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Best bank: MashreqBank Best debt house: Standard Chartered Best equity house: Shuaa Capital Best M&A house: Citi
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It was a hit and miss year for the UAE’s leading banks. Abu Dhabi Commercial Bank found itself caught up in the US sub-prime crisis, leading to a $152 million writedown in 2007, with the possibility of more to come. Dubai Islamic Bank, too, is undergoing a difficult period after police detained the former chief executive of Deyaar Development, of which DIB owns 41%, as part of an investigation into a possible fraud.
One bank, however, stands out from the pack: MashreqBank.
Although the bank is active in capital markets, its core strengths are in retail and corporate banking. This relatively conservative strategy has served it well. Net income is up by 29.4%,