9.31 AM Friday, 29 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:56 06:10 12:26 15:53 18:37 19:52
29 March 2024

NBAD among 50 safest banks

Published
By Wam

The National Bank of Abu Dhabi (NBAD) has retained its title as the safest bank in the Middle East and confirmed its standing in 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’s continuous inclusion and advancement in this ranking confirms NBAD as a safe haven in an uncertain world," said Michael H. Tomalin, group chief executive of the bank.

The 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 per cent by end of 2012 to reach Dh300.6 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 maintained 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 its balance sheet to support customers. NBAD's financial strength has allowed us to continue doing business and expand," said Abdulla M.S. Abdul Raheem, deputy group chief Executive of the bank.