Global Arab Network | Banque de Tunisie wins 'Bank of the Year 2009' Award

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Banque de Tunisie wins 'Bank of the Year 2009' Award

Friday, 04 December 2009 14:56

Banque de Tunisie (Bank of Tunisia) wins one of the prestigious awards given by "The Banker" magazine of Financial Times.

The Tunisian banking sector has reached another milestone by winning another glorious global praise. The magazine has awarded one of "Bank of the Year 2009" awards to Banque de Tunisie (Bank of Tunisia).

The recognition of being named 'Bank of the Year 2009’ is testament to the strong management and cautious risk approach that Banque de Tunisie has adopted.

The Banker's Bank of the Year awards Ceremony took place on December 3rd, 2009 at the Intercontinental hotel in Park Lane in London and was attended by distinguished bankers from all over the world. The country and regional awards were distributed by the Editors of The Banker Magazine and Michael Buerk -former BBC Correspondent.

The effects of the international financial crisis were limited in Tunisia, due to the fact that interest rates on house loans are fixed, that foreign participation in Tunisia’s stock exchange does not exceed 25% and that the country’s foreign reserves are regulated by strict rules and in sovereign titles in prominent banking institutions.

Tunisia has received favourable ratings by the world’s leading rating agencies, including a triple B by Moody’s and Standard and Poors , an IBCA by Fitch and an A by the Japanese Rand II Agency; Tunisia was also ranked 36th out of 134 nations in terms of global competitiveness by the 2008 WEF in Davos

Tunisia’s objectives is to maintain the growth trend between 5,5% and 6,5%, and to focus on high value added sectors, which should increase from 23,5% of the GNP currently, to 35% in 2016.

The Banker awards are considered as The Global Banking Oscars. This year marks The Banker's 10th Annual awards and was once again hotly contested by the world's leading financial institutions.

The Banker's Bank of the Year Awards for 2009 come at a time when the banking community has faced one of the most difficult period in decades. The awards aim to reward and promote industry wide excellence in the global banking community-as stated by The Banker. They also seek to highlight the banks with the best overall performance over the course of the previous year incorporating performance criteria, qualitative achievements and strategic initiatives.

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