- The Straits Times
Every business owner can attest to the importance of exercising prudence when it comes to trusting a bank in the face of an uncertain economic climate.
So how do Singapore’s banks fare in terms of safety, compared to the rest of the region?
They’re right on top, according to a ranking of Asia’s safest banks, published as a part of the “World’s Safest Banks 2017” rankings by New York-based trade publication Global Finance.
Singapore lenders – DBS Singapore, OCBC Bank and United Overseas Bank (UOB) – clinched the top three places in the list of Asia’s top safest banks.
Against banks from the rest of the world, DBS took 11th position, OCBC 13th and UOB 14th.
In a quote carried by The Straits Times, Joseph D. Giarraputo, publisher and editorial director of Global Finance said: “Asia has been one of the strongest regions globally in the past year while other parts of the world are wrecked by economic uncertainty,
“The safest banks in the region in our ranking are those that have done the best job in offering security and stability in the face of a bullish economic environment, to provide companies and investors with a consistent measurement for comparing the strength of institutions,” he added.
In the same report, DBS chief executive Piyush Gupta said: “Despite the challenging macroeconomic environment in the past few years, DBS’ operating performance has remained strong.
“Topping the Global Finance ranking is testament to the resilience of the franchise, strong governance and risk management processes underpinning our businesses.”
Global Finance World’s Safest Banks ranking has been recognised as a standard of creditworthiness in the financial world since 1992.
According to ST, the banks were selected through an evaluation of long-term credit ratings and total assets of the largest 500 banks in the world.
Here’s the top 15 safest banks in the world and where they’re from:
- KfW (Germany)
- Zürcher Kantonalbank (Switzerland)
- Landwirtschaftliche Rentenbank (Germany)
- L-Bank (Germany)
- Bank Nederlandse Gemeenten (Netherlands)
- Nederlandse Waterschapsbank (Netherlands)
- NRW.BANK (Germany)
- Banque et Caisse d’Épargne de l’État (Luxembourg)
- Caisse des Dépôts et Consignations (France)
- DZ Bank (Germany)
- DBS Bank (Singapore)
- Svenska Handelsbanken (Sweden)
- OCBC Bank (Singapore)
- United Overseas Bank (UOB)
- Korea Development Bank (South Korea)