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National Bank of Abu Dhabi named safest bank in Middle East

August 27, 2012

ABU DHABI: The National Bank of Abu Dhabi (NBAD) has been ranked for the fourth consecutive year as one of the “World’s 50 Safest Banks” and the safest bank in the Middle East by Global Finance magazine.

“We are proud to be recognised as one of the World’s 50 Safest Banks and to be listed as the safest bank in the

Middle East and the United Arab Emirates (UAE),” Emirates News agency (WAM) quoted Michael Tomalin, the group chief executive of NBAD, as saying.

He said that the recognition reflected NBAD’s solid strategy and the prudent risk management it has adopted during the market instability.

“It also confirms NBAD’s robust management and its strong financial position over the years,” Tomalin added.

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.

Recently, Standard & Poor’s has raised its assessment of NBAD’s capital and earnings to “very strong”, and the bank’s stand-alone credit profile to A from A- giving it one of the strongest combined rating of any Middle Eastern financial institution.

- Bernama


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