This year, the Country Winners of the Global Finance World’s Safest Banks rankings include five new countries and 24 new winners. And three countries had two banks in a near-tie for the No. 1 spot.
Each year involves many changes to our Safest Banks by Country rankings due to macroeconomic forces, geopolitical events and country-specific factors. New country winners emerge, and also new countries are represented.
Overall, this year’s rankings include 111 countries, up from 106 last year. The five new countries are: Estonia, Iraq, Macau, Namibia and Senegal. Estonia and Iraq are included this year because ratings agencies initiated coverage. In Namibia and Senegal, new banks reached critical mass, becoming large enough to make the list.
New country winners emerged in 24 countries, as compared to 25 new winners last year. Countries within the Central and Eastern Europe region recorded eight new winners. In most cases, rating agency action provided the catalyst for new winners. In the Czech Republic, new winner Komercni banka benefitted from a Fitch upgrade, while last year’s winner, Ceska sporitelna became wholly owned by parent Erste Bank, rendering it ineligible. Sberbank in Russia replaced Vnesheconombank following upgrades from Moody’s and Fitch. Each of the three agencies upgraded Slovenia-based Nova Ljubljanska banka boosting its score ahead of Banka Intesa Sanpaolo, the 2018 and 2017 winner. Savings Bank of Ukraine replaced CB Privatbank due to the improved score following a Moody’s upgrade.
In Australia, Canada and Israel, for the first time our methodology found banks with identical scores that were also very close in asset size—less than 2% difference, making them very nearly ties. The difference in assets between Israel’s Bank Hapoalim and runner-up Bank Leumi, both with scores of 15, is a mere 0.0006%.
In the Western Europe region, Fitch withdrew the rating of 2018 winner Islandsbanki allowing Landsbankinn to move ahead. UniCredit emerged as Italy’s winner after incumbent Credit Agricole Cariparma (now named Credit Agricole Italia) was downgraded by Moody’s. In Greece, S&P initiated coverage of Aegean Baltic Bank, which edged Piraeus Bank for the top ranking. Nordea Bank changed its domicile to Finland from Sweden and replaced OP Corporate Bank.
Consistent with last year, banks in countries with emerging-market or developing-market classifications experienced higher turnover than banks in developed economies, as such developing systems show comparatively less resilience in times of geopolitical volatility or domestic and regional economic stress. For example, the ongoing economic crisis in Venezuela has been very damaging domestically and throughout Latin America. Mercantil Banco Universal is a new winner; the incumbent, Banesco Banco lost its Fitch rating and now has no rating agency coverage.
|
WORLD'S SAFEST BANKS 2019 — North America |
|---|
|
Country |
Company Name |
Fitch |
Moody’s |
S&P |
Total Score |
Assets ($ Mil.) |
Statement Date |
|
Canada |
Royal Bank of Canada |
AA |
Aa2 |
AA— |
23 |
1,021,770 |
30-Apr-2019 |
|
United States |
AgriBank |
AA— |
Aa3 |
AA— |
21 |
109,772 |
