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Standard & Poor's Ratings Services (S&P) has affirmed Gulf International Bank's (GIB) BBB+ long-term counterparty credit rating with a stable outlook. It has also affirmed the Bank's A-2 short-term counterparty credit rating.
The rating agency explained in its report that this affirmation of GIB's credit ratings reflects its 'strong ownership structure, exceptionally strong capitalisation and efficiency, and improved liquidity'.
S&P added that the bank has taken steps to amend its business model and diversify its funding profile. It also stressed the fact that GIB's current level of provisions is considered conservative in its opinion.
GIB's chief executive officer Dr Yahya A Alyahya said: "We are pleased with the credit rating affirmation by S&P, which reflects deep market confidence in the bank and its ability to serve clients in the best possible way regardless of the difficult financial conditions."
He added: "The rating affirmation is an independent vote of confidence in GIB. We are currently developing a strategy to strengthen our franchise in the GCC states and to enhance customer service by providing a wider range of financial products and services."
