World's Safest Banks 2019 | Country Winners

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.