NBAD among World’s 50 Safest Banks for 2nd Consecutive Year
The National Bank of Abu Dhabi (NBAD), The Number One Bank in the UAE, has been ranked among the ‘World’s 50 Safest Banks in 2010’ by Global Finance for the second consecutive year.
The world’s 50 safest banks 2010 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 Moodys and AA-/F1+ by Fitch.
“We are delighted that NBAD has been recognized as one of world’s 50 safest banks and the safest bank in the UAE for the second year in a row especially as it comes during a period of unprecedented market turbulence,” said Michael Tomalin, the Group Chief Executive of NBAD.
Global Finance has published its “World’s Safest Banks” listing for 19 years and this ranking has become a recognized and trusted standard of creditworthiness for the entire financial world.
“Banks that have strengthened their liquidity positions and the quality and quantity of their capital are recognized in these rankings,” said Global Finance’s publisher Joseph D. Giarraputo. “More than ever, customers around the world are viewing long-term creditworthiness as the key feature of banks with which they do business.”
Despite the financial challenges in the global financial market, NBAD expanded with new businesses, branches and entering new markets.
“NBAD has once again qualified to join the league of the safest institutions in the world, by virtue of the prudence exercised in the conduct of its business. During the past two 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,” said Abdulla M.S. AbdulRaheem, the Senior General Manager and Group Chief Operating Officer of NBAD.
“At NBAD, we pledge to pursue efficiency and provide secure products and services to allow our valued customers to enjoy the most convenient banking experience. Therefore, we are constantly seeking new ways to provide our valued customers with the highest standards of service. Pursuing this approach has made NBAD a leading bank in the UAE and the Middle East financial services industry.” Mr. AbdulRaheem said.