From Stressed to Success: A Middle East Bank’s Turnaround - Your Middle East:
"Since the global financial crisis, banks world-wide have struggled to rebuild balance sheets with a focus on openness and risk management strategies. One surprising success story comes from the Middle East, a region where corporate governance is still in its infancy.
Despite the support of massive oil revenues, U.A.E. banks were not immune to the tidal impact of the U.S. sub-prime mortgage fallout. In 2008, after a period of incredible growth, the Abu Dhabi Commercial Bank (ADCB), the country’s third largest lender, suffered a spectacular collapse. How it pulled itself out of the quagmire of bad loans and high risk investments is a lesson for financial institutions everywhere.
When it formed in 1985 from the merger of three “stressed’ government-owned banks, ADCB, like many financial institutions around the world, viewed risk as second to the mantra of “let’s just grow!”."
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