MANAMA: National Bank of Kuwait (NBK), the only GCC-based financial institution, has been ranked among the top fifty safest banks in the world, according to the US-based Global Finance magazine.

“Such has been the turmoil in the world’s banking industry that, for the first time, Global Finance magazine is publishing a mid-year update of its much respected Safest Banks listing,” a statement issued by Global Finance said.

“A full report on the list will appear in the April issue of Global Finance and the “World’s 50 Safest Banks” 2009 were selected through a comparison of the long-term credit ratings and total assets of the 500 largest banks around the world. Ratings from Moody’s, Standard & Poor’s and Fitch were used.