Global Finance names NBK one of the World’s 50 Safest Banks 2010
National Bank of Kuwait (NBK) has been named, for the third consecutive time, one of the world's safest banks in 2010 by the leading US-based Global Finance. NBK, which has been ranked 38 in the list, is the first and only Middle East and Arab bank to be enlisted among the safest world's safest banks.
NBK has maintained its last year’s position, surpassing major international banks such as Deutsche Bank, JPMorgan Chase, Lloyds Banking Group, Societe General and Wells Fargo.
Introducing the world's safest banks list, Global Finance said: "Bank stability and safety are still high on corporate and investor agendas. The sovereign debt crisis in Europe and renewed concerns about the global economic outlook are once again putting the spotlight on bank safety. Banks that cleaned up their balance sheets and strengthened their capital positions were the biggest gainers. Many of the big name banks that lost their safest bank ranking during the credit crunch are still absent from the list”.
Global Finance indicated that NBK was among the few banks that succeeded in achieving growth in both profits and shareholders equity, in addition to retaining the highest long-term credit ratings amongst all banks in emerging markets despite the adverse conditions prevailing in Kuwait and the Middle East region. Thanks to its conservative approach to risk management, NBK also succeeded in enhancing both the solidness of capital base and the quality of its assets. Consequently, this enabled NBK to retain the customers' confidence and become the first and only Arab bank that maintains an advanced ranking amongst the top-50 safest banks of the world.
“Banks that have strengthened their liquidity positions and the quality and quantity of their capital are recognized in these rankings,” says Global Finance publisher Joseph D. Giarraputo. “More than even, customers around the world are viewing long-term creditworthiness as the key feature of banks with which they do business.”