The Gulf’s Largest Bank vs Bahrain’s Anchor Institution
First Abu Dhabi Bank and the National Bank of Bahrain both serve as their respective economies’ flagship banking institutions. Both are listed on their domestic stock exchanges. Both are majority-owned by their governments through sovereign wealth vehicles. Both provide the banking infrastructure that Vision 2030 implementation requires.
The comparison, like every other on this platform, begins with scale. FAB holds assets exceeding $300 billion. NBB holds approximately $10 billion. The 30:1 ratio places these institutions in different categories of global banking — FAB competes internationally, while NBB operates as a strong domestic bank within a small market.
Bank Profiles
| Metric | FAB (Abu Dhabi) | NBB (Bahrain) |
|---|---|---|
| Total Assets | $300 billion+ | ~$10 billion |
| Asset Ratio | 30:1 | 1x (baseline) |
| Formed | 2017 (merger of NBAD and FGB) | 1957 |
| Listed | Abu Dhabi Securities Exchange | Bahrain Bourse |
| Major Shareholder | Abu Dhabi Government (via Mubadala) | Bahrain Government (via Mumtalakat) |
| Geographic Scope | International (MENA, Asia, Europe, Americas) | Primarily Bahrain and GCC |
| Credit Rating | AA- (S&P) | BBB- (S&P) |
| Employees | ~7,000+ | ~1,500 |
| Key Strengths | Scale, international network, sovereign backing | Domestic franchise, Islamic banking, cost efficiency |
FAB: Regional Banking Giant
First Abu Dhabi Bank was formed in 2017 through the merger of National Bank of Abu Dhabi and First Gulf Bank — two of Abu Dhabi’s largest banking institutions. The merger created the largest bank in the UAE and one of the largest in the Middle East and North Africa region.
FAB’s asset base exceeding $300 billion supports a full-service banking operation spanning corporate and investment banking, retail banking, wealth management, and global markets. The bank operates across multiple geographies: the UAE, the broader GCC, Egypt, India, the United Kingdom, the United States, and several Asian markets. This international footprint provides revenue diversification and access to cross-border deal flow.
FAB’s credit rating of AA- from Standard & Poor’s reflects both the bank’s financial strength and the implicit sovereign support from the Abu Dhabi government. The rating places FAB among the highest-rated banks in emerging markets and enables borrowing at competitive rates in international capital markets.
The bank plays a central role in Abu Dhabi’s economic vision as the primary banking partner for government-related entities, sovereign wealth fund transactions, and large-scale infrastructure financing. FAB’s balance sheet is large enough to underwrite major transactions independently — a capability that fewer than a hundred banks globally possess.
NBB: Bahrain’s Banking Pillar
The National Bank of Bahrain was established in 1957 as the kingdom’s first locally incorporated bank. NBB holds a foundational position in Bahrain’s financial sector — the oldest domestic bank, the largest by assets, and a trusted institution for both retail and corporate customers.
NBB’s asset base of approximately $10 billion makes it a mid-sized bank by regional standards. The bank operates primarily within Bahrain, with selective activities in the broader GCC. Its business mix includes conventional commercial banking through NBB and Islamic banking through its Bahrain Islamic Bank subsidiary.
NBB’s credit rating reflects both its own financial position and the sovereign ceiling imposed by Bahrain’s B+ country rating. Even a well-managed bank in a B+ rated country cannot achieve an investment-grade rating without sovereign support, placing NBB at a structural disadvantage in international capital markets compared to FAB.
The bank is majority-owned by Mumtalakat, Bahrain’s sovereign wealth fund, and serves as a key portfolio company within Mumtalakat’s holdings. NBB pays reliable dividends and provides Mumtalakat with exposure to Bahrain’s financial sector — though the scale of those dividends and that exposure is modest by Abu Dhabi banking standards.
What the Scale Gap Means
The 30:1 asset ratio between FAB and NBB has practical implications for each economy’s banking capacity:
Large Transaction Capacity. FAB can underwrite billion-dollar transactions on its own balance sheet. NBB cannot. Large infrastructure projects, sovereign wealth transactions, and corporate financing in Bahrain often require syndication with international banks — adding complexity and cost that Abu Dhabi’s banks can avoid.
International Competitiveness. FAB competes for international mandates alongside global banking leaders. NBB competes domestically and for niche regional mandates. The difference in geographic reach affects each bank’s ability to generate fee income, attract talent, and serve clients with cross-border needs.
Sovereign Backing. FAB’s AA- rating reflects Abu Dhabi’s sovereign strength. NBB’s rating is constrained by Bahrain’s B+ sovereign ceiling. This rating differential translates into a cost-of-funds advantage for FAB that compounds across every loan, every bond issuance, and every client relationship.
Vision 2030 Financing. Abu Dhabi’s banking sector can finance vision-related investments domestically. Bahrain’s banking sector — while competent — lacks the balance sheet depth to finance major transformation projects without international participation.
NBB is a well-run bank within the constraints of its market. FAB is a well-run bank that transcends those constraints through the sheer scale of Abu Dhabi’s economy and sovereign wealth. The comparison is not about management quality. It is about the gravitational pull of the economies they serve.