Global Finance has unveiled its ranking of the Middle East 10 biggest banks, as part of its second annual definitive list of the biggest banks in the emerging markets.

As well as detailing the biggest emerging market banks by asset size, Global Finance 200 also identifies the biggest banks in each emerging market region - Asia, Latin America, Central and Eastern Europe, the Middle East and Africa.

The ten biggest banks in the Middle East are:
1 Emirates NBD - UAE
2 The National Commercial Bank - Saudi Arabia
3 Bank Melli Iran - Iran
4 Samba Financial Group - Saudi Arabia
5 Arab Bank - Jordan
6 National Bank of Abu Dhabi - UAE
7 Al Rajhi Banking and Investment Corp - Saudi Arabia
8 National Bank of Kuwait - Kuwait
9 Bank Saderat Iran - Iran
10 Bank Mellat - Iran

Global Finance assembled the list with the help of Bankersalmanac.com. The basis of all the rankings is the size of total assets, i.e., the balance sheet  total, as of the end of 2008.

These bank rankings are based on and compiled from balance sheet information held by Bankersalmanac.com on October 8, and additional research by Global Finance.

“This year’s results show that a year after the storm broke that many believed would send the emerging markets into a tailspin, the leading banks of the developing world are proving bigger, stronger and more resilient than ever,” stated Joseph Giarraputo, publisher and editorial director of Global Finance.-TradeArabia News Service