NBAD in 'World's 50 Safest Banks' list for 5th year
Abu Dhabi, March 20, 2013
Leading UAE lender National Bank of Abu Dhabi (NBAD) said it has made it to the Global Finance’s list of the 'World's 50 Safest Banks' for the fifth consecutive year.
The National Bank of Abu Dhabi (NBAD) said it has retained its title as one of the safest bank in Middle East and confirmed its standing in the Global Finance’s ranking of the World’s 50 Safest Banks for the fifth consecutive year.
Global Finance’s annual ranking list is a recognised and trusted standard of creditworthiness for the entire financial world.
Since 2009, NBAD has been ranked one of World’s 50 Safest Banks. In the 2013 half-yearly update, NBAD was ranked 31st among the World’s 50 Safest Banks and the safest in the Middle East, said the top Abu Dhabi lender in its statement.
Commenting on the achievement, Michael H. Tomalin, the group CEO said the bank's continuous inclusion and advancement in this distinguished ranking confirms "NBAD as a safe haven in an uncertain world."
World’s 50 Safest Banks were selected through a comparison of the long-term credit ratings from Moody’s, Standard & Poor’s and Fitch of the 500 largest banks in the world.
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.
Tomalin said the NBAD's total assets increased 17.6 per cent by end of 2012 to reach Dh300.6 billion ($81.8 billion).
Despite challenges in the global financial market, NBAD expanded with new businesses, branches, and entered new markets. In 2012, the lender launched operations in Malaysia and China, he stated.
Group deputy CEO Abdulla MS Abdul Raheem pointed out that NBAD had 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. Our financial strength has allowed us to continue doing business and expand," he added.-TradeArabia News Service