Arab Bank was recognized by pre-eminent international finance magazine Euromoney as the “Best Bank in the Middle East" and “Best Bank in Jordan” at the Euromoney Awards for Excellence 2009 Middle East Dinner, held in association with Qatar Financial Centre Authority (QFC) in Doha – Qatar.
The ceremony was attended by leading bankers, media representatives and members of the awards jury, which comprised elite experts and consultants.
Euromoney praised the bank as the "safe haven of Middle Eastern banks", noting that Arab Bank is an institution that honors its obligations and maintains a high level of liquidity, an approach the bank has embraced under all conditions.
Euromoney cited the bank's strong financial performance despite the backdrop of the global financial crisis. What seals the award of best bank for Arab Bank this year, though, is its bottom line performance, the magazine said in a statement, noting that in 2008, the bank’s profit before tax and after provisions hit $1.061 billion, up by 10% on the previous year.
Commenting on winning the award, Arab Bank's Chairman and CEO Abdel Hamid Shoman said the prize comes as an addition to several other recognitions the bank has earned in the past years, a matter which proves the soundness of its strategic plans. He said the bank has shown deep understanding of developments in the international banking sector and an overall view based on a sound scientific approach that has ensured Arab Bank and its group excellence and huge achievements at the local, regional and international levels.
Shoman added that despite the increasingly difficult circumstances ensuing from the global financial crisis and its impact on world economies, the bank attributed a group of factors that led to its success, including sound banking operations, risk management and the utilization of well-studied investment opportunities, while maintaining high standards and customer confidence.
Shoman stressed that the consensus of international rating agencies and specialized banking magazines on the excellence of Arab Bank comes in recognition of this institution, which has developed into a huge banking entity that contributes to economic growth in the countries where it operates.
He noted that Arab Bank has earned high ratings from the top rating agencies in the world. Moody's has rated Arab Bank A2 for financial strength and A3 for foreign exchange in the long term, with a stable outlook. Meanwhile, Fitch and Standard and Poor's confirmed their ratings in the long term, giving the bank A- with a stable outlook for foreign exchange.
Regarded as the benchmark awards for financial services globally, the Euromoney Awards for Excellence are now in their 18th consecutive year. This year’s awards process attracted over 600 submissions from the world’s leading banks and brokerage houses competing for the awards. Euromoney’s 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.
Euromoney Magazine is the flagship title of London based financial communications company Euromoney Institutional Investor PLC. Founded in 1969 by Sir Patrick Sergeant, Euromoney Magazine is the voice of the international capital markets and for 36 years has offered unparalleled coverage of the global bond, equity and foreign exchange markets. Euromoney Institutional Investor PLC is a constituent of the FTSE-250 index and is listed on the London and Luxembourg Stock Exchanges.