1. The Magazine
  2. November 2017
  3. World's Safest Banks 2017 | Country Winners

World's Safest Banks 2017 | Country Winners

Global Finance magazine has expanded the individual country rankings, with 15 banks making the list for the first time.

Sixteen new banks appear in this year’s country-by-country ranking of the World’s Safest Banks. Three of these are in countries that didn’t feature in last year’s list, while 13 replace last year’s winners.

This year’s list features 106 countries, a net increase of two over last year. Fitch withdrew its rating on Tai Fung Bank, with the result being that there are no longer any rated banks in Macau to rank. The three new countries are Honduras, Kosovo and Tanzania, where first-time ratings have been assigned to Inversiones Atlántida, ProCredit Bank and CRDB Bank.

New winners earn their position in a variety of ways: a rating upgrade, a downgrade of rival banks or a change in asset size.

METHODOLOGY

Global Finance’s list of the safest banks by country is based on the same long-term foreign-currency credit ratings used in our other Safest rankings, but provides insight on a far larger range of countries than appear in our Global, Emerging Markest and Commercial lists. To be eligible for inclusion in this list, a bank must be among the biggest 1,000 banks in the world, ranked by asset size. [To make the global rankings, banks must be among the world’s biggest 500.]

Another difference is that banks do not need to hold at least two ratings to be included—a single rating from one of the three agencies is sufficient. We use a proprietary algorithm to calculate imputed second and third ratings in order to score such banks. Many of the banks considered for inclusion in the country-by-country rankings hold ratings in sub-investment-grade territory, often due to a low rating for the home government.

When there are several banks in a single country that hold the same rating, they are ranked by asset size, in recognition of the strong positive correlation that exists between large asset size and high credit ratings. 

In Austria, BAWAG replaces Erste Bank after an upgrade from Moody’s and a first-time rating of A- from Fitch. BNP Paribas Fortis replaces KBC after an upgrade from Fitch. Česká Spořitelna replaces Komerční Banka in the Czech Republic following an upgrade from S&P. And in Hungary, OTP replaces the Hungarian Export-Import Bank after upgrades from both Moody’s and S&P.

In Turkey, Garanti Bankasi replaces Türk Ekonomi Bankasi by holding onto relatively high ratings after the three agencies reassessed their ratings on both the Turkish government and the local banks, downgrading some.

In Ukraine, Alfa-Bank (not related to Alfa Bank of Russia) becomes the safest bank by holding on to its ratings after last year’s winner, PrivatBank, was downgraded by Moody’s and Fitch.

National Bank of Greece loses its position as Greece’s safest bank as a result of a decline in its asset size. In line with the methodology used for our other rankings, when banks have the same score, the bank with the largest asset size is ranked first, reflecting the strong positive correlation between asset size and high ratings.

In some countries, nearly all banks have ratings deep in sub-investment-grade territory. In Central Asia, even the safest banks are often rated in the single-B range. Of the eight countries in sub-Saharan Africa, only South Africa has banks rated investment-grade. Elsewhere, ratings are single B or even lower.

In Western Europe, only Greece and Cyprus have banks with an aggregate rating below investment grade. The safest banks in all the other 20 Western European countries have investment-grade ratings.

Asia earns a huge range of ratings. The safest banks in Singapore and South Korea, DBS and Korea Development Bank, are among the safest in the world. In contrast, the safest bank in Pakistan has a single rating of Caa1 from Moody’s; while in Mongolia, Trade and Development Bank has a Caa2 from Moody’s and B- from S&P. 

 

North America 

Country

Group Name

Ratings

Total Score

Assets

$ mn

Statement

Date

Fitch

Moody’s

S&P

Canada

TD Bank

AA-

Aa2

AA-

22

878,137

10/31/16

United States

AgriBank

AA-

Aa3

AA-

21

102,563

12/31/16

 

 

