NBAD named Best Risk Management in MENA

The National Bank of Abu Dhabi (NBAD), the Number One Bank in the UAE, was named the Bank with the Best Risk Management in Middle East and North Africa (MENA) and Best Bank in the UAE for 2011 in the Banker Middle East Industry Awards for Excellence 2011.

The prominent awards from the Banker Middle East come shortly after Euromoney named NBAD the Best Bank in the UAE.

“In 2011, NBAD has again won top recognition from prestigious publications that set the benchmark for excellence. The latest accolades confirm the industry’s recognition of NBAD’s outstanding business results, growth, and leadership in risk management practices,” said Michael H. Tomalin, the Group Chief Executive of NBAD. “I thank Banker Middle East. I also thank the NBAD staff for their commitment to uphold NBAD’s customer-centric values and for adopting quality risk management practices, which reflects NBAD’s commitment to value all our stakeholders.”

NBAD is the first UAE bank to break the US$1 billion net profits as it earned AED3,683 million ($1.003 billion) in 2010. In 2004, NBAD became the first UAE bank to earn more than AED1 billion in annual net profits.

NBAD is also named in the 50 Safest Banks in the World in 2009 and 2010 by Global Finance. Euromoney has named it the Best Bank in the UAE three years in a row, 2009, 2010, 2011, and five times over the last decade.

“The National Bank of Abu Dhabi has committed itself to a customer-centric culture and we have achieved this objective by defining and adhering by our values, which include ‘understanding our customers’ needs’ and to be ‘accessible to our customers 24 x 7,’” said Saif Al Shehhi, the Senior General Manager of the Domestic Banking Division of NBAD. “Our approach to be a customer-centric bank is one that has paid off and I am honoured and proud that my staffs across all facets of consumer banking have contributed to making NBAD the Best Bank in the UAE.”

NBAD has one of the strongest combined ratings of any Middle Eastern financial institution. The Bank is rated senior long term/short term A+/A-1 by Standard & Poor's, Aa3/P1 by Moody’s, AA-/F1+ by Fitch and A+ by Rating and Investment Information Inc (R&I), giving it one of the strongest combined rating of any Middle Eastern financial institution.

“It has been NBAD’s constant endeavour to build a robust, ‘best in class’ risk management platform to facilitate business, while safeguarding the interests of our various stakeholders. The Bank has invested significantly in this effort, and remains committed to this ever evolving development and enhancement process,” said Abhijit Choudhury, the Senior General Manager & Group Chief Risk Officer of NBAD. “We see the challenge in the pursuit of Quality Risk Management standards, not simply in the development of infrastructure, but more importantly in the successful percolation and dissemination of a standardised risk culture across the institution that visibly plays its part in the day to day conduct of our business and operations.”

In addition to its sound business practices, NBAD is committed to supporting Abu Dhabi Vision 2030, which provides the blueprint for sustainable growth to make Abu Dhabi a global destination for learning, culture and commerce. It has a written and active social sustainability and responsibility mission. The Bank was recently named in the Pan-Middle East Award the Best Corporate Social Responsibility (CSR) programme by the prestigious emeafinance magazine.