Are luxury cars untouched by economic slowdown and inflation? The latest results from Italian luxury automaker Lamborghini suggests so. CFO Paolo Poma believes the company can even improve its profitability, despite economic headwinds. Global Finance spoke with Poma—who has been managing director and CFO since 2017—when he recently visited New York.
Global Finance editor Andrea Fiano interviews Ásgeir Jónsson, Central Bank Governor of Iceland during Global Finance's World's Best Bank Awards at the National Press Club in Washington, DC on October 15th.
A number of factors have contributed to improving stability within the global banking sector in recent years. Continued economic expansion in many countries, combined with regulatory reforms that bolstered bank capitalization and funding, has resulted in many banks exhibiting the greater strength and resilience necessary to weather a severe economic downturn. Still, the ongoing US-China trade dispute, Brexit uncertainty and considerable geopolitical risk are eroding business confidence and reducing investment—thereby threatening global growth and bank profitability. After global GDP expansion of 3.6% in 2018, GDP growth has been downgraded to 2.9% for 2019, with a slight increase to 3% for 2020, according to the Organization for Economic Cooperation and Development (OECD).
In response to prospects for slower growth, some central banks have shifted their monetary policy to a more accommodative stance. The US Federal Reserve cut rates twice this year, most recently in September, while the European Central Bank (ECB) hopes to keep rates at current levels into mid-2020. Other central banks may follow the Fed’s easing stance, which makes bank profitability more challenging due to shrinking interest margins. At a time of significant uncertainty and risks to the global economy, the Global Finance annual rankings of the World’s Safest Banks highlight institutions with the greatest stability.
Our methodology applies a clear approach in the compilation of the World’s Safest Bank rankings, utilizing the long-term foreign currency debt ratings from Fitch, Moody’s and Standard & Poor’s. (See Methodology below). Our 2019 edition includes the impact of a number of rating agency upgrades, which resulted in shifts in our rankings. In most cases, the upgrades reflected increases in loss-absorbing capital buffers, or the adoption of stronger resolution plans in the event of bank failure. While the implementation of regulatory requirements has improved bank stability, the degree to which regulatory mandates act as a catalyst for further upgrades in bank ratings may be subsiding.
North American banks have demonstrated solid operating performance on the strength of the US economy and financial markets, but there exist considerable headwinds related to the outlook for a slowing economy—exacerbated by the US-China trade dispute—that will be disruptive and costly. The OECD expects GDP growth in the US to decline to 2.4% in 2019 and to 2% in 2020, down from 2.9% in 2018. Banks in the US and Canada must contend with tighter margins due to persistently low interest rates, while devoting considerable resources to ongoing regulatory requirements as well as technology and development of digital platforms.
The sector has benefitted from generally improving trends in bank asset quality. However, a slowing economy increases the risk of credit deterioration within bank loan portfolios. Additionally, the new Current Expected Credit Loss accounting-methodology standard starts to take effect in stages beginning in December 2019, and may contribute to earnings pressure; as banks will be required to record expected credit losses on loans and other financial instruments up front, instead of as losses are incurred.
Some areas of the regulatory environment have eased somewhat with the softening of elements of the Volcker Rule. Amendments to Dodd-Frank raised the threshold for a classification of “systemically important”—requiring special oversight—from institutions with assets of at least $50 billion to those with at least $250 billion. This reduced the number of banks subject to the Fed’s Comprehensive Capital Analysis and Review exam to 18 for the 2019 review, down from 35 in 2018, and mainly benefits midsized institutions. Also, new trading terms have been proposed under the US-Mexico-Canada Free Trade Agreement, but the North American Free-Trade Agreement remains in place until the new agreement is ratified, possibly in 2020.
In Europe, as we go to press, much of the focus is on Brexit and the possibility of the UK leaving the EU without a withdrawal agreement in place before the October 31, 2019, deadline. European banks are well represented throughout our rankings, occupying the first 11 positions and representing 27 of the Global Top 50 Safest Banks. These banks include a combination of state-sponsored institutions and highly rated commercial banks. OECD estimates of economic growth in the eurozone countries, and also the UK, are approximately 1% for 2019 and 2020, and could worsen in the event of a no-deal Brexit outcome. Against this backdrop, ECB policy remains accommodative; and the bank also initiated the third series of its Targeted Longer-Term Refinancing Operations, designed to support the banking sector by providing lower-cost funding.
