The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, 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,” says 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.

Global Finance’s annual ranking of World’s 50 Safest Banks is a recognised and trusted standard of creditworthiness for the entire financial world. “Counterparty creditworthiness is a critical issue for companies and investors worldwide,” says Global Finance publisher Joseph D. Giarraputo. “More than ever, companies around the world are reevaluating the long-term credit strength of their banks, and partnering with only those banks that have proven strength and stability.”

Despite the financial challenges in the global financial market, NBAD expanded with new businesses, branches, and entered new markets.

“NBAD has strengthened its position in the league of the safest financial 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,” says Abdulla M.S. AbdulRaheem, the Deputy Group Chief Executive of NBAD.

Mr. Tomalin adds: “Being named among world’s leading financial institutions since 2009 is a big achievement. We are committed to continue in our approach to maintain our place among world’s 50 safest banks.”

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