• Home
• /
• Local business

Euromoney Awards NBAD ‘Best Bank in the UAE’

Regarded as the benchmark awards for financial services globally, the Euromoney Awards for Excellence are now in their 18^th consecutive year. This year’s awards process, which began in April, attracted over 600 submissions from the world’s leading banks and brokerage houses competing for the awards.

Euromoney’s dedicated research team and awards panel then rated all the submissions on both quantitative and qualitative factors such as KPI’s, financial ratios and innovation over the 12 month period to decide the award winners.

“We are delighted that NBAD has been awarded the Best Bank in the UAE award especially as it comes during a period of unprecedented market turbulence,” said Mr. Michael Tomalin, NBAD’s Chief Executive.

“We consider this award from a prestigious publication like Euromoney to be valuable recognition of the overall results NBAD has achieved during 2008 in the highly competitive financial services environment of the UAE” he added.

“NBAD’s business performance is the outcome of the many approaches it adopts with regard to fostering leadership, developing its people, implementing strategy, serving its customers, constantly improving its processes and systems and pursuing corporate social responsibility. Excellent organizations invariably use these factors as enablers to achieve excellent performance.” Mr. Tomalin explained.

“We wish to thank Euromoney for this honor, and we look forward to pursuing the ideals of the award by continuing to provide our customers and stakeholders with the best services” said NBAD’s Chief Executive.

The past year has been difficult for banks all over the world and the banking sector in the Emirates has not escaped unscathed but NBAD has emerged from the past 12 months in much the strongest position amongst banks operating in the UAE market. “NBAD saw its profits surge by 20.5% last year though they declined by 12% in the first quarter of 2009, compared to the same period 12 months earlier, a performance far in advance of its competitors,” said Euromoney.

In awarding NBAD Best Bank in the UAE Euromoney also praised the banks continued investment and expansion policies. “In the awarding period NBAD expanded its international reach with new branches in Oman and Egypt. It also gained approval to open branches in Jordan and Hong Kong where it hopes to be operational soon. Its online banking business continues to grow impressively; its financial markets division saw its earnings surge 161% in 2008; and its asset management unit launched a GCC equity fund.”

“The global financial crisis has hit all the world’s economies hard and the Middle East has been no exception, problems in Kuwait and the UAE have been well publicized. However the intrinsic fundamentals of the region in terms of demographics, mineral wealth and domestic demand remain strong. Most importantly of all, governments around the region have shown real commitment to economic diversification and development and Euromoney sees the long term picture to still be very strong”

“At NBAD, we pledge to provide innovation, pursue efficiency and secure products and services to allow our valued customers to enjoy the most convenient banking experience. Therefore, we are constantly seeking new ways to provide our valued customers with the highest standards of service” said Mr. Abdulla Abdul Raheem, Senior General Manager and Group Chief Operating Officer.

“Pursuing this approach has made NBAD a leading bank in the UAE and the Middle East financial services industry. NBAD is now a top 250 bank in the world and one of the largest banks in the Middle East sharing a AA- credit rating with only a few banks. It currently operates across eleven countries on four continents. The Bank has one of the largest branches and ATM networks in the UAE with more than 85 branches and 270 ATMs all over the country. It has a wide range of products and services tailored to cater for wholesale and consumer clients; from credit cards to corporate finance, from financial markets to car loans. The bank employs more than 3000 employees of more than 50 nationalities, with many multi talented, highly gifted and qualified people. Proudly, we are serving over 300,000 customers and top institutions around the world,” he added.

NBAD is rated senior long term/short term A+/A-1 by Standard and Poor’s, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving one of the strongest combined rating of any Middle Eastern financial institution.

The bank has been ranked among top safest banks in the world by Global Finance recently.

“Being ranked as one of world’s safest banks during these difficult market conditions further confirms NBAD’s prudent policies and capability to weather the storm,” said Mr. Qamber Ali Al Mulla, Senior General Manager of NBAD’s International Banking Division, after receiving the award at a glittering award ceremony in Doha, Qatar.

“Since its inception in 1968, NBAD has been playing significant and leading roles in the economic and social development of the UAE as well as fulfilling our customers’ requirements. Winning the Best Bank in the UAE encourages us even further to leave no stone unturned in meeting and surpassing the expectations of our valued customers,” he confirmed.