Banks in emerging-market countries must contend with the fallout from the protracted US-China trade dispute. Chinese regulators are signaling that aggressive interest rate cuts are not planned in response to slower growth that the OECD expects to fall below 6% in 2020. Rather, a more measured approach to policy easing, combined with fiscal stimulus in the form of infrastructure spending, is expected to offset slower growth. Sensitivity to volatility in commodity prices is an ongoing concern, particularly in the oil markets, after the attack on the Saudi Aramco facility illustrated significant vulnerabilities that can create supply disruptions.
Global Top 50
Not surprisingly, the Global Top 50 Safest Banks are highly rated; and this has improved with a few upgrades since our 2018 publication. BNG Bank rose two places to third as a result of an upgrade by Fitch, and is now one of five banks that hold a triple-A rating from each of the three rating agencies. Two entities, Nederlandse Waterschapsbank and Kommunalbanken, continue to be Aaa and AAA rated by Moody’s and S&P, respectively. However, they don’t carry a Fitch rating.
The scoring threshold for inclusion increased slightly to 19 from 18.5 in 2018, with a maximum possible score of 30. Moreover, some of the scores of these banks are concentrated within various scoring levels. Consequently, a one-notch change in rating can have a large impact on rankings, as was the case with DNB Bank, which rose 17 positions as a result of a January 2019 upgrade by S&P. BNP Paribas is a new entrant to our 2019 Global Top 50 rankings, due to an April 2019 upgrade from S&P in response to an increase in the bank’s loss-absorbing capital buffer. US Bancorp and Bank of Taiwan missed the cut this year as a result of BNP’s upgrade and larger balance sheet; Bank of Taiwan, with a score of 18.5, fell just below the required score of 19 points for inclusion. Of note, Nordea Bank changed its domicile to Finland from Sweden by way of a cross-border merger of Sweden-based Nordea Bank AB with new parent Finland-based Nordea Bank Abp. The bank’s ratings were affirmed, but Nordea’s ranking fell three spots due to the shifting of other banks in the Global Top 50.
Regulatory changes have been a catalyst for bank restructuring, and since our last ranking there have been a number of significant new mandates. Notably, the finalization of Basel III (designed to strengthen capital requirements and reduce bank leverage), the adoption of IFRS 9 (to harmonize definitions and accounting principles around financial instruments) and the implementation of recovery and resolution plans are global in scope.
Banks must address additional mandates related to consumer privacy under Europe’s General Data Protection Regulation (GDPR), and securities-trading transparency and investor protection under the revised EU Markets in Financial Instruments Directive (MiFID II). In November, the European Banking Authority released the results of its latest stress test (which applies to 70% of EU banking sector assets), detailing the capital impact of a set of adverse assumptions. The Bank of England has imposed ring-fence requirements to separate retail and consumer business from wholesale and markets-related banking. UK banks must also issue additional subordinated liabilities up to a minimum buffer requirement to protect senior creditors.
Meanwhile, in the US, elements of Dodd-Frank have eased; this mainly impacts regional and community banks. Going forward, the refinement of capital and liquidity requirements, compliance with stress tests, and ensuring robust recovery and resolution plans will continue to underpin regulatory oversight. Such mandates ultimately contribute to the resilience of the sector.
After the 2008 crisis, central banks injected significant liquidity into the financial system through highly accommodative monetary policy (quantitative easing), hiking the threat of asset bubbles and inflation. This stance has shifted. The US Federal Reserve is now well into a tightening phase; its European counterpart is expected to follow, possibly in mid-2019. While rising rates in some regions could benefit banks’ net interest margins, innovation is needed to maintain profitability. Fintech has brought fresh competition in finance, and banks must develop or acquire robust online platforms to grow their consumer business.
In this era of heightened scrutiny, with the prospect of rising interest rates that may pressure economic growth, the sector faces additional challenges. Achieving earnings growth will be particularly daunting given the considerable costs related to regulatory compliance, new technology investment and maintaining legacy systems. Moreover, robust risk management is critical to manage global risks, ensure data security and prevent cyber threats. Banks must continue to identify cost efficiencies while focusing on revenue initiatives.
We apply a straightforward approach to ranking the World’s Safest Banks, using long-term foreign-currency debt ratings from the three major international rating agencies. (Details p. 19)
Overall, the Global Top 50 banks include institutions that exhibit considerable stability. As a result, scores remain in a narrow range. The score for inclusion among the Global Top 50 was relatively unchanged at 18.5 points (versus 19 in 2017) out of a top score of 30.
