Global Finance has named the safest banks in Asia with Singaporean banks dominating the list once again this year.
Singapore lenders DBS Bank, OCBC Bank and United Overseas Bank (UOB) again topped a ranking of Asia's safest banks, taking the first three positions.
Banks were selected through an evaluation of long-term foreign currency ratings from Moody’s, Standard & Poor’s and Fitch, and total assets of the 500 largest banks worldwide.
DBS not only was deemed the safest bank in Asia by the trade publication, but also came in second on its list of the safest commercial banks in the world, up one spot from a year ago. OCBC and UOB were close behind at 4th and 5th respectively.
North Korean Shadow
South Korean banks took up the 4th to 6th positions in the ranking, however the current geopolitical tensions might put pressure on these grades. Interestingly Japanese banks which once dominated many charts do not make it into the top ten, with Hong Kong and mainland Chinese banks taking up the other places.
«Asia has been one of the strongest regions globally in the past year while other parts of the world are wracked by economic uncertainty,» said Joseph Giarraputo Global Finance publisher and editorial director. «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,» Giarraputo added.
