconomics, emerging markets would increase their contribution to global GDP at the expense of developed economies – this year already emerging markets are expected to account for more than half of global GDP. Emerging markets are also increasing their agricultural output hand-in-hand with increased manufactured goods, and growing their imports as consumer demands increase.
NBAD’s growth ambitions are guided by its West-East Corridor Strategy, which represents vast potentials with unlimited resources, growing economic activities, and emerging middle class. By this strategy NBAD will utilise UAE’s and NBAD’s strong fundamentals as well as the country’s strategic locations to tap into the growing economies that span from West Africa across to East Asia. The ‘Corridor’ includes increasingly important economies in MENA, the Indian Subcontinent, Southeast Asia and greater China.
One of the opportunities for banks in the West-East Corridor is the growth and concentration of mega cities, metropolises with over 10 million inhabitants and significant contribution to GDP and growing middle class.
“Given the growth and that the attention of investors is focused in developing markets, being named the Safest Bank in the Emerging Markets is a valuable asset for NBAD,” says Mr. Thursby. “Our job is now to maintain our robust position and maximise it to achieve ambitious growth plans, including our strategy to be a leading player in the West-East Corridor.”