As in the past, sovereign-rating changes can have a large impact on movements year-over-year. For example, the Canadian banks rose in our 2018 rankings due to an upgrade by Moody’s in July 2018 following Canada’s adoption of new bank resolution regulations. The upgrades boosted the rankings for Toronto-Dominion (11th), Royal Bank of Canada (12th), The Bank of Nova Scotia (27th), Bank of Montreal (32nd) and Canadian Imperial Bank of Commerce (33rd and a new entrant).
Methodology: Behind the Rankings
Our rankings apply to the world’s largest 500 banks by asset size. We calculate the rankings based on long-term foreign currency ratings issued by Fitch Ratings, Standard & Poor’s and Moody’s Investors Service. Where possible, ratings on holding companies rather than operating companies were used; and banks that are wholly owned by other banks were omitted. Within each rank set, banks are organized according to asset size based on data for the most recent annual reporting period provided by Fitch Solutions and Moody’s. Ratings are reproduced with permission from the three rating agencies, with all rights reserved. A ranking is not a recommendation to purchase, sell or hold a security; and it does not comment on market price or suitability for a particular investor. All ratings in the tables were valid as of August 17, 2019.
WORLD'S SAFEST BANKS 2019 — The Global Top 50
Rank
Company Name
Country
Fitch
Moody’s
S&P
Total Score
Assets ($ Mil.)
Statement Date
1
KfW
Germany
AAA
Aaa
AAA
30
556,424
31-Dec-2018
2
Zuercher Kantonalbank
Switzerland
AAA
Aaa
AAA
30
172,671
31-Dec-2018
3
BNG Bank
Netherlands
AAA
Aaa
AAA
30
157,503
31-Dec-2018
4
Landwirtschaftliche Rentenbank
Germany
AAA
Aaa
AAA
30
103,113
31-Dec-2018
5
Landeskreditbank Baden-Wuerttemberg (L-Bank)
Germany
AAA
Aaa
AAA
30
79,692
31-Dec-2018
6
Nederlandse Waterschapsbank
Netherlands
NR
Aaa
AAA
29
86,576
31-Dec-2018
7
Kommunalbanken
Norway
NR
Aaa
AAA
29
48,583
31-Dec-2018
8
NRW.BANK
Germany
AAA
Aa1
AA—
26
169,165
31-Dec-2018
9
Swedish Export Credit Corp.
Sweden
NR
Aa1
AA+
26
31,623
31-Dec-2018
10
Banque et Caisse d’Epargne de l’Etat
France
NR
Aa2
AA+
24.5
52,566
31-Dec-2018
11
Caisse des Depots et Consignations
Canada
AA
Aa2
AA
24
207,623
31-Dec-2017
12
Royal Bank of Canada
Canada
AA
Aa2
AA—
23
1,021,770
30-Apr-2019
13
TD Bank
Canada
AA—
Aa1
AA—
23
1,005,270
30-Apr-19
14
DZ Bank
Germany
AA—
Aa1
AA—
23
594,157
31-Dec-2018
15
DBS Bank
Singapore
AA—
Aa1
AA—
23
402,439
31-Dec-2018
16
Oversea-Chinese Banking Corp.
