Arab Bank Named the Best Bank in the Middle East 2016
27 Mar, 2016
Arab Bank has been named the Best Bank in the Middle East 2016 by Global Finance, the New York-based magazine for finance.
Global Finance editors—with input from industry analysts, corporate executives and banking consultants selected the best emerging markets bank in the region and in 13 countries.
Criteria for choosing the winners included growth in assets, profitability, strategic relationships, customer service and innovative products. In addition, a poll of Global Finance’s corporate readership was conducted in order to increase the accuracy and reliability of the results. This is the twenty-third year that the magazine has selected top banking performers in emerging markets. The survey awards winners were from Asia-Pacific, Central & Eastern Europe, Africa, Latin America and the Middle East.
Commenting on this award, CEO of Arab Bank, Mr. Nemeh Sabbagh stated, “The global recognition we have received as the Best Bank in the Middle East reflects Arab Bank’s leading position among financial institutions across the Middle East. It comes as a testament to the Bank’s solid performance, both locally and regionally, despite the challenging conditions in the region”. Mr. Sabbagh added: “Our focus remains on reinforcing our strong financial position and diversifying our income streams which enhance our ability to achieve sustainable growth in profits.”
On his part, Joseph D. Giarraputo, Publisher and Editorial Director of Global Finance stated, “The world’s banks continue to deal with a number of headwinds – including geopolitical risk, volatile economic and market conditions and still-changing regulatory regimes.” He further added, “We honor those banks that excel at addressing the needs of their clients and have the deepest commitment to the markets in which they operate, despite the uncertain conditions they face.”
It should be noted that Arab Bank has the largest global Arab banking network with over 600 branches spanning five continents.