With downgrades and new winners across the board, Global Finance’s country winners had to adapt to changes.
To earn a safest bank distinction in Global Finance’s 2023 Country Winners awards, an institution must differentiate itself from its in-country peers by prudently managing its franchises amid a volatile post-pandemic global economy. In addition to helping clients weather global inflationary pressures and sometimes aggressive central bank policy responses, trade and supply chain constraints, and the outlook for declining GDP growth in many parts of the world, these banks face unique challenges in their respective countries and markets.
This year, we recognize 17 new winners across the 110 countries represented in the Safest Country Winners category. While some of these changes show up for developed countries, many are from the emerging and frontier markets segments. Latin America posted five of the new winners.
Multiple factors contribute to these shifts, of which changes in ratings are the most prominent at both the bank and the sovereign level. S&P lowered Argentina’s sovereign debt rating, and subsequently the ratings of the nation’s banks, citing risks related to “pronounced economic imbalances and policy uncertainties.” Banco de Galicia y Buenos Aires emerges as the new winner, unseating Banco Patagonia. While both entities were downgraded, Banco de Galicia benefits from a Moody’s rating that boosts its score.
A Moody’s downgrade of incumbent Banco del Estado de Chile allows Scotiabank Chile, with its comparatively stable ratings profile, to emerge as the winner in Chile. In El Salvador, Banco Davivienda Salvadoreno benefits from a Fitch upgrade to outscore the previous winner, Banco Agricola. Equity Banque Commerciale du Congo notched an upgrade from Moody’s and now outscores last year’s winner, Rawbank.
In some cases, changes in ratings coverage were the key to winning. Iceland’s Arion Bank benefits from Moody’s initiating coverage last year, which raises the bank’s score enough to unseat Landsbankinn for the Safest Bank title. Meanwhile, Bolivia’s Banco Union is no longer a rated entity, allowing Banco Mercantil Santa Cruz to take the top spot in that Latin American country.
Our methodology dictates that banks wholly owned by a parent company are ineligible for consideration. In Costa Rica this year, Banco Davivienda replaces BAC Credomatic, which is now a wholly owned subsidiary. Banco Davivienda’s score also benefits from a Fitch upgrade. In Hungary, MFB Hungarian Development Bank takes the top spot, the previous winner, Erste Bank Hungary, being now 100% owned by parent Erste Group Bank. And in Italy, Intesa Sanpaolo replaces FCA Bank, which is now a wholly owned subsidiary of Credit Agricole.
Year-over-year changes in rank attributable to this important ownership feature frequently result from acquisitions and corporate restructurings. In Oman, incumbent HSBC Bank Oman was acquired by Sohar International and its ratings were withdrawn and the bank was dissolved, paving the way for Bank Muscat to take the Safest Bank title there.
The size of a bank’s balance sheet is another key methodological element, serving as a tiebreaker in cases where banks compile equal scores. This enables Advanced Bank of Asia to edge out previous winner ACLEDA Bank in Cambodia and Bank of Georgia to beat TBC Bank, last year’s winner in the Caucasian republic. Meanwhile in Ghana, Guaranty Trust Bank wins over former title holder United Bank for Africa. Eurobank replaces National Bank of Greece, and National Bank of Pakistan unseats Habib Bank.
Methodology: Behind the Rankings
To be eligible for Global Finance’s Safest Banks By Country awards, institutions must rank among the world’s largest 1,000 banks by assets and carry at least one long-term foreign currency deposit or debt rating from one of the three major rating agencies. Wholly owned subsidiaries are ineligible. To identify the safest bank in each country, we have adopted broader criteria than for our global rankings, which require a position among the largest 500 banks and a rating by at least two agencies.
