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Posted On: 26 August 2012 01:52 pm
Updated On: 12 November 2020 02:12 pm

Qatar bank among world's safest 50

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The National Bank of Abu Dhabi (NBAD) has been ranked the safest bank in the Middle East by Global Finance magazine. NBAD was placed 31st in the list which said bank stability remained a pressing concern for the world’s corporations and investors. Global Finance, which has just issued its 21st annual ranking of the world’s 50 safest banks, also listed National Bank of Kuwait (34th), Qatar National Bank (40th) and Samba Financial Group (41st) in the top 50. "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, NBAD's group chief executive. "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." Global Finance said Europe’s sovereign debt crisis and slowing growth were having a significant impact on bank ratings. However, the top five safest banks all came from Europe with Germany's KfW topping the list. Bank Nederlandse Gemeenten, Zurcher Kantonalbank of Switzerland, Germany's Landwirtschaftliche Rentenbank and Landeskreditbank Baden-Württemberg - Forderbank rounded out the top five places. Canadian banks were the best performing in North America with seven banks in the top 50 compared to five from United States. Banks from Singapore were the strongest in Asia while Chilean banks performed best in Latin America. “Counterparty creditworthiness is a critical issue for companies and investors worldwide,” said 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.” Business.com