By Andy Sambidge
National Bank of Abu Dhabi tops list compiled by Global Finance; Kuwait's NBK also in top 10
National Bank of Abu Dhabi has been named the safest bank in emerging markets in a new list compiled by Global Finance.
The UAE's largest lender saw its ranking boosted by a recent upgrade by rating agency Standard & Poor's, the magazine said, adding that banks from the Gulf and the Middle East dominate the list this year, with 22 out of the top 50 ranked banks.
Korea, with 10 banks, and China, with eight, are the other large groups on the list, followed by Taiwan and Chile with four each and two from the Czech Republic.
National Bank of Kuwait (7th) also made the top 10 of the list, while HSBC Oman, a result of HSBC merging its Muscat Branch with Oman International Bank, made the list for the first time this year.
The top ranking of NBAD comes as the bank outlined plans to establish eight banking hubs in major cities and build five franchises in some of the world's fastest-growing economies.
Banking hubs in Abu Dhabi, Mumbai, Lagos, Singapore, Hong Kong, London, Paris, and Washington DC will be set up, Thursby said in a statement.
Global Finance said in a statement: "As developing nations struggle with a slow-down in once booming economies, the financial institutions in those countries are facing a moment of truth. With their local economies suddenly contracting, only the strongest banks will thrive. And because of that, potential corporate customers will be extremely careful in choosing the banks they do business with. In short, it's safety first."
It added that it has evaluated the ratings and total assets of the main players in developing economies to create the rankings.
Global Finance's top 10 safest banks in emerging economies
1 National Bank Of Abu Dhabi
2 China Development Bank
3 Agricultural Development Bank of China
4 Export-Import Bank of China
5 Industrial Bank of Korea
6 Korea Finance Corporation
7 National Bank of Kuwait
8 Export-Import Bank of Korea
9 BancoEstado, Chile
10 Korea Development Bank