National Bank of Abu Dhabi is the safest bank in Mena

Trichet sees limits on Boj’s role in driving Japanese expansion

The National Bank of Abu Dhabi has been ranked 50 amongst 500 largest banks worldwide as one of the safest banks in the world and the safest the Middle East and North Africa (Mena) region for the fourth consecutive year, NBAD said.

According to Global Finance report, the ranking was created through an evaluation of long-term credit ratings from Moody’s, Standard and Poor’s and Fitch Ratings and total assets of the 500 largest banks worldwide. “NBAD continuous inclusion and advancement in this distinguished ranking confirms the bank as a safe haven in an uncertain world,” said Michael Tomalin, the Group Chief Executive of NBAD.

Hammam Shamma, chief analyst and economist at Al Fajr Group, said that this ranking because of the confidence in the bank. “The banks extends and offers innovative products to meet the highest expectations of investors in a manner to contribute to the development of the asset management industry in the country,” said Shamma.

This ranking assures that the standing of the NBAD in the Global Finance’s ranking of the World’s 50 Safest Banks for the fifth consecutive year reflects the strong foundations of the bank. NBAD had announced last year that it is likely to increase its annual earnings

LONDON: Jean-Claude Trichet, the former European Central Bank president, said he sees limits on the role Japan’s central bank can play in driving a growth revival. “What counts are structural reforms,” and the Bank of Japan can’t shoulder too much responsibility, Trichet said in an interview at the Credit Suisse Asian Investment Conference in Hong Kong today. “The problem with Japan in my opinion is really demographics. Demographics are a big, big, big problem.” Japan’s new central bank Governor Haruhiko Kuroda, who officially starts in the role today, has pledged more-aggressive monetary stimulus to spur growth and end entrenched deflation in the world’s thirdbiggest economy. He faces obstacles including an aging population, an elevated reliance on energy imports because of nuclearplant shutdowns and restrictions on labor- market flexibility. Trichet said he has “a lot of respect” for Kuroda’s predecessor, Masaaki Shirakawa, who ended his tenure by reasserting that boosting the supply of money won’t be enough to end deflation. Trichet, 70, headed the ECB from 2003 to 2011 and was succeeded by Mario Draghi, who last July pledged to do “whatever it takes” to defend the euro. Kuroda has made a similar vow to counter Japan’s deflation. The yen is down about 9 percent this year against the dollar, largely because of Prime Minister Shinzo Abe’s pledges for monetary easing. The currency traded at 95 per dollar as of 11:28 a.m. in Tokyo. Japan’s stock market is closed today for a holiday. “There is no link between the monetary base and growth in consumer prices,” Shirakawa said yesterday in his final press conference in Tokyo. “Monetary policy of course has a role, but it’s necessary for a wide range of institutions to make efforts to boost competitiveness and growth potential.” Kuroda said last week he wants to look at additional stimulus “soon,” and academic Kikuo Iwata, taking one of the two deputy governor positions, has pushed for expanding the supply of money in the economy. to Dh16 billion by 2021 and that it will expand internationally to countries such as Brazil, Australian, India, and Indonesia after imminent moves to Malaysia and China. “We’d like to get up to around number 100 in the world,” said the bank.

NBAD has earlier this month been named the Best Asset Management House in the Middle East by International Takaful Awards for the second year running.