| North America | ||||||||||
| Name | Domicile | Fitch Rating | Fitch Score | Moody’s Rating | Moody’s Score | S&P Rating | S&P Score | Total Score | Total Assets (USD million) | Report Date |
| Royal Bank of Canada | Canada | AA- | 7 | Aa1 | 9 | AA- | 7 | 23 | 1,359,412 | 1/31/23 |
| AgriBank | United States | A+ | 6 | Aa3 | 7 | AA- | 7 | 20 | 156,463 | 12/31/22 |
| Latin America & The Caribbean | ||||||||||
| Name | Domicile | Fitch Rating | Fitch Score | Moody’s Rating | Moody’s Score | S&P Rating | S&P Score | Total Score | Total Assets (USD million) |
Report Date |
| Banco de Galicia y Buenos Aires | Argentina | NR | -10 | Caa3 | -9 | CCC- | -9 | -28 | 16,618 | 12/31/22 |
| Butterfield Bank | Bermuda | NR | 2.5 | A3 | 4 | BBB+ | 3 | 9.5 | 14,306 | 12/31/22 |
| Banco Mercantil Santa Cruz | Bolivia | NR | -7 | NR | -8 | B- | -6 | -21 | 5,725 | 12/31/22 |
| Banco BOCOM BBM | Brazil | BB+ | -1 | Ba1 | -1 | NR | -2 | -4 | 4,032 | 12/31/22 |
| Scotiabank Chile | Chile | A+ | 6 | NR | 4.5 | A | 5 | 15.5 | 53,587 | 12/31/22 |
| BBVA Colombia | Colombia | BBB- | 1 | Baa2 | 2 | NR | 0.5 | 3.5 | 20,987 | 12/31/22 |
| Banco Davivienda (Costa Rica) | Costa Rica | BB | -2 | NR | -3 | NR | -4 | -9 | 3,933 | 12/31/22 |
| Banreservas | Dominican Republic | BB- | -3 | Ba3 | -3 | NR | -4 | -10 | 19,807 | 12/31/22 |
| Banco Pichincha | Ecuador | B- | -6 | NR | -7 | NR | -8 | -21 | 21,548 | 12/31/22 |
| Banco Davivienda Salvadoreno | El Salvador | B | -5 | NR | -6 | NR | -7 | -18 | 3,022 | 12/31/22 |
| Banco Industrial | Guatemala | BB | -2 | Ba1 | -1 | BB | -2 | -5 | 17,950 | 12/31/22 |
| Inversiones Atlantida | Honduras | B- | -6 | NR | -6.5 | B | -5 | -17.5 | 7,265 | 12/31/22 |
| National Commercial Bank Jamaica | Jamaica | B+ | -4 | NR | -5 | B+ | -4 | -13 | 7,291 | 9/30/22 |
| Banco Santander Mexico | Mexico | BBB+ | 3 | Baa1 | 3 | NR | 2 | 8 | 94,635 | 12/31/22 |
| Bladex | Panama | BBB | 2 | Baa2 | 2 | BBB | 2 | 6 | 9,320 | 12/31/22 |
| Banco Continental | Paraguay | BB+ | -1 | Ba1 | -1 | NR | -2 | -4 | 3,903 | 12/31/22 |
| Scotiabank Perú | Peru | BBB+ | 3 | Baa1 | 3 | BBB | 2 | 8 | 19,834 | 12/31/22 |
| Republic Bank | Trinidad & Tobago | NR | 0 | NR | -1 | BBB- | 1 | 0 | 7,796 | 12/31/22 |
| Banco de la Republica Oriental del Uruguay | Uruguay | NR | 1 | Baa2 | 2 | NR | 0 | 3 | 21,118 | 12/31/22 |
| Mercantil Banco Universal | Venezuela | CC | -11 | NR | -12 | NR | -13 | -36 | 426 | 12/31/22 |
| Western Europe | ||||||||||
| Name | Domicile | Fitch Rating | Fitch Score | Moody’s Rating | Moody’s Score | S&P Rating | S&P Score | Total Score | Total Assets (USD million) | Report Date |
| Andorra Banc Agricol | Andorra | BBB | 2 | NR | 1 | NR | 0 | 3 | 7,393 | 12/31/22 |
| Erste Group Bank | Austria | A | 5 | A1 | 6 | A+ | 6 | 17 | 345,434 | 12/31/22 |
| BNP Paribas Fortis | Belgium | A+ | 6 | A2 | 5 | A+ | 6 | 17 | 373,728 | 12/31/22 |
| Bank of Cyprus | Cyprus | B+ | -4 | Ba3 | -3 | BB- | -3 | -10 | 27,154 | 12/31/22 |
| Ringkjobing Landbobank | Denmark | NR | 5 | Aa3 | 7 | NR | 6 | 18 | 9,900 | 12/31/22 |
| Nordea Bank | Finland | AA- | 7 | Aa3 | 7 | AA- | 7 | 21 | 634,460 | 12/31/22 |
| Caisse des Depots et Consignations | France | AA- | 7 | Aa2 | 8 | AA | 8 | 23 | 1,117,393 | 12/31/22 |