Singapore
AA—
Aa1
AA—
23
341,646
31-Dec-2018
17
Svenska Handelsbanken
Sweden
AA
Aa2
AA—
23
331,978
31-Dec-2018
18
United Overseas Bank
Singapore
AA—
Aa1
AA—
23
283,590
31-Dec-2018
19
Korea Development Bank
South Korea
AA—
Aa2
AA
23
231,942
31-Dec-2018
20
Export-Import Bank of Korea
South Korea
AA—
Aa2
AA—
23
80,591
31-Dec-2018
21
Deutsche Apotheker- und Aerztebank
Germany
AA—
Aa1
AA—
23
51,961
31-Dec-2018
22
Banque Cantonale Vaudoise
Switzerland
AA—
Aa2
AA—
23
48,551
31-Dec-2018
23
Industrial Bank of Korea
South Korea
AA—
Aa2
AA—
22
258,191
31-Dec-2018
24
Swedbank
Sweden
AA—
Aa2
AA—
22
250,461
31-Dec-2018
25
DNB Bank
Norway
NR
Aa2
AA—
21.5
256,383
31-Dec-2018
26
SFIL
France
NR
Aa3
AA
21.5
76,257
31-Dec-2018
27
Banque Pictet & Cie
Switzerland
AA—
Aa2
NR
21.5
29,780
31-Dec-2017
28
Bank of Nova Scotia
Canada
AA—
Aa2
A+
21
759,772
31-Oct-2018
29
ANZ Banking Group
Australia
AA—
Aa3
AA—
21
694,368
31-Mar-2019
30
Commonwealth Bank of Australia
Australia
AA—
Aa3
AA—
21
682,915
30-Jun-2018
31
Nordea Bank
Finland
AA—
Aa3
AA—
21
631,583
31-Dec-2018
32
Westpac
Australia
AA—
Aa3
A+
21
619,905
31-Mar-2019
33
Bank of Montreal
Canada
AA—
Aa2
A+
21
617,358
30-Apr-2019
34
National Australia Bank
Australia
AA—
Aa3
AA—
21
569,267
31-Mar-2019
35
Canadian Imperial Bank of Commerce
Canada
AA—
Aa2
AA—
21
454,684
30-Apr-2019
36
SEB
Sweden
AA—
Aa2
A+
21
286,202
31-Dec-2018
37
HSBC France
Canada
AA—
Aa3
AA—
21
207,256
31-Dec-2018
38
First Abu Dhabi Bank
UAE
AA—
Aa3
AA—
21
202,585
31-Dec-2018
39
Hang Seng Bank
Hong Kong
A+
Aa2
AA—
21
200,666
31-Dec-2018
40
Federation des Caisses Desjardins
du Quebec
Canada
AA—
Aa2
A+
21
115,505
31-Dec-2018
41
Agribank
United States
AA—
Aa3
AA—
21
109,772
31-Dec-2018
42
Sparkassen-Finanzgruppe (Sparkassen)
Germany
A+
Aa2
NR
20
1,438,067
31-Dec-2017
43
UBS
Switzerland
AA—
Aa3
AA—
20
958,055
31-Dec-2018
44
Rabobank
Netherlands
AA—
NR
AA—
20
676,287
31-Dec-2018
45
CoBank
United States
AA—
Aa3
AA—
20
139,016
31-Dec-2018
46
National Bank of Kuwait
Kuwait
AA—
Aa3
A+
20
90,327
31-Dec-2018
47
OP Corporate Bank
Finland
NR
Aa3
AA—
20
72,742
31-Dec-2018
48
AgFirst
United States
AA—
Aa3
NR
20
33,078
31-Dec-2018
49
Farm Credit Bank of Texas
United States
AA—
A1
A+
20
24,529
31-Dec-2018
50
BNP Paribas
France
A+
Aa3
A+
19
2,337,575
31-Dec-2018
Top 10 Safest Banks by Region — North America
Rank
Company Name
Country
Fitch
Moody’s
S&P
Total Score
Assets ($ Mil.)
Statement Date
1
Royal Bank of Canada
Canada
AA
Aa1
AA—
23
1,012,760
30-Apr-2019
2
TD Bank
Canada
AA—
Aa2
AA—
23
940,707
30-Apr-2019
3
The Bank of Nova Scotia
Canada
AA—
Aa2
A+
21
709,899
31-Oct-2018
4
Bank of Montreal
Canada
AA—
Aa2
A+
21
550,361
30-Apr-2019
5
Canadian Imperial Bank of Commerce
Canada
AA—
Aa2
A+
21
438,437
30-Apr-2019
6
Federation des Caisses Desjardins
Canada
AA—
Aa2
A+
21
115,943
31-Dec-2018
7
AgriBank
United States
AA—
Aa3
AA—
21
104,500
31-Dec-2018
8
CoBank
United States
AA—
NR
AA—
20
129,211
31-Dec-2018
9
AgFirst
United States
AA—
Aa3
NR
20
37,811
31-Dec-2018
10
Farm Credit Bank of Texas
United States
AA—
Aa3
NR
20
22,837
31-Dec-2018
Top 10 Safest Banks by Region — Latin America
Rank
Company Name
Country
Fitch
Moody’s
S&P
Total Score
Assets ($ Mil.)
