“Fitch Ratings Upgrades United Arab Bank’s Viability and Credit Ratings, Affirms Stable Outlook”

SHARJAH, 24th April / WAM / United Arab Bank announced that Fitch Ratings Agency – one of the largest credit rating agencies in the world – has affirmed the long-term credit rating of the bank at (BBB+), with an affirmation of the stable outlook, and raised the rating of the viability level (VR). ) to the bank to (+b).

Raising the ability rating reflects the improvement in the business situation, the effectiveness of the new strategy, the improvement in the quality of the bank’s assets, the coverage of non-performing loans, the recovery of profitability and the solidity of its capital.

Sherish Bhid, Chief Executive Officer of United Arab Bank, said: “We believe that raising our rating is evidence of our commitment to sound financial management, good governance and support for our shareholders. and Finance.”

He explained that the recent successful issuance of additional Tier 1 (AT1) financial instruments worth $150 million is a clear indication of the strength of the Bank’s financial position and the tremendous confidence of our investors in our ability to achieve further growth.

He added, “We are moving forward with our strategic and financial plans, which will contribute to the upgrading of the bank, and we expect this to have a positive impact on our growth and profitability in the future.”