ID :
65354
Thu, 06/11/2009 - 14:06
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https://oananews.org//node/65354
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Euromoney awards NBAD "Best Bank in the UAE"
Abu Dhabi, June 11, 2009 (WAM) - National Bank of Abu Dhabi (NBAD) was named Best Bank in the UAE in 2009 by Euromoney Awards for Excellence Middle East for the third time in the last 10 years.
Regarded as the benchmark awards for financial services globally, the Euromoney Awards for Excellence are now in their 18th consecutive year. This year's awards process, which began in April, attracted over 600 submissions from the world's leading banks and brokerage houses competing for the awards.
Euromoney's dedicated research team and awards panel then rated all the submissions on both quantitative and qualitative factors such as KPI's, financial ratios and innovation over the 12 month period to decide the award winners.
The past year has been difficult for banks all over the world and the banking sector in the Emirates has not escaped unscathed but NBAD has emerged from the past 12 months in much the strongest position amongst banks operating in the UAE market. "NBAD saw its profits surge by 20.5% last year though they declined by 12% in the first quarter of 2009, compared to the same period 12 months earlier, a performance far in advance of its competitors," said Euromoney.
In awarding NBAD Best Bank in the UAE Euromoney also praised the banks continued investment and expansion policies. "In the awarding period NBAD expanded its international reach with new branches in Oman and Egypt. It also gained approval to open branches in Jordan and Hong Kong where it hopes to be operational soon. Its online banking business continues to grow impressively; its financial markets division saw its earnings surge 161% in 2008; and its asset management unit launched a GCC equity fund."
NBAD is now a top 250 bank in the world and one of the largest banks in the Middle East sharing a AA- credit rating with only a few banks. It currently operates across eleven countries on four continents. The Bank has one of the largest branches and ATM networks in the UAE with more than 85 branches and 270 ATMs all over the country. It has a wide range of products and services tailored to cater for wholesale and consumer clients; from credit cards to corporate finance, from financial markets to car loans.
The bank employs more than 3000 employees of more than 50 nationalities, with many multi talented, highly gifted and qualified people. Proudly, we are serving over 300,000 customers and top institutions around the world," he added.
NBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving one of the strongest combined rating of any Middle Eastern financial institution. The bank has been ranked among top safest banks in the world by Global Finance recently.
Regarded as the benchmark awards for financial services globally, the Euromoney Awards for Excellence are now in their 18th consecutive year. This year's awards process, which began in April, attracted over 600 submissions from the world's leading banks and brokerage houses competing for the awards.
Euromoney's dedicated research team and awards panel then rated all the submissions on both quantitative and qualitative factors such as KPI's, financial ratios and innovation over the 12 month period to decide the award winners.
The past year has been difficult for banks all over the world and the banking sector in the Emirates has not escaped unscathed but NBAD has emerged from the past 12 months in much the strongest position amongst banks operating in the UAE market. "NBAD saw its profits surge by 20.5% last year though they declined by 12% in the first quarter of 2009, compared to the same period 12 months earlier, a performance far in advance of its competitors," said Euromoney.
In awarding NBAD Best Bank in the UAE Euromoney also praised the banks continued investment and expansion policies. "In the awarding period NBAD expanded its international reach with new branches in Oman and Egypt. It also gained approval to open branches in Jordan and Hong Kong where it hopes to be operational soon. Its online banking business continues to grow impressively; its financial markets division saw its earnings surge 161% in 2008; and its asset management unit launched a GCC equity fund."
NBAD is now a top 250 bank in the world and one of the largest banks in the Middle East sharing a AA- credit rating with only a few banks. It currently operates across eleven countries on four continents. The Bank has one of the largest branches and ATM networks in the UAE with more than 85 branches and 270 ATMs all over the country. It has a wide range of products and services tailored to cater for wholesale and consumer clients; from credit cards to corporate finance, from financial markets to car loans.
The bank employs more than 3000 employees of more than 50 nationalities, with many multi talented, highly gifted and qualified people. Proudly, we are serving over 300,000 customers and top institutions around the world," he added.
NBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving one of the strongest combined rating of any Middle Eastern financial institution. The bank has been ranked among top safest banks in the world by Global Finance recently.