31-Dec-2018 |
|
Latin America & The Caribbean |
|---|
|
Argentina |
Banco Santander Rio |
B— |
Ba3 |
NR |
—14.5 |
13,494 |
31-Dec-2018 |
|
Bermuda |
Butterfield Bank |
NR |
A3 |
BBB+ |
9.5 |
10,773 |
31-Dec-2018 |
|
Bolivia |
Banco Mercantil Santa Cruz |
NR |
NR |
BB— |
—12 |
5,174 |
31-Dec-2018 |
|
Brazil |
Itau Unibanco Holding |
BB |
Ba2 |
BB— |
—7 |
425,795 |
31-Dec-2018 |
|
Chile |
Banco del Estado de Chile |
A |
A1 |
A+ |
17 |
61,588 |
31-Dec-2018 |
|
Colombia |
BBVA Colombia |
BBB+ |
Baa2 |
NR |
6.5 |
19,196 |
31-Dec-2018 |
|
Costa Rica |
Banco BAC San Jose |
BB— |
NR |
NR |
—12 |
6,119 |
31-Dec-2018 |
|
Dominican Republic |
Banco de Reserbas de la Republica Dominicana |
BB— |
B1 |
NR |
—11.5 |
10,052 |
31-Dec-2018 |
|
Ecuador |
Banco Pichincha |
B— |
NR |
NR |
—21 |
12,685 |
31-Dec-2018 |
|
El Salvador |
Banco Agricola |
B |
B1 |
B— |
—15 |
4,520 |
31-Dec-2018 |
|
Guatemala |
Banco Agromercantil de Guatemala |
BB+ |
NR |
NR |
—6 |
3,480 |
31-Dec-2018 |
|
Honduras |
Inversiones Atlantida |
B+ |
NR |
B+ |
—13 |
3,094 |
31-Dec-2017 |
|
Jamaica |
National Commercial Bank Jamaca |
B+ |
NR |
B |
—14.5 |
5,926 |
30-Sept-2018 |
|
Mexico |
HSBC Mexico |
A— |
A3 |
BBB+ |
11 |
39,711 |
31-Dec-2018 |
|
Panama |
Banco General |
BBB+ |
Baa2 |
BBB+ |
8 |
18,704 |
31-Dec-2018 |
|
Paraguay |
Banco Regional |
NR |
Ba1 |
BB |
—5.5 |
2,929 |
31-Dec-2018 |
|
Peru |
Scotiabank Peru |
A— |
A3 |
BBB+ |
11 |
19,826 |
31-Dec-2018 |
|
Trinidad and Tobago |
Republic Bank |
NR |
NR |
BBB |
3 |
10,288 |
31-Dec-2018 |
|
Uruguay |
Banco de la Republica Oriental del Uruguay |
NR |
Baa2 |
NR |
3 |
17,126 |
31-Dec-2018 |
|
Venezuela |
Mercantil Banco |
CC |
NR |
NR |
—36 |
257 |
31-Dec-2018 |
|
Western Europe |
|---|
|
Andorra |
Crèdit Andorrà |
BBB |
NR |
NR |
3 |
5,936 |
31-Dec-2018 |
|
Austria |
Erste Group Bank |
A |
A2 |
A |
14 |
271,221 |
31-Dec-2018 |
|
Belgium |
BNP Paribas Fortis |
A+ |
A1 |
A |
14 |
331,311 |
31-Dec-2017 |
|
Cyprus |
ABH Financial |
NR |
B1 |
BB— |
—11.5 |
9,16 |
31-Dec-2016 |
|
Denmark |
Danske Bank |
A |
A1 |
A |
16 |
570,183 |
31-Dec-2017 |
|
Finland |
Nordea Bank |
NR |
Aa3 |
AA— |
20 |
73,635 |
31-Dec-2017 |
|
France |
Caisse des Dépôts et Consignations |
AA |
Aa2 |
AA |
24 |
207,623 |
31-Dec-2017 |
|
Germany |
KfW |
AAA |
Aaa |
AAA |
30 |
556,424 |
31-Dec-2018 |
|
Greece |
Aegean Baltic Bank |
NR |
NR |
B |
—18 |
309 |
31-Dec-2018 |
|
Iceland |
Landsbankinn |
NR |
NR |
BBB+ |
6 |
10,660 |
31-Dec-2018 |
|
Ireland |
Bank of Ireland Group |
BBB |
Baa3 |
BBB— |
4 |
141,681 |
31-Dec-2018 |
|
Italy |
UniCredit |
BBB |
Baa1 |
BBB |
7 |
952,365 |
31-Dec-2018 |
|
Liechtenstein |
Liechtensteinische Landesbank |
NR |
Aa2 |
NR |
21 |
23,199 |
31-Dec-2018 |
|
Luxembourg |
Banque et Caisse d’Epargne de l’Etat |
NR |
Aa2 |
AA+ |
24.5 |
52,566 |
31-Dec-2018 |
|
Malta |
Bank of Valletta |
BBB |
NR |
BBB— |
3.5 |
13,913 |
31-Dec-2018 |
|
Netherlands |
BNG Bank |
AAA |
Aaa |
AAA |
30 |
157,503 |
31-Dec-2018 |
|
Norway |
Kommunalbanken |
NR |
Aaa |
AAA |
29 |
48,583 |
31-Dec-2018 |
|
Portugal |
Banco Santander Totta |
BBB+ |
Baa3 |
BBB |
6 |
58,746 |
31-Dec-2018 |
|
Spain |
Banco Santander |
A— |
A2 |
