DUBAI: For the fourth consecutive year, the National Bank of Abu Dhabi has been named by Global Finance magazine as one of the “World's 50 Safest Banks.” It also tops the Middle East in that regard. “We are proud to be recognized as one of the World's 50 Safest Banks and to be listed as the safest bank in the Middle East and the United Arab Emirates,” Emirates News agency (WAM) quoted Michael Tomalin, the Group Chief Executive of NBAD, as saying. He added that the position “reflected NBAD's solid strategy and the prudent risk management” it has adopted during the recent market instability in Europe, which has inched into the Gulf region. “It also confirms NBAD's robust management and its strong financial position over the years,” Tomalin added. The world's 50 safest banks were selected through a comparison of the long-term credit ratings and total assets of the 500 largest banks around the world. Ratings from Moody's, Standard & Poor and Fitch were used. Recently, Standard & Poor raised its assessment of NBAD's capital and earnings to “very strong”, and the Bank's stand-alone credit profile (SACP) to a from a- giving it one of the strongest combined rating of any Middle Eastern financial institution.
