Bahrain
Best bank Gulf International Bank (GIB)
GIB’s continued support from shareholders in the Gulf Cooperation Council states means it has had a distinct advantage over the competition in capturing large project finance and corporate finance business from the Gulf. The bank’s asset quality, capitalization and profitability continue to strengthen and as a result it has been given the highest foreign currency long-term debt rating issued by Standard & Poor’s for any bank based in the Middle East.
Best foreign bank Standard Chartered Bank
Standard Chartered Bank has had a phenomenal year in Bahrain. There has been a substantial increase in deposit market share, trading profits were up by 85% before restructuring costs. Attention to detail has meant the bank has established new branches and refurbished others and has introduced evening banking.
Egypt
Best bank Commercial International Bank
Commercial International Bank is not the biggest bank in Egypt, but is the one that is growing most rapidly. In the past year it has added to its reputation as a very active, competitive and efficient player in the market.
Best foreign bank Citibank Egypt
Citibank was behind the first medium-term Egyptian pound bond this year. Other notables include its involvement in the treasury bill market, custody business, active forex operations and the introduction of a local currency base rate into the market.
Israel
Best bank Bank Hapoalim
Bank Hapoalim continues to dominate the Israeli market, with profits up 9.2% on the year to $250 million. It is still the largest bank by assets at $47.9 billion and offers the highest rate of return on equity among Israeli banks at 10.9%.
Jordan
Best bank Arab Bank
The strongest bank in Jordan, owning 55% of the Jordanian banking system’s total assets, Arab Bank is also a global player. Benefiting from a stable long-term management strategy, the bank has managed to diversify its risk and revenue exposure, increase its profitability and continue to have a strong equity and balance sheet.
Best foreign bank Citibank
Citibank has an impressive list of firsts under its belt in Jordan, from the introduction of swaps and forwards on the Jordanian dinar to electronic banking services and the first fully automated system for safe keeping and settlement transaction.
Kuwait
Best bank National Bank of Kuwait
The National Bank of Kuwait’s profits rose to $235 million in 1996 and return on equity and return on assets are the highest in Kuwait at 20.2% and 1.8%, respectively. The other Kuwaiti banks have not yet found a way to compete with its corporate finance services and investment management abroad.
Top tier Commercial Bank of Kuwait Commercial Bank of Kuwait has had a stunning year, introducing innovative customer services and increasing profits.
Lebanon
Best bank Banque Audi
Banque Audi continues to add to its impressive list of firsts: first Middle Eastern Euro-medium-term note issue; first Middle Eastern bank to tap the US market through a rule 144A issue; first Middle Eastern debt issuer to be listed on the London Stock Exchange; and first non-sovereign to tap the five-year sector. Added to the consistent increase in profits, assets and return on equity, Banque Audi is continuing its impetus to keep ahead of its rivals by pioneering new markets and products.
Qatar
Best bank Qatar National Bank
A newcomer to the Awards for Excellence, Qatar National Bank has had a cracking year. Its profits have been up 14% on the year to $91 million, with marked improvements in return on equity and efficiency and the best-performing bank share in Qatar. Qatar National Bank has the highest credit rating of its peers and has also been at the forefront of some ground-breaking deals, including lead-managing the first exclusively Qatari syndicated loan.
Saudi Arabia
Best bank Saudi American Bank
Notable for profits of $260 million and its high returns on assets (2.1%) and equity (20.4%), Saudi American Bank also beats the competition on innovation. In the past year the first Islamically acceptable securitization of real estate receivables has been set up by the bank and it has launched the Saudi Arabian Investment Fund, which gives foreigners the opportunity to participate in the Saudi share market. It has also introduced telephone banking. The bank has been consolidating its market share in the credit card business, to 40%.
United Arab Emirates
Best bank National Bank of Abu Dhabi
National Bank of Abu Dhabi is the largest bank in the United Arab Emirates, in terms of assets and its branch network. Being the largest player in the market, the bank has unique opportunities to play an integral role in the development of infrastructure and industry, at home and abroad. For the future, the bank will continue to concentrate on expanding branches and products and also to invest in new technology.
Best foreign bank Citibank UAE
Still the only contender in this category, Citibank UAE has maintained its strong position in commercial/consumer banking as well as capital markets. Highlights include the arrangement and lead-management of the two longest private-sector syndications and the introduction of a comprehensive collection system.
