Middle East's Best Banks

These days, most Middle East lenders boast some kind of Asia connection. It may be a simple one, based on links with correspondent banks in important markets. Others boast more sophisticated networks, using offices in the likes of Hong Kong or Singapore to support local firms operating across the continent.

Saudi British Bank’s presence in Asia grows in strength and depth each year, and for good reason. China is the biggest market for Saudi-made goods and services, and the Kingdom’s single largest source of imports.

Qatar National Bank has quietly transformed itself into one of the Middle East’s bigger and better international lenders.

Bank of Palestine might be easy to overlook at first. Ensconced in a small territory (the West Bank) in an extremely troubled and uncertain part of the world, squeezed between Israel and Jordan, it is not a big lender by any measure.

Fransabank can claim a number of impressive firsts in Asia. It was the first Lebanese bank to establish a China desk, capable of handling all transactions flowing between the two countries, including those priced in renminbi. The desk plays an integral role in finding viable inbound projects for Chinese firms, and identifying mainland partners for its local clientele.

Kuwait Finance House is strong to the core; for 2018, third-quarter net profit rose 22.7% year on year, while net financing income jumped 25.4% in the same period. Its Islamic banking credentials make it a worthy winner of this award.

Amman-based Arab Bank opened its first representative office in Beijing in 1985, long before most lenders had even considered committing time and resources to the People’s Republic of China, and followed up with a second rep office in Shanghai in 1996. In the years that followed, Arab Bank steadily built up its regional presence. Chief executive Nemeh Sabbagh oversaw the process as Arab Bank extended its reach to South Korea and Singapore, enabling it to keep in touch with Asian companies and with Jordanian firms operating across the region.

When lenders target the Chinese market, usually their first port of call is either Beijing or Shanghai. Not so Banque Misr, whose chairman Mohamed El-Etreby joined in 2011 after nearly 30 years in the commercial banking sector.

Trade between Saudi Arabia and Asia is growing fast, benefiting companies and lenders alike. This relationship has for years been a unidirectional process, driven by rising demand for oil in energy-poor countries such as Japan, South Korea and China.