In a world where intangible assets increasingly replace physical assets in generating economic value, competition for reputation has become a significant driving force. However, in today’s Gulf banking sector, establishing a strong reputation requires more than merely being a ‘good’ bank. To be regarded as a ‘great’ bank in the Gulf region — countries participating in the Gulf Cooperation Council (GCC) — ‘familiarity’ per se is crucial.
Top-rated Gulf wholesale banks — those engaged in corporate, investment, and commercial (SME) banking — openly share information and engage effectively with stakeholders, recognizing familiarity as a key strategic asset. While some Gulf banks still avoid publicity and communicate only minimally or when under pressure, the leading GCC banks welcome open communication. This transparency fosters credibility and trust, ultimately securing support and advocacy from clients, shareholders, and other stakeholders.
Media channels profoundly influence the visibility of Gulf banks. They interpret, amplify, and shape news stories through commentaries that affect how potential clients — like C-level executives and senior managers of renowned global companies — perceive GCC banks.
Among the local Gulf banks nominated as "best wholesale banks" by over 3,000 C-suite executives and senior managers from Fortune Global 500 and Forbes Global 2000 companies, QNB, SNB, First Abu Dhabi Bank, Emirates NBD, Saudi Awwal Bank, and National Bank of Kuwait received the most nominations. In contrast, well-known wholesale banks from the US, EU, and Asia received significantly fewer.
The research study suggests that American and European wholesale banks, in particular, face considerable challenges due to their strong association with Western market capitalism. This can be a disadvantage in the culturally distinct Gulf region. Projecting a traditional American or European wholesale banking ethos often does not resonate in Gulf countries, where financial assets are readily available, and Islamic wholesale banking — a highly successful practice in its own right — is not viewed as an ‘exotic deviation’.
Bank reputations are built on strong top-of-mind awareness. Familiarity and visibility are closely linked to reputation. While some highly regarded Gulf banks may not be the most visible, this is the exception rather than the rule. For more details, please visit www.pieterklaasjagersma.com/reports.