Global Finance has again conducted their 'Best Banks' review across the globe, with the focus of the Middle East region’s banks being on using technology to enhance the customer experience. Arab Bank, Global Finance’s choice as the Best Bank in the Middle East for 2019, as well as the country winner in Jordan and Yemen, has been a leader in introducing new banking technology in the region. The bank maintains a global network of treasury centers equipped with the latest systems to serve corporate customers. Based in Amman, Arab Bank is also unique in that it has a dominant presence in its home market, yet it receives 70% of its income from outside of Jordan.
Arab Bank Group’s earnings rose to $821 million in 2018 from $533 million a year earlier. CEO Nemeh Sabbagh says the solid results were driven by sustainable growth in the underlying business, spread improvements and well-controlled expenses. The asset quality of the group remains high, he adds, with credit provisions held against non-performing loans of more than 100%, excluding the value of collateral.
With a network of more than 600 branches on five continents (including Australia), Arab Bank supports local companies as they operate globally. It also serves multinationals as they enter Middle Eastern markets. Arab Bank also provides loans to small and medium size enterprises (SMEs) in the 28 countries where it is present.
Global Finance has awarded Arab Bank Group as the 'Best Bank in the Middle East' for the fourth consecutive year.
"What is always reassuring, whatever the economic climate is in a given part of the world, is that there are always some shining stars. These awards are for them." - Andrea Fiano, Editor at Global Finance Magazine
Arab Bank Australia is proud of its close association with its parent, Arab Bank Group, and congratulates them on such a remarkable achievement over four consecutive years.