By Andy Sambidge
Kuwait's NBK, Qatar's QNB and Saudi's Samba Financial also in list of world's safest banks
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.”
National Bank of Kuwait should not be included in the list of safe banks. I can not access my own account, so how can you call it a safe bank !!!
NBAD lost my cheque that got stuck in one of the ATM machines, even with my telephone number written on it, I have called for assistance at the same time and I was told they would sort next day and I shouldn't be worried. That have been 7 months now, I still sending them emails, calling, but no one is able to explain what happened to my cheque!!
I ended up loosing the money, as well loosing my trust in this bank, which is not safe at all!