A |
14 |
1,671,450 |
31-Dec-2018 |
|
Sweden |
Swedish Export Credit Corp. |
NR |
Aa1 |
AA+ |
26 |
31,623 |
31-Dec-2018 |
|
Switzerland |
Zürcher Kantonalbank |
AAA |
Aaa |
AAA |
30 |
172,671 |
31-Dec-2018 |
|
United Kingdom |
HSBC Holdings |
AA— |
A2 |
A |
17 |
2,558,124 |
31-Dec-2018 |
|
Central, Eastern Europe and Former Soviet Union |
|---|
|
Armenia |
Ardshinbank |
B+ |
Ba3 |
NR |
—11.5 |
1,391 |
31-Dec-2017 |
|
Azerbaijan |
Kapital Bank |
NR |
Ba3 |
BB— |
—10 |
2,241 |
31-Dec-2016 |
|
Belarus |
Development Bank of the Republic of Belarus |
B |
NR |
B |
—16 |
3,647 |
31-Dec-2018 |
|
Bulgaria |
United Bulgarian Bank |
A— |
NR |
NR |
9 |
6,594 |
31-Dec-2018 |
|
Croatia |
Zagrebacka Banka |
BBB— |
NR |
BBB— |
2 |
21,414 |
31-Dec-2018 |
|
Czech Republic |
Komercni banka |
A |
A1 |
A |
16 |
47,096 |
31-Dec-2018 |
|
Estonia |
AS LHV Pank |
NR |
Ba1 |
NR |
6 |
1,885 |
31-Dec-2018 |
|
Georgia |
TBC Bank |
BB— |
Ba3 |
NR |
—8.5 |
5,773 |
31-Dec-2018 |
|
Hungary |
MFB Hungarian Development Bank |
BBB |
Baa3 |
BB+ |
3.5 |
4,799 |
31-Dec-2018 |
|
Kazakhstan |
Development Bank of Kazakhstan |
BBB— |
Baa3 |
BB+ |
1 |
7,714 |
31-Dec-2018 |
|
Latvia |
SC Citadele Banka |
NR |
Ba2 |
NR |
—6 |
3,489 |
31-Dec-2018 |
|
Lithuania |
Siauliu Bankas |
NR |
Baa2 |
NR |
3 |
2,578 |
31-Dec-2018 |
|
Poland |
ING Bank Salski |
A |
A2 |
NR |
14 |
37,707 |
31-Dec-2018 |
|
Romania |
Banca Comerciala Romana |
BBB+ |
Baa3 |
NR |
5 |
17,559 |
31-Dec-2018 |
|
Russia |
Sberbank |
BBB |
Baa3 |
NR |
3.5 |
448,744 |
31-Dec-2018 |
|
Slovak Republic |
Vseobecna uverova banka (VUB) |
NR |
A2 |
NR |
12.5 |
19,045 |
31-Dec-2018 |
|
Slovenia |
NLB Group |
BB+ |
NR |
BBB— |
0 |
14,592 |
31-Dec-2018 |
|
Turkey |
Turkiye Kalkinma ve Yatirim Bankasi |
BB— |
NR |
NR |
—8 |
2,973 |
31-Dec-2018 |
|
Ukraine |
Savings Bank of Ukraine |
B— |
Caa1 |
NR |
—21 |
7,771 |
31-Dec-2018 |
|
Uzbekistan |
Uzbek Industrial and Construction Bank |
BB— |
NR |
NR |
—12 |
3,001 |
31-Dec-2017 |
|
Asia |
|---|
|
Bangladesh |
BRAC Bank |
NR |
B1 |
B+ |
—13 |
3,563 |
31-Dec-2018 |
|
Brunei |
Bank Islam Brunei Darussalam |
NR |
NR |
A— |
9 |
7,137 |
31-Dec-2017 |
|
Cambodia |
ACLEDA Bank |
NR |
NR |
B+ |
—15 |
5,641 |
31-Dec-2018 |
|
China |
China Development Bank |
A+ |
A1 |
A+ |
18 |
2,360,984 |
31-Dec-2018 |
|
Hong Kong |
Hang Seng Bank |
A+ |
Aa2 |
AA— |
21 |
200,666 |
31-Dec-2018 |
|
India |
State Bank of India |
BBB— |
Baa2 |
BBB— |
4 |
555,998 |
31-Mar-2019 |
|
Indonesia |
Bank Central Asia |
BBB |
Baa2 |
NR |
5 |
56,718 |
31-Dec-2018 |
|
Japan |
Shizuoka Bank |
A |
A1 |
A |
16 |
106,224 |
31-Mar-2019 |
|
Macau |
Industrial and Commercial Bank of China (Macau) |
A |
A2 |
NR |
14 |
38,551 |
31-Dec-2018 |
|
Malaysia |
Maybank |
A— |
A3 |
A— |
12 |
194,175 |
31-Dec-2017 |
|
Mongolia |
Trade and Development Bank of Mongolia |
NR |
B3 |
B |
—17.5 |
2,770 |
31-Dec-2018 |
|
Pakistan |
Habib Bank |
NR |
Caa1 |
NR |
—24 |
22,766 |
30-Jun-2018 |
|
Papua and New Guinea |
Bank of South Pacific |
NR |
NR |
B |
—18 |
6,714 |
31-Dec-2018 |
|
Philippines |
Development Bank of the Philippines |
BBB |
NR |
BBB+ |
6.5 |
11,903 |
31-Dec-2017 |
|
Singapore |
DBS Bank |
AA— |