Statement Date
1
Banco del Estado de Chile
Chile
NR
A1
A+
17
61,588
31-Dec-2017
2
Banco Santander Chile
Chile
A
A1
A
16
58,229
31-Dec-2017
3
Banco de Chile
Chile
NR
A1
A
16
53,374
31-Dec-2017
4
Scotiabank Chile
Chile
A+
A2
A
15
55,075
31-Dec-2017
5
Banco de Credito e Inversiones
Chile
A
Baa1
BBB+
11
36,028
31-Dec-2017
6
HSBC Mexico
Mexico
A—
A3
BBB+
11
18,762
31-Dec-2017
7
Scotiabank Peru
Peru
A—
A3
BBB+
11
19,826
31-Dec-2018
8
Banco Santander Mexico
Mexico
BBB+
A3
NR
9.5
70,532
31-Dec-2018
9
Itau CorpBanca
Chile
NR
A3
BBB+
9.5
42,443
31-Dec-2018
10
Banco Mercantil del Norte
Mexico
BBB+
A3
BBB+
9
60,267
31-Dec-2018
Top 10 Safest Banks by Region — Western Europe
Rank
Company Name
Country
Fitch
Moody’s
S&P
Total Score
Assets ($ Mil.)
Statement Date
1
KfW
Germany
AAA
Aaa
AAA
30
566,424
31-Dec-2018
2
Zuercher Kantonalbank
Switzerland
AAA
Aaa
AAA
30
172,671
31-Dec-2018
3
BNG Bank
Netherlands
AAA
Aaa
AAA
30
157,503
31-Dec-2018
4
Landwirtschaftliche Rentenbank
Germany
AAA
Aaa
AAA
30
103,113
31-Dec-2018
5
Landeskreditbank Baden-Wuerttemberg (L-Bank)
Germany
AAA
Aaa
AAA
30
79,692
30-Dec-2018
6
Nederlandse Waterschapsbank
Netherlands
NR
Aaa
AAA
29
86,576
31-Dec-2018
7
Kommunalbanken
Norway
NR
Aaa
AAA
29
48,583
31-Dec-2018
8
NRW.BANK
Germany
AAA
Aa1
AA—
26
169,165
31-Dec-2018
9
Swedish Export Credit Corp.
Sweden
NR
Aa1
AA+
26
31,623
31-Dec-2018
10
Caisse des Depots et Consignations
France
AA
Aa2
AA
24
207,623
31-Dec-2017
Top 10 Safest Banks by Region — Central, Eastern Europe and Former Soviet Union
Rank
Company Name
Country
Fitch
Moody’s
S&P
Total Score
Assets ($ Mil.)
Statement Date
1
Komercni Banka
Czech Republic
A
A1
A
16
47,096
31-Dec-2018
2
ING Bank Slaski
Poland
A
A
NRq
14
37,707
31-Dec-2018
3
Bank Pekao
Poland
NR
A2
BBB+
11
51,011
31-Dec-2018
4
Santander Bank Polska
Poland
A—
A2
NR
9.5
53,275
31-Dec-2018
5
mBank
Poland
BBB
A3
BBB+
9
43,856
31-Dec-2018
6
MONETA Money Bank
Czech Republic
NR
A2
BBB
8
37,751
31-Dec-2018
7
Bank Millennium
Poland
BBB—
Baa1
NR
5
18,169
31-Dec-2018
8
Banca Comerciala Romana
Romania
BBB+
Baa3
NR
5
14,070
31-Dec-2018
9
BRD — Groupe Societe Generale
Romania
BBB+
Baa3
NR
5
58,611
31-Dec-2018
10
Sberbank
Russia
BBB
Baa3
NR
3.5
51,059
31-Dec-2018
Top 10 Safest Banks by Region — Asia
Rank
Company Name
Country
Fitch
Moody’s
S&P
Total Score
Assets ($ Mil.)
Statement Date
1
DBS Bank
Singapore
AA—
Aa1
AA—
23
402,439
31-Dec-2018
2
Oversea-Chinese Banking Corporation
Singapore
AA—
Aa1
AA—
23
341,646
31-Dec-2018
3
United Overseas Bank
Singapore
AA—
Aa1
AA—
23
283,590
31-Dec-2018
4
Korea Development Bank
South Korea
AA—
Aa2
AA
23
231,942
31-Dec-2018
5
The Export-Import Bank of Korea
South Korea
AA—
Aa2
AA
23
80,591
31-Dec-2018
6
Industrial Bank of Korea
South Korea
AA—
Aa2
AA—
22
258,191
31-Dec-2018
7
Hang Seng Bank
Hong Kong
A+
Aa2
AA—
20
200,666
31-Dec-2018
8
Bank of Taiwan
Taiwan
NR
Aa3
A+
18.5
164,171
31-Dec-2018
9
China Development Bank
China
A+
A1
A+
18
2,360,984
31-Dec-2018
10
Agricultural Development Bank of China
China
A+
A1
A+
18
996,451
31-Dec-2018
Top 10 Safest Banks by Region — Middle East
Rank
Company Name
Country
Fitch
Moody’s
S&P
Total Score
Assets ($ Mil.)
