Standard & Poor’s Global Ratings has upgraded its outlook on Bank ABC to stable and re-affirmed its BBB-/A-3 long- and short-term issuer credit ratings as a result of the Bank’s ability to withstand difficult conditions in its key markets and to deliver strong financial performance.
In a recently published statement, the Agency underscored that the stable outlook reflects its view of the Bank’s resilience to high economic and banking industry risks in the countries where it operates. S&P added that despite challenges in many markets, Bank ABC's stable financial performance supports the Group's capitalisation.
“We welcome this well-earned outlook revision from S&P. The Agency has commended our continuing prudent risk management and ongoing efforts to adjust our business model to respond to a deeply changing industry,” said Dr. Khaled Kawan, Group Chief Executive Officer of Bank ABC.
He also stressed that Bank ABC takes particular pride in the confirmation of its prudent growth strategy and sound asset-quality metrics. “We will continue to leverage our unique footprint, strong capital, and global product and service offering to better attend to the needs of our clients and deliver stronger value to our Shareholders,” said Dr. Kawan.
Bank ABC is a leading player in the region’s banking industry and provides innovative wholesale financial products and services that include corporate banking, transaction banking and cash management, specialised finance, debt and financial markets products, and Islamic banking. It also provides retail-banking services through its network of retail banks in Jordan, Egypt, Tunisia and Algeria.
Dr. Khaled Kawan
Group Chief Executive Officer of Bank ABC