Latin America & the caribbean

Country

Group Name

Ratings

Total Score

Assets

$ mn

Statement

Date

Fitch

Moody’s

S&P

Argentina

Banco de la Provincia
de Buenos Aires

N/R

N/R

B

-18

13,142

12/31/16

Bermuda

Butterfield Bank

BBB

A3

BBB

8

11,104

12/31/16

Bolivia

Banco Mercantil Santa Cruz

N/R

B1

BB-

-11.5

4,045

12/31/16

Brazil

Itaú Unibanco

BB+

Ba3

BB

-6

437,514

12/31/16

Chile

Banco del Estado de Chile

A+

Aa3

A+

19

52,133

12/31/16

Colombia

BBVA Colombia

BBB+

Baa2

N/R

6.5

17,355

12/31/16

Costa Rica

Banco Nacional de Costa Rica

BB

Ba3

N/R

-8.5

11,273

12/31/16

Dominican Republic

Banco de Reservas de la Republica Dominicana

BB-

B1

N/R

-12

9,766

12/31/16

Ecuador

Banco Pichincha

B

N/R

N/R

-18

11,870

12/31/16

El Salvador

Banco Agricola

B-

B2

B-

-17

4,305

12/31/16

Guatemala

Banco Agromercantil de Guatemala

BB+

N/R

BB

-5.5

3,117

12/31/16

Honduras

Inversiones Atlántida

B

N/R

B+

-14.5

3,294

9/30/16

Jamaica

National Commercial Bank Jamaica

B

N/R

B

-16

4,750

9/30/16

Mexico

Banobras

BBB+

A3

BBB+

10

34,157

12/31/16

Panama

Banco Latinoamericano de Comercio Exterior

BBB+

Baa2

BBB

7

7,181

12/31/16

Paraguay

Banco Continental

N/R

Ba2

N/R

-9

3,384

9/30/16

Peru

Scotiabank Peru

A-

A3

BBB+

11

17,362

12/31/16

Trinidad and Tobago

First Citizens Bank

N/R

N/R

BBB

3

5,780

12/31/16

Uruguay

Banco de la Republica Oriental del Uruguay

N/R

Baa2

N/R

3

16,093

12/31/16

Venezuela

Banesco Banco Universal

CCC

N/R

N/R

-24

215,543

12/31/16

 

Western Europe

Country

Group Name

Ratings

Total Score

Assets

$ mn

Statement

Date

Fitch

Moody’s

S&P

Andorra

Credit Andorra

BBB

N/R

N/R

3

6,648

12/31/16

Austria

BAWAG

A-

A2

N/R

12.5

38,666

12/31/16

Belgium

BNP Paribas Fortis

A+

A1

A

17

313,893

12/31/16

Cyprus

RCB Bank

N/R

B3

BB-

-14.5

9,165

12/31/16

Denmark

Danske Bank

A

A1

A

16

493,941

12/31/16

Finland

OP Corporate Bank

N/R

Aa3

AA-

20

65,256

9/30/16

France

Caisse des Depots de Consignations

AA

Aa2

AA

24

175,428

12/31/16

Germany

KfW

AAA

Aaa

AAA

30

534,429

12/31/16

Greece

Piraeus Bank

N/R

Caa3

CCC+

-25

92,405

9/30/16

Iceland

Islandsbanki

BBB

N/R

BBB

5

9,285

12/31/16

Ireland

Bank of Ireland

BBB-

Baa1

BBB

6

129,787

12/31/16

Italy

Credit Agricole Cariparma

N/R

A3

N/R

9

54,799

6/30/16

Liechtenstein

Liechtensteinische Landesbank

N/R

Aa2

N/R

21

19,862

6/30/16

Luxembourg

Banque et Caisse
d’Epargne de l’Etat

N/R

Aa2

AA+

24.5

50,058

30/6/16

Malta

Bank of Valletta

BBB

N/R

N/R

3

11,967

9/30/16

Netherlands

Bank Nederlandse Gemeenten

AA+

Aaa

AAA

29

162,327

12/31/16

Norway

DNB

N/R

Aa2

A+

20

281,136

9/30/16

Portugal

Banco Santander Totta

BBB

Baa3

BB+

2

45,301

12/31/16

Spain

Banco Santander

A-

A3

A-

12

1,411,537

12/31/16

Sweden

Svenska Handelsbanken

AA

Aa2

AA-

23

289,949

12/31/16

Switzerland

Zürcher Kantonalbank

AAA

Aaa

AAA

30

155,222

12/31/16

United Kingdom

HSBC

AA-

A1

A

18

2,374,986

12/31/16

 

Central & Eastern Europe and Former Soviet Union

Country

Group Name

Ratings

Total Score

Assets

$ mn

Statement

Date

Fitch

Moody’s

S&P

Armenia

Ardshinbank

B+

B2

N/R

-14.5

1,133

12/31/16

Azerbaijan

Kapital Bank

N/R

Ba3

BB-

-10

1,369

9/30/16

Belarus

Development Bank of the Republic of Belarus

B-

N/R

B-

-19

2,704

12/31/16

Bulgaria

Societe Generale Expressbank

BBB+

N/R

N/R

6

3,422

12/31/16

Croatia

Zagrebacka banka

BBB-

N/R

BB

-1

17,902

12/31/16

Czech Republic

Česká Spořitelna

A-

A2

A

14

41,598

12/31/16

Georgia

Bank of Georgia

BB-

B1

N/R

-11.5

4,067

12/31/16

Hungary

OTP Bank

BB

Baa3

BBB-

0

39,826

9/30/16

Kazakhstan

Development Bank of Kazakhstan

BBB-

Baa3

BB+

1

7,358

31/12/16

Kosovo

ProCredit Bank Kosovo

BB-

N/R

N/R

1

844

31/12/16

Latvia

Citadele Banka

N/R

Ba2

N/R

-9

3,488

6/30/16

Lithuania

Šiaulių bankas

N/R

Ba1

N/R

-6

1,841

12/31/16

Poland

ING Bank Slaski

A

A3

N/R

12.5

28,109

12/31/16

Romania

BRD-Groupe Societe Generale

BBB+

Baa3

N/R

5

12,056

12/31/16

Russia

Vnesheconombank

BBB-

N/R

BB+

-1

58,912

12/31/16

Slovak Republic

VUB

N/R

A2

N/R

12

14,815

6/30/16

Slovenia

Banka Intesa Sanpaolo

BBB-

N/R

N/R

0

2,451

12/31/16

Turkey

Turkiye Garanti Bankasi

BBB-

Ba2

BB

-3

88,611

12/31/16

Ukraine

Alfa-Bank

B-

N/R

N/R

-21

1,589

9/30/16

Uzbekistan

Asaka Bank

B+

B2

N/R

-14.5

2,574

12/31/15

 

