National Bank of Abu Dhabi
The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, has been ranked for the third year in a row one of the “World’s 50 Safest Banks” and the safest bank in the Middle East by Global Finance.
In a year characterised by economic and geo-political turbulence, NBAD’s ranking amongst the “World’s 50 Safest Banks 2011” is a reflection of the Bank’s robust management and vitality. Moreover for the first time NBAD is now ranked the safest bank in the Middle East.
The world’s 50 safest banks were selected through a comparison of the long-term credit ratings and total assets of the 500 largest banks around the world. Ratings from Moody’s, Standard & Poor’s and Fitch were used.
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.
“We are delighted that NBAD has been recognised as one of World’s 50 Safest Banks and the safest bank in the UAE for the third year in a row, and we proud to be listed as the safest bank in the Middle East especially as it comes during a period of unprecedented market turbulence,” says Michael Tomalin, the Group Chief Executive of NBAD.
Global Finance’s annual ranking of World’s 50 Safest Banks is a recognised and trusted standard of creditworthiness for the entire financial world. “Counterparty creditworthiness is a critical issue for companies and investors worldwide,” says Global Finance publisher Joseph D. Giarraputo. “More than ever, companies around the world are reevaluating the long-term credit strength of their banks, and partnering with only those banks that have proven strength and stability.”
Global Finance also said: “With more than 40 of the top 50 banks from last year once again making the list, the Global Finance ranking shows that most of the top echelon of banks are truly worthy of the moniker World’s Safest Bank. Winners were selected through an evaluation of long-term credit ratings—from Moody’s, Standard & Poor’s and Fitch—and total assets of the 500 largest banks worldwide.”
Despite the financial challenges in the global financial market, NBAD expanded with new businesses, branches, and entered new markets.
“NBAD has remained and strengthened its position in the league of the safest institutions in the world by virtue of the prudence exercised in the conduct of its business. During the past few years of the global financial crisis, NBAD remained true to its principle of using balance sheet to support customers. NBAD's financial strength has allowed us to continue doing business and expand,” says Abdulla M.S. AbdulRaheem, the Senior General Manager and Group Chief Operating Officer of NBAD.
Mahmood Al Aradi, the Senior General Manager of NBAD's Financial Markets Division, adds: “Our approach to risk taking, liquidity management and capital preservation has been the key drivers behind this prestigious ranking among the world 50 safest banks. We will continue to approach risk taking with the same diligent approach, ensure a solid funding structure remains in place and maintain a high level of capital adequacy to ensure we are well positioned for future growth. These are the key fundamentals that we do not negotiate within our purse for growth and performance.”