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.
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.
