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The safest banks in the world, according to Global Finance magazine, are primarily centered in Europe. And the safest banks based in North America are mostly Canadian.
The magazine's study placed only four U.S.-based banks in the top 10 of North America's safest. BNY Mellon was fifth, JPMorgan Chase eighth, Wells Fargo ninth and U.S. Bancorp 10th. In global rankings, BNY Mellon was 24th, JPMorgan Chase 34th, Wells Fargo 36th and U.S. Bancorp 40th.
Two other U.S. banks made it in to the top 50 globally, Northern Trust Corp. 44th and CoBank, ACB 45th.
The No. 1 safest bank in the world? The magazine says it is Germany-based KfW.
The rankings, which were based on "an evaluation of long-term credit ratings — from Moody's, Standard & Poor's and Fitch — and total assets of the 500 largest banks worldwide, are Global Finance's 20th annual.
"The sovereign debt crisis is still ranging in Europe, and renewed fears of contagion from southern European countries is affecting banking and market outlets throughout Europe," the magazine said in a statement issued Monday.
"More than ever, companies around the world are re-evaluating the long-term credit strength of their banks and partnering with only those banks that have proven strength and stability," Global Finance Publisher Joseph Gairraputo said in the statement. —
N. America's safest banks
O Read more about the safest banks. > http://bit.ly/qzYUmd
1. Royal Bank of Canada • Canada
2. Toronto-Dominion Bank • Canada
3. Scotiabank • Canada
4. Caisse centrale Desjardins • Canada
5. BNY Mellon • United States
6. BMO Financial Group • Canada
7. CIBC • Canada
8. JPMorgan Chase • United States
9. Wells Fargo • United States
10. U.S. Bancorp • United States
Source: Global Finance magazine