| KfW | Germany | AAA | 10 | Aaa | 10 | AAA | 10 | 30 | 591,566 | 12/31/22 |
| Eurobank | Greece | BB- | -3 | Ba3 | -3 | BB- | -3 | -9 | 86,882 | 12/31/22 |
| Arion Bank | Iceland | NR | 1.5 | Baa1 | 3 | BBB | 2 | 6.5 | 10,352 | 12/31/22 |
| Bank of Ireland Group | Ireland | BBB+ | 3 | A3 | 4 | BBB | 2 | 9 | 161,402 | 12/31/22 |
| Intesa Sanpaolo | Italy | BBB | 2 | Baa1 | 3 | BBB | 2 | 7 | 1,040,663 | 12/31/22 |
| Liechtensteinische Landesbank | Liechtenstein | NR | 6 | Aa2 | 8 | NR | 7 | 21 | 27,241 | 12/31/22 |
| Banque et Caisse d’Epargne de l’Etat | Luxembourg | NR | 7 | Aa3 | 7 | AA+ | 9 | 23 | 60,330 | 12/31/22 |
| Bank of Valletta | Malta | BBB- | 1 | NR | 0 | BBB- | 1 | 2 | 15,485 | 12/31/22 |
| BNG Bank | Netherlands | AAA | 10 | Aaa | 10 | AAA | 10 | 30 | 135,520 | 12/31/22 |
| Kommunalbanken | Norway | NR | 9 | Aaa | 10 | AAA | 10 | 29 | 46,081 | 12/31/22 |
| Banco Santander Totta | Portugal | A- | 4 | A3 | 4 | BBB+ | 3 | 11 | 59,493 | 12/31/22 |
| Banco Santander | Spain | A- | 4 | A2 | 5 | A+ | 6 | 15 | 1,851,310 | 12/31/22 |
| Swedish Export Credit Corporation | Sweden | NR | 8 | Aa1 | 9 | AA+ | 9 | 26 | 34,167 | 12/31/22 |
| Zuercher Kantonalbank | Switzerland | AAA | 10 | Aaa | 10 | AAA | 10 | 30 | 214,760 | 12/31/22 |
| Nationwide Building Society | United Kingdom | A | 5 | A1 | 6 | A+ | 6 | 17 | 339,989 | 4/4/23 |
| Central & Eastern Europe and Former Soviet Union | ||||||||||
| Name | Domicile | Fitch Rating | Fitch Score | Moody’s Rating | Moody’s Score | S&P Rating | S&P Score | Total Score | Total Assets (USD million) | Report Date |
| Ardshinbank | Armenia | BB- | -3 | Ba3 | -3 | B+ | -4 | -10 | 3,958 | 12/31/22 |
| Kapital Bank | Azerbaijan | NR | -3.5 | Ba2 | -2 | BB- | -3 | -8.5 | 4,588 | 12/31/22 |
| Belarusbank | Belarus | NR | -13 | NR | -12 | CC | -11 | -36 | 5,518 | 6/30/22 |
| United Bulgarian Bank | Bulgaria | A- | 4 | NR | 3 | NR | 2 | 9 | 9,621 | 12/31/22 |
| Erste & Steiermarkische Bank | Croatia | A- | 4 | NR | 3 | NR | 2 | 9 | 15,978 | 12/31/22 |
| Komercni Banka | Czech Republic | A | 5 | A1 | 6 | A | 5 | 16 | 57,661 | 12/31/22 |
| Luminor Bank | Estonia | NR | 2 | A3 | 4 | NR | 3 | 9 | 15,749 | 12/31/22 |
| Bank of Georgia | Georgia | BB | -2 | Ba2 | -2 | NR | -3 | -7 | 10,499 | 12/31/22 |
| MFB Hungarian Development Bank | Hungary | BBB | 2 | Baa2 | 2 | NR | 1 | 5 | 7,969 | 12/31/22 |
| Development Bank of Kazakhstan | Kazakhstan | BBB | 2 | Baa2 | 2 | BBB- | 1 | 5 | 8,522 | 12/31/22 |
| Bakai Bank | Kyrgyzstan | NR | -7 | B3 | -6 | NR | -8 | -21 | 608 | 12/31/22 |
| SC Citadele Banka | Latvia | NR | 0 | Baa3 | 1 | NR | -1 | 0 | 5,768 | 12/31/22 |
| Siauliu Bankas | Lithuania | NR | 2 | Baa1 | 3 | NR | 1 | 6 | 4,455 | 12/31/22 |
| ING Bank Slaski | Poland | A+ | 6 | A2 | 5 | NR | 4.5 | 15.5 | 49,358 | 12/31/22 |
| Banca Comerciala Romana | Romania | BBB+ | 3 | Baa1 | 3 | NR | 2 | 8 | 21,329 | 12/31/22 |
| Tatra Banka | Slovakia | NR | 3 | A3 | 4 | NR | 2 | 9 | 20,927 | 12/31/22 |
| Nova Ljubljanska banka | Slovenia | NR | 2 | A3 | 4 | BBB | 2 | 8 | 25,718 | 12/31/22 |
| Bank Eskhata | Tajikistan | NR | -7 | B3 | -6 | NR | -8 | -21 | 420 | 12/31/22 |
