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Wed 1 Sep 2010 01:16 PM

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Kuwait's NBK named Middle East's 'safest' bank - report

Six Saudi banks among 'World's safest banks 2010 in the Middle East' rankings.

Kuwait's NBK named Middle East's 'safest' bank - report
KUWAITS NBK: NBK is ranked38 in the ‘World’s 50 Safest Banks 2010’ list.

National Bank of Kuwait (NBK) has been named, for the third consecutive time, one of the world's safest banks in 2010 by the leading US-based Global Finance magazine.

In an exclusive survey to be published in the October 2010 issue,

Global Finance

has named the top 10 "Safest Banks in the Middle East”.

Saudi Arabia topped the GCC as a country featuring six safest banks in the Middle East out of ten in the region. [

Click here to see the region's safest banks

]

The banks were selected through a comparison of the long-term credit ratings and total assets of the largest banks. Ratings from Moody's, Standard & Poor's and Fitch were used.

NBK has been ranked 38 in the ‘World’s 50 Safest Banks 2010’ list. The lender has maintained its last year’s position, surpassing major international banks such as Deutsche Bank, JPMorgan Chase, Lloyds Banking Group, Societe General and Wells Fargo. [

Click here to see the world's safest banks

]

"More than ever, customers around the world are viewing long-term creditworthiness as the key feature of the banks with which they do business," says Joseph D. Giarraputo, publisher of Global Finance. "These banks have solid capital positions and superior risk management capabilities."

In its introduction to the list, Global Finance said, “With bank stability still high on corporate and investor agendas, Global Finance publishes its 19th annual list of the world’s safest banks. The sovereign debt crisis in Europe and renewed concerns about the global economic outlook are once again putting the spotlight on bank safety.”

“It should be somewhat reassuring that 45 of the top-50 safest banks is this year’s listing maintained their standing among the top echelon in this year’s ranking. Banks that cleaned up their balance sheets and strengthened their capital positions were the biggest gainers. In many instances, non-performing loans have been reduced significantly.”

The banks ranked 1-10 will be presented awards at a special ceremony to be held during the Annual Meetings of the IMF and World Bank in Washington in October.

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Lona 9 years ago

How you earn your awards doesn't really matter. NBK is so " safe " that it does'nt even release YOUR OWN money !! I was in 5 different countries this summer i tried to cash my money from my k-net card and it was always refused. I spend too much money to call them and remind them of my dilemma and they kept assuring me that there was " no problem " I never got my money ! I later learned that all other accountants faced the same problem, due to new computer installation, that malfunctioned ! They were not good enough to tell the fact, but kept you in the dark ! The same happenend to me in Usa 8 month ago. Welcome to safety. Have you tried to log in only to find out your last log in has been cancelled and you have to do a new 27 question profile ? I have, 11 times !!! I'm running out of ideas for my safety clues, not to mention remember which I did last ???

AMERICAN IN KUWAIT 9 years ago

My experience with NBK has been jsut the opposite. I think NBK is the BEST bank in the world. I have had a few problems over th alst 10 year and always fixed. I have gotten cash in any country in the world with no problems. Transfers and bill paying are easy.

Mohammed Azad Hossain 9 years ago

I have no doubt about "NBK" that it is the safest bank in the World. However, some times there may have some problem with the computer (which is common to any bank) but the bank remains still safer having good customer care. I bless the bank to remain safest with excellent customer care.

Mumeen Chowdhury 9 years ago

Agree with Lona. It's so safe that you can't access your own account info as everytime you are referred back to endless questions and then re-longin. I had asked for credit cards and was referred to report to my branch which i did. They took everything possible, salary sheet, id/pp copies, and most important of all signatures on all pages they could with more than two hours waiting. But no answer for now four months! When asked on their 24 call center, they ask me to go to branch. When asked on the web to the webmaster, they too refer me to go to branch. And when you reach the branch, they say come next day as it's almost time to end work! Ramadan timing is 10 am to 1.30pm. Where is the bank's time for customers? They seem to finish all jobs between 10-1.30. I must say that all underdeveloped country banks are lousy to say the least.