Aug 23 2012
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NBAD named safest Bank in Middle East
Abu Dhabi, Aug 23rd, 2012 (WAM)-- 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 NBAD. "This recognition reflects 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." 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.
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