Tuesday 26 January 2021

Jean-Christophe Durand (left) and Farouk Almoayyed (centre)

NBB wins ‘Middle East’s Best Bank Transformation’ Award

MANAMA, July 15, 2020

The National Bank of Bahrain (NBB) has celebrated a significant milestone in its transformation journey after being awarded ‘The Middle East’s Best Bank Transformation’ by the Euromoney Awards for Excellence 2020.
The global financial sector’s most esteemed accolades also honoured it with the ‘Bahrain’s Best Bank’ honour for the second consecutive year. 
NBB was nominated as a result of its significant transformation, positive results delivered over the past year, as well as its continued market leadership and ongoing efforts and investments in innovation.
These coveted awards are a milestone of NBB’s successful growth journey which has seen the bank heavily invest in the latest technologies and talent skill to digitally transform and modernise every aspect of the banking experience, converting it into a leading customer centric financial institution, officials said during a virtual celebratory event attended by the bank's board, management, staff and media persons.
Commenting on the two awards, NBB Chairman Farouk Yousuf Khalil Almoayyed stated: “This recognition is without doubt a proud accomplishment for NBB, and an even prouder moment for the Kingdom of Bahrain, which is regionally acknowledged as a regulatory benchmark and still holds firm as the financial hub of the Middle East. The awards stand testament to the efforts exerted over the course of the last three years to transform NBB into an institution focused towards the future and a solid, and agile entity that can adapt to changing market dynamics.
“Today, NBB is reaping the rewards of its strategic shift as a customer centric, digitally capable, modern and accessible banking institution with a unique value proposition for everyone it serves. I would like to extend my sincere appreciation to the bank’s board and management for navigating the complex market conditions and steering the organisation to new heights, and above all, to our customers for their unwavering loyalty and the people of NBB whose efforts have paved the way for the Bank’s numerous milestones including this regional accolade.”
Over the last three years, in light of the shift in customer expectations, banking habits and increased demand for digital solutions, NBB remained focused on serving the evolving needs of each and every segment of its customer base, spanning retail, corporate and SMEs, while maintaining high level standards in risk management and controls framework.  With the customer experience as the driver of its strategy, the Bank prioritised its transformation across all customer touch points, serving different community members, including the special needs, who are being provided with physical, visual, and hearing supported services.  
Jean-Christophe Durand, Chief Executive Officer of NBB, stated: “It is an honour for us at NBB to have received such recognition at local and regional level. These two awards underline the remarkable progress we have made in the past three years in executing and bringing to life our transformation strategy, despite the industry and market challenges. These accolades underscore our achievements to-date and further boost our drive to realize all our business ambitions. Today, we are in the position to be delivering on our brand promise, ‘Closer to You’; a commitment we made to our customers to add value and elevate their banking experience through service quality, innovation and the latest offerings. It is a journey that has taken a lot of work and dedication to achieve by every single person at NBB, and I would like to thank our teams, board members, and particularly our customers for putting their trust in NBB, and for continuously supporting us on our growth path as we continue to make further progress. ”
Virginia Furness, Middle East Editor at Euromoney, said: “This award recognises NBB’s radical transformation programme, which is already delivering impressive results. Digital has been at the heart of the bank’s strategy, becoming the first bank in MENA to roll out Open Banking Solutions. It has invested in areas such as IT, internal processes, risk management structures and is raising the compliance function to international standards. Underpinning it all is the contribution made by the bank’s people.”
Investments in human capital development have been fundamental to achieving the bank’s vision, with a major part of its transformation focus being the re-engineering and upskilling of its internal talent pool.  – TradeArabia News Service


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