Aa1 |
AA— |
23 |
402,439 |
31-Dec-2018 |
|
South Korea |
Korea Development Bank |
AA— |
Aa2 |
AA |
23 |
231,942 |
31-Dec-2018 |
|
Sri Lanka |
National Savings Bank |
B |
NR |
B |
—16 |
5,771 |
31-Dec-2018 |
|
Taiwan |
Bank of Taiwan |
NR |
Aa3 |
A+ |
18.5 |
164,171 |
31-Dec-2018 |
|
Thailand |
Bank of Ayudhya |
A— |
Baa1 |
BBB+ |
10 |
67,052 |
31-Dec-2018 |
|
Vietnam |
Vietcombank |
BB— |
B1 |
BB— |
—10 |
47,055 |
31-Dec-2018 |
|
Middle East |
|---|
|
Bahrain |
Gulf International Bank |
BBB+ |
Baa1 |
NR |
8 |
27,546 |
31-Dec-2018 |
|
Egypt |
National Bank of Egypt |
B+ |
B3 |
B |
—15 |
86,234 |
31-Dec-2018 |
|
Iraq |
Trade Bank of Iraq |
B— |
NR |
NR |
—21 |
21,146 |
31-Dec-2018 |
|
Israel |
Bank Hapoalim |
A |
A2 |
A |
15 |
122,229 |
31-Dec-2018 |
|
Jordan |
Arab Bank |
BB |
B2 |
B+ |
—11 |
36,000 |
31-Dec-2018 |
|
Kuwait |
National Bank of Kuwait |
AA— |
Aa3 |
A+ |
20 |
90,327 |
31-Dec-2018 |
|
Lebanon |
Bank Audi |
B— |
Caa1 |
B— |
—19 |
47,201 |
31-Dec-2018 |
|
Oman |
HSBC Bank Oman |
BBB— |
Ba2 |
NR |
—2.5 |
6,131 |
31-Dec-2018 |
|
Qatar |
Qatar National Bank |
A+ |
Aa3 |
A |
18 |
236,786 |
31-Dec-2018 |
|
Saudi Arabia |
Saudi British Bank |
A— |
A1 |
NR |
14 |
46,534 |
31-Dec-2018 |
|
UAE |
First Abu Dhabi Bank |
AA— |
Aa3 |
AA— |
21 |
202,585 |
31-Dec-2018 |
|
Africa |
|---|
|
Angola |
Banco Angolano de Investimentos |
NR |
Caa1 |
NR |
—24 |
6,595 |
31-Dec-2018 |
|
Democratic Republic of Congo |
Rawbank |
NR |
Caa2 |
NR |
—27 |
1,689 |
31-Dec-2018 |
|
Ghana |
United Bank for Africa (Ghana) |
B |
NR |
NR |
—18 |
739 |
31-Dec-2018 |
|
Kenya |
Stanbic Bank Kenya |
BB— |
NR |
NR |
—12 |
2,759 |
31-Dec-2018 |
|
Mauritius |
Mauritius Commercial Bank |
BBB— |
Baa2 |
NR |
3.5 |
11,080 |
31-Dec-2018 |
|
Morocco |
BMCE Bank |
BB+ |
Ba1 |
NR |
—4 |
30,897 |
31-Dec-2018 |
|
Namibia |
Development Bank of Namibia |
BB+ |
NR |
NR |
—6 |
652 |
31-Mar-2018 |
|
Nigeria |
Zenith Bank |
B+ |
B2 |
B |
—14 |
19,443 |
31-Dec-2018 |
|
Senegal |
United Bank for Africa Senegal |
B |
NR |
NR |
—18 |
513 |
31-Dec-2018 |
|
South Africa |
Standard Bank of South Africa |
BB+ |
Baa3 |
NR |
—1 |
94,513 |
31-Dec-2018 |
|
Tanzania |
CRDB Bank |
NR |
B2 |
NR |
—16 |
2,649 |
30-Jun-2018 |
|
Togo |
Ecobank Togo |
B |
B2 |
B— |
—16 |
22,582 |
31-Dec-2018 |
|
Tunisia |
Arab Tunisian Bank |
BB— |
B3 |
B |
—14 |
2,139 |
31-Dec-2018 |
|
Uganda |
Stanbic Bank Uganda |
B+ |
B3 |
NR |
—16 |
1,452 |
31-Dec-2018 |
|
Australasia |
|---|
|
Australia |
ANZ Banking Group |
AA— |
Aa3 |
AA— |
21 |
694,368 |
31-Mar-2019 |
|
New Zealand |
Kiwibank |
AA— |
A1 |
A |
19 |
14,556 |
31-Dec-2018 |
| Asset figures from Fitch, Moody’s, and company reports. Ratings valid on as of August 31, 2019. | |||||||
Methodology
To be eligible for inclusion in the Country Winner rankings, banks must be among the largest 1,000 banks by assets and also carry at least one long-term foreign currency deposit or debt rating from one of the three major ratings agencies. In order to capture the safest bank for each country, the criteria must be broader than for the global rankings, which require a position among the largest 500 banks and at least two agency ratings.
