The foreign currency ratings are affirmed at A+ long-term and A1 short-term. The outlook for all the ratings is Stable.
The upgrade is underpinned by the bank's improving financials. UNB's balance sheet has expanded at a robust pace over the last four years, and asset quality ratios have strengthened. Capitalisation ratios remain strong. The funding mix is being increasingly diversified, and although liquidity ratios tightened last year they remain comfortable overall.
UNB's business franchise is growing. It acquired a small sized bank in Egypt last year, which provides it with an opportunity to widen its geographic presence. CI however believes that UNB's generally conservative outlook will guide its foreign expansion strategy. Within the UAE, the Bank has well entrenched corporate and investment banking businesses (with some strengths in niche areas) and growing consumer banking activities.
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Union National Bank financial strength rating raised to A+
- United Arab Emirates: Monday, July 02 - 2007 at 12:21
- PRESS RELEASE
Capital Intelligence (CI), the international credit rating agency, announced that it has raised the financial strength rating of Abu Dhabi-based Union National Bank (UNB) to A+, from A.
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Posted by Anne-Birte Stensgaard, Senior News EditorMonday, July 02 - 2007 at 12:21 UAE local time (GMT+4)
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