Asia

Country

Group Name

Ratings

Total Score

Assets

$ mn

Statement

Date

Fitch

Moody’s

S&P

Bangladesh

City Bank

N/R

B1

N/R

-15

2,647

12/31/16

Brunei

Bank Islam Brunei
Darussalam

N/R

N/R

A-

9

6,528

12/31/16

Cambodia

ACLEDA Bank

N/R

N/R

B

-18

4,665

12/31/16

China

China Development Bank

A+

A1

AA-

19

1,943,930

12/31/16

Hong Kong

Hang Seng Bank

A+

Aa2

AA-

21

177,617

12/31/16

India

State Bank of India

BBB-

Baa3

BBB-

3

531,338

3/31/17

Indonesia

Maybank Indonesia

BBB

N/R

N/R

3

12,405

12/31/16

Japan

Bank of Tokyo-Mitsubishi

A

A1

A+

17

1,903,411

3/31/16

Malaysia

Malayan Banking Berhad

A-

A3

A-

12

164,056

12/31/16

Mauritius

Mauritius
Commercial Bank

BBB-

Baa3

N/R

2

8,071

6/30/16

Mongolia

Trade and Development
Bank of Mongolia

N/R

Caa2

B-

-22

2,782

12/31/16

Pakistan

Habib Bank

N/R

Caa1

N/R

-24

22,813

9/30/16

Papua and New Guinea

Bank of South Pacific

N/R

N/R

B+

-15

5,622

31/12/15

Philippines

BDO Unibank

BBB-

Baa2

N/R

3.5

46,674

12/31/16

Singapore

DBS

AA-

Aa1

AA-

23

332,967

12/31/16

South Korea

Korea Development Bank

AA-

Aa2

AA

23

225,766

12/31/16

Sri Lanka

National Savings Bank

B+

N/R

B+

-13

6,152

12/31/16

Taiwan

Bank of Taiwan

N/R

Aa3

A+

18.5

154,362

9/30/16

Thailand

Bank of Ayudhya

A-

Baa1

BBB+

10

52,558

12/31/16

Vietnam

VietinBank

B+

B2

BB-

-12

42,164

12/31/16

 

Middle East

Country

Group Name

Ratings

Total Score

Assets

$ mn

Statement

Date

Fitch

Moody’s

S&P

Bahrain

Gulf International Bank

BBB+

Baa1

N/R

8

22,906

12/31/16

Egypt

National Bank of Egypt

B

Caa1

B-

-18

79,409

6/30/16

Israel

Bank Hapoalim

A

A2

A-

14

116,542

12/31/16

Jordan

Arab Bank

BB+

B2

BB-

-9

34,161

12/31/16

Kuwait

National Bank of Kuwait

AA-

Aa3

A+

20

79,073

12/31/16

Lebanon

Bank Audi

B-

B2

B-

-17

44,267

12/31/16

Morocco

Attijariwafa Bank

BB+

Ba2

BB

-5

42,469

12/31/16

Oman

HSBC Oman

A-

Baa2

N/R

8

5,862

12/31/16

Qatar

Qatar National Bank

AA-

Aa3

A

19

197,718

12/31/16

Saudi Arabia

National Commercial Bank

A-

A1

BBB+

13

117,731

12/31/16

Tunisia

Arab Tunisian Bank

BB-

B1

B

-12

2,317

12/31/16

UAE

First Abu Dhabi Bank

AA-

Aa3

AA-

21

185,799

12/31/16

 

Sub-Saharan Africa

Country

Group Name

Ratings

Total Score

Assets

$ mn

Statement

Date

Fitch

Moody’s

S&P

Angola

Banco Angolano de Investimentos

N/R

B2

N/R

-18

8,117

12/31/16

Dem. Rep. of Congo

Rawbank

N/R

Caa1

N/R

-24

1,640

12/31/16

Ghana

GCB Bank

N/R

Caa1

N/R

-24

1,291

6/30/16

Kenya

Stanbic Bank Kenya

BB-

N/R

N/R

-12

2,009

12/31/16

Nigeria

Zenith Bank

B+

B2

B

-14

15,540

12/31/16

South Africa

Standard Bank

BB+

Baa3

N/R

-1

142,812

12/31/16

Tanzania

CRDB Bank

N/R

B2

N/R

-18

2,491

9/30/16

Togo

Ecobank Togo

B

N/R

N/R

-18

20,511

12/31/16

 

Australasia

Country

Group Name

Ratings

Total Score

Assets

$ mn

Statement

Date

Fitch

Moody’s

S&P

Australia

ANZ

AA-

Aa3

AA-

21

698054

9/30/16

New Zealand

Kiwibank

AA-

A1

A

18

13743

6/30/16