NBAD named safest bank in Middle East

The National Bank of Abu Dhabi (NBAD) has been ranked for the fourth consecutive year 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 World’s 50 Safest Banks and to be listed as the safest bank in the Middle East and the UAE,” said Michael Tomalin, the Group Chief Executive of National Bank of Abu Dhabi. “This recognition reflects National Bank of Abu Dhabi’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.” 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 (SACP) to ‘a’ from ‘a-’ giving it one of the strongest combined rating of any Middle Eastern financial institution. National Bank of Abu Dhabi is the largest lender bank in the Emirate of Abu Dhabi and the second largest lender in the United Arab Emirates. NBAD, traded under the stock ticker NBAD in the Abu Dhabi Securities Exchange, has the largest market capitalisation among UAE banks. National Bank of Abu Dhabi was founded in 1968. NBAD Sponsored as the Official Bank of the 2010 Abu Dhabi Grand Prix, one of the most anticipated events in the international sporting calendar.  National Bank of Abu Dhabi was also the Official Bank of 2009 and 2011 Abu Dhabi Grand Prix. From gulftoday