National Bank of Abu Dhabi says it will expand in western countries as the lender, along with many counterparts in the Arabian Gulf, has avoided the credit rating downgrades hammering many big rivals in the West.
"Our strong credit ratings will certainly create opportunities in geographies where many local banks have been downgraded and where customers and investors are looking for a safe haven for their funds," said Abdulla AbdulRaheem, NBAD's group chief operating officer.
Downgrades of 15 global investment banks by Moody's Investors Service last week left half a dozen regional lenders among the world's most highly-rated. Six banks - NBAD, Qatar National Bank (QNB), National Bank of Kuwait, Sabb (Saudi British Bank), Banque Saudi Fransi and Samba Financial Group - are currently rated Aa3 and were left unscathed by the ratings agency's knife.
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