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Best bank: MashreqBank Best debt house: Standard Chartered Best equity house: Shuaa Capital Best M&A house: Citi
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It was a hit and miss year for the UAE’s leading banks. Abu Dhabi Commercial Bank found itself caught up in the US sub-prime crisis, leading to a $152 million writedown in 2007, with the possibility of more to come. Dubai Islamic Bank, too, is undergoing a difficult period after police detained the former chief executive of Deyaar Development, of which DIB owns 41%, as part of an investigation into a possible fraud.
One bank, however, stands out from the pack: MashreqBank.
Although the bank is active in capital markets, its core strengths are in retail and corporate banking. This relatively conservative strategy has served it well.