Local Banks Stay on Top in Asia Ranking
They also move up on list of world’s 50 safest banks.
(SINGAPORE) Local banks have topped the list of Asia’s safest banks once again, in a survey conducted by Global Finance magazine.
DBS Bank has staked its claim on the top spot for the third year running while OCBC and UOB have been placed at second and third places respectively, dominating the list again.
World’s Safest Banks 2011 in Asia lists the 10 safest Asian banks through the evaluation of its total assets and long-term creditworthiness from credit ratings agencies such as Moody’s, Standard & Poor’s, and Fitch.
‘Customers around the world are viewing long-term creditworthiness as the key feature of the banks with which they do business,’ said Joseph Giarraputo, the publisher of Global Finance, of the evaluation methodology. ‘These banks have solid capital positions and superior risk management capabilities.’
On a global platform, these Singaporean banks have gone on to place higher in the 20th Annual Ranking of the World’s 50 Safest Banks as well.
DBS, rated AA- by S&P and Fitch and Aa1 by Moody’s, is ranked 19th, up four places from 23rd a year ago.
Placed at 31st and 32nd previously, OCBC and UOB have both moved six places up to the 25th and 26th position as well.
The two banks are given an A+ credit rating from S&P, Aa1 from Moody’s and AA- from Fitch.
With the economy thrown into turmoil due to the sovereign debt crisis of the eurozone region and S&P’s downgrade of the US debt, in addition to the global political instability, companies are now keeping their eyes peeled for any signs of weaknesses or risks in banks.
‘More than ever, companies around the world are re-evaluating the long-term credit strength of their banks, and partnering, with only those banks that have proven strength and stability,’ said Mr Giarraputo.
Source: http://www.businesstimes.com.sg/sub/news/story/0,4574,453240,00.html?
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