Fitch reaffirms long-term issuer default rating of Commercial Bank of Dubai as A- with a stable outlook
- United Arab Emirates: Tuesday, November 20 - 2012 at 09:26
- PRESS RELEASE
Fitch recognizes Commercial Bank of Dubai's (CBD) strong capitalisation and consistent performance through the crisis.
Furthermore, CBD continues to derive strong non-interest earnings from mainly trade finance and transaction banking.
CBD's Fitch core capital ratio of 19.3% at end-9M12, is high compared with peers and provides a good buffer against concentration risk.
The rating actions are as follows:
Long -Term IDR affirmed at 'A-' with a Stable Outlook
Short-Term IDR affirmed at 'F2'
VR affirmed at 'bb+'
Support Rating affirmed at '1'
Support Rating Floor affirmed at 'A-'
The Bank was incorporated in Dubai, United Arab Emirates in 1969 and is registered as a Public Shareholding Company (PSC). The Bank is listed on the Dubai Financial Market and is fully owned by UAE Nationals, including 20% by the Government of Dubai. The Bank employs around 1,100 staff from 35 nationalities of which 40% are UAE Nationals. It offers a wide range of Conventional and Islamic banking products and services to its commercial and consumer banking customers. After the opening of a new branch at Abu Dhabi Airport Road, its total network has grown to 26 conventional branches, 6 Islamic Branches and 2 Cash Offices. Moreover the Bank has invested in an extensive network of 210 ATMs/CDMs. It also provides Wealth Management services to its consumer customers through its 15 Al Dana Wealth Management Centers.
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