S'pore banks are top three safest banks in Asia: Global Finance magazine

SINGAPORE : Singapore banks are the top three safest banks in Asia, according to the Global Finance magazine in its October 2010 issue.


DBS Bank clinched the top spot for the second year. OCBC took the second while UOB ranked third.

Globally, DBS Bank was ranked the 23rd safest bank, up one notch from 24th place last year.

OCBC was 31st while UOB was 32nd.

Global Finance said the banks were selected through a comparison of their long-term credit ratings and total assets of the 500 largest banks around the world.

It used ratings from Moody's, Standard & Poor's and Fitch.

Global Finance publisher Joseph D Giarraputo said banks that have strengthened their liquidity positions and the quality and quantity of their capital are recognised in these rankings.

He added that more than ever, customers around the world are viewing long-term creditworthiness as the key feature of the banks with which they do business.

This is on the back of the sovereign debt crisis in Europe and renewed concerns about the global economic outlook, which once again put the spotlight on bank safety. - CNA/ms