NBAD Confirms Position among World’s 50 Safest Banks
Retains Middle East Safest Bank title
Abu Dhabi (March 19, 2013) – The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, retains its title as 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.
Since 2009, NBAD has been ranked one of World’s 50 Safest Banks. In the 2013 half-yearly update, NBAD is ranked 31st among the World’s 50 Safest Banks and the safest in the Middle East.
Global Finance’s annual ranking of World’s 50 Safest Banks is a recognised and trusted standard of creditworthiness for the entire financial world.
“The National Bank of Abu Dhabi (NBAD) continuous inclusion and advancement in this distinguished ranking confirms NBAD as a safe haven in an uncertain world,” said Michael H. Tomalin, the Group Chief Executive of NBAD.
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. NBAD’s total Assets increased 17.6% by end of 2012 to reach AED 300.6 billion.
Despite challenges in the global financial market, NBAD expanded with new businesses, branches, and entered new markets. In 2012, NBAD launched operations in Malaysia and China.
“NBAD has 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. NBAD’s financial strength has allowed us to continue doing business and expand,” said Abdulla M.S. AbdulRaheem, the Deputy Group Chief Executive of NBAD.