Statement Date
1
First Abu Dhabi Bank
UAE
AA—
Aa3
AA—
21
202,585
31-Dec-2018
2
National Bank of Kuwait
Kuwait
AA—
Aa3
A+
20
90,327
31-Dec-2018
3
Qatar National Bank
Qatar
A+
Aa3
A
18
236,786
31-Dec-2018
4
Abu Dhabi Commercial Bank
UAE
A+
A1
A
17
76,183
31-Dec-2018
5
Kuwait Finance House
Kuwait
A+
A1
NR
17
58,522
31-Dec-2018
6
Al Hilal Bank
UAE
A+
A1
NR
17
11,884
31-Dec-2018
7
Abu Dhabi Islamic Bank
UAE
A+
A2
NR
15.5
34,090
31-Dec-2018
8
Al Ahli Bank of Kuwait
Kuwait
A+
A2
NR
15.5
14,984
31-Dec-2018
9
Al United Bank of Kuwait
Kuwait
A+
A2
NR
15.5
12,893
31-Dec-2018
10
Bank Hapoalim
Israel
A
A2
A
15
122,229
31-Dec-2018
Top 10 Safest Banks by Region — Australasia
Rank
Company Name
Country
Fitch
Moody’s
S&P
Total Score
Assets ($ Mil.)
Statement Date
1
ANZ Group
Australia
AA—
Aa3
AA—
21
694,368
31-Mar-2019
2
Commonwealth Bank of Australia
Australia
AA—
Aa3
AA—
21
682,915
30-Jun-2019
3
Westpac
Australia
AA—
Aa3
AA—
21
619,905
31-Mar-2019
4
National Australia Bank
Australia
AA—
Aa3
AA—
21
569,267
31-Mar-2019
5
Suncorp-Metway
Australia
A+
A1
A+
21
47,026
31-Dec-2018
6
Kiwibank
New Zealand
AA—
A1
A
18
14,556
31-Dec-2018
7
Bendigo and Adelaide Bank
Australia
A—
A3
BBB+
11
50,466
31-Dec-2018
8
Bank of Queensland
Australia
A—
A3
BBB+
11
38,315
31-Aug-2018
9
AMP Bank
Australia
NR
A2
BBB+
11
16,117
31-Dec-2018
10
Macquarie Group
Australia
A—
A3
BBB
10
143,995
31-Mar-2019
Top 10 Safest Banks by Region — Africa
Rank
Company Name
Country
Fitch
Moody’s
S&P
Total Score
Assets ($ Mil.)
Statement Date
1
Standard Bank of South Africa
South Africa
BB+
Baa3
NR
—1
94,513
31-Dec-2018
2
Absa Bank
South Africa
BB+
Baa3
NR
—1
75,018
31-Dec-2018
3
FirstRand Bank
South Africa
BB+
Baa3
BB
—2
87,421
30-Jun-2018
4
NedBank
South Africa
BB+
Baa3
BB
—2
67,510
31-Dec-2018
5
Investec Bank
South Africa
BB+
Baa3
BB
—2
32,830
31-Mar-2019
6
BMCE Bank
Morocco
BB+
Ba1
NR
—4
30,897
31-Dec-2018
7
Attijariwafa Bank
Morocco
BB+
Ba2
BB
—5
53,309
31-Dec-2018
8
Groupe Banque Centrale Populaire
Morocco
NR
Ba2
BB
—7
40,192
30-Jun-2018
9
Zenith Bank
Nigeria
B+
B2
B
—14
19,443
31-Dec-2018
10
United Bank for Africa
Nigeria
B+
B2
B
—14
15,898
31-Dec-2018
Asset figures from Fitch, Moody’s, and company reports. Ratings valid as of Aug. 31, 2019.