"Global Finance" selects NBK amongst the World's Best Banks 2009
Al Sager: Winning this distinctive ranking despite the adverse conditions associated with the current global financial crisis is a further testament of NBK's financial solid position and the soundness of its policies and strategies.
Leading US based Global Finance has selected the National Bank of Kuwait (NBK) amongst the latest list of the World's Best Banks for 2009 which was announced during the annual meeting of the International Monetary Fund and the World Bank Group recently held in Istanbul. The selection of NBK, as the only Kuwaiti bank, to be enlisted amongst the world's best banks emphasizes NBK's strong leadership among Arab banks and adds a new achievement to its remarkable record of distinction which was crowned in August 2009 by naming NBK for the second consecutive time one of the world's safest banks in 2009.
Commenting on the occasion, NBK- Kuwait CEO, Isam Jasem Al Sager said that it was greatly gratifying for NBK to be selected among the world's best banks for 2009, Al Sager added that winning such a prestigious ranking despite the global financial crisis and its ramifications on both regional and international levels provides a new testament of the NBK's financial solid position and the soundness of its policies and strategies.
" Winning this distinctive ranking also emphasizes the uniqueness of the services and products we offer to our clients and provides a clear indication of NBK's high professional standards that have won the admiration and recognition of the leading international media and financial institutions" Al Sager concluded.
Introducing the world's best banks list, Global Finance has indicated in its annual survey entitled " The World's Best Banks- Forging Opportunity From The Crisis" dated October 2009 that in selecting this year's winners, Global Finance's editorial team as usual identified the best banks in 123 countries and considered factors that range from the objective to the informed subjective. Objective criteria included growth in assets, profitability, geographic reach, strategic relationships, new business development and product innovation whereas subjective criteria included the opinions of equity and credit-rating analysts, banking consultants and others in the industry, as well as corporate and financial executives.
"The winners are not always the biggest banks but rather the best banks, those with the qualities that corporations should look for when choosing a bank. These are banks with effective risk-management systems, excellent service and good corporate governance" Global Finance added.
Highlighting the individual profiles of the banks enlisted within the world's best banks list, global Finance stated that NBK is rated as one of the world's safest banks for 2009 in Global Finance's most recent ranking which is based on credit ratings, adding that NBK's strong financial position and conservative approach to risk have helped it live up to its motto of "the bank you know and trust".
"NBK has a global network of branches, representative offices and subsidiaries, including 69 in Kuwait. In 2008 it acquired a 40% stake in Turkish Bank and opened its first branch in Dubai. In November 2007 it acquired Al Watany Bank of Egypt" Global finance said.