| Turkiye Kalkinma ve Yatirim Bankasi | Turkey | B | -5 | NR | -6 | NR | -7 | -18 | 4,900 | 12/31/22 |
| Bank Alliance | Ukraine | NR | -10 | NR | -9 | CCC | -8 | -27 | 303 | 12/31/22 |
| National Bank of Uzbekistan | Uzbekistan | BB- | -3 | Ba3 | -3 | BB- | -3 | -9 | 10,804 | 12/31/22 |
| Asia-Pacific | ||||||||||
| Name | Domicile | Fitch Rating | Fitch Score | Moody’s Rating | Moody’s Score | S&P Rating | S&P Score | Total Score | Total Assets (USD million) |
Report Date |
| BRAC Bank | Bangladesh | NR | -4.5 | Ba3 | -3 | B+ | -4 | -11.5 | 5,145 | 12/31/21 |
| Bank Islam Brunei Darussalam Berhad | Brunei | NR | 3 | NR | 2 | A- | 4 | 9 | 7,816 | 12/31/21 |
| ACLEDA Bank | Cambodia | NR | -5 | NR | -6 | B+ | -4 | -15 | 7,855 | 12/31/21 |
| China Development Bank | China | A+ | 6 | A1 | 6 | A+ | 6 | 18 | 2,694,955 | 12/31/21 |
| Hang Seng Bank | Hong Kong | AA- | 7 | Aa3 | 7 | AA- | 7 | 21 | 233,417 | 12/31/21 |
| State Bank of India | India | BBB- | 1 | Baa3 | 1 | BBB- | 1 | 3 | 707,174 | 3/31/22 |
| Bank Danamon Indonesia | Indonesia | BBB | 2 | Baa1 | 3 | NR | 1.5 | 6.5 | 13,473 | 12/31/21 |
| Norinchukin Bank | Japan | NR | 4.5 | A1 | 6 | A | 5 | 15.5 | 870,543 | 3/31/22 |
| ICBC (Macau) | Macau | A | 5 | A2 | 5 | NR | 4 | 14 | 54,582 | 12/31/21 |
| Malayan Banking Berhad | Malaysia | NR | 3 | A3 | 4 | A- | 4 | 11 | 214,632 | 3/31/22 |
| Development Bank of Mongolia | Mongolia | B | -5 | B3 | -6 | B | -5 | -16 | 1,293 | 12/31/21 |
| Habib Bank | Pakistan | NR | -7 | B3 | -6 | NR | -8 | -21 | 24,721 | 3/31/22 |
| Development Bank of the Philippines | Philippines | BBB | 2 | NR | 1.5 | BBB+ | 3 | 6.5 | 23,224 | 12/31/21 |
| DBS Bank | Singapore | AA- | 7 | Aa1 | 9 | AA- | 7 | 23 | 504,393 | 12/31/21 |
| Korea Development Bank | South Korea | AA- | 7 | Aa2 | 8 | AA | 8 | 23 | 280,304 | 12/31/21 |
| Bank of Taiwan | Taiwan | NR | 6.5 | Aa3 | 7 | AA | 8 | 21.5 | 200,214 | 12/31/21 |
| United Overseas Bank (Thai) | Thailand | A- | 4 | A3 | 4 | NR | 3 | 11 | 21,594 | 12/31/21 |
| Vietcombank | Vietnam | BB- | -3 | Ba3 | -3 | BB | -2 | -8 | 61,122 | 12/31/21 |
| Middle East | ||||||||||
| Name | Domicile | Fitch Rating | Fitch Score | Moody’s Rating | Moody’s Score | S&P Rating | S&P Score | Total Score | Total Assets (USD million) | Report Date |
| Gulf International Bank | Bahrain | A- | 4 | Baa1 | 3 | NR | 2.5 | 9.5 | 32,646 | 12/31/22 |
| Trade Bank of Iraq | Iraq | B- | -6 | NR | -7 | NR | -8 | -21 | 29,004 | 12/31/21 |
| Bank Leumi | Israel | A | 5 | A2 | 5 | A | 5 | 15 | 198,148 | 12/31/22 |
| Arab Bank | Jordan | BB | -2 | Ba2 | -2 | B+ | -4 | -8 | 39,172 | 12/31/22 |
| National Bank of Kuwait | Kuwait | A+ | 6 | A1 | 6 | A | 5 | 17 | 118,733 | 12/31/22 |
| Bank Muscat | Oman | BB | -2 | Ba2 | -2 | BB | -2 | -6 | 33,180 | 12/31/22 |
| Qatar National Bank | Qatar | A | 5 | Aa3 | 7 | A+ | 6 | 18 | 326,552 | 12/31/22 |
| Saudi National Bank | Saudi Arabia | A- | 4 | A1 | 6 | A- | 4 | 14 | 251,596 | 12/31/22 |
| First Abu Dhabi Bank | United Arab Emirates | AA- | 7 | Aa3 | 7 | AA- | 7 | 21 | 302,249 | 12/31/22 |
| Africa | ||||||||||
| Name | Domicile | Fitch Rating | Fitch Score | Moody’s Rating | Moody’s Score | S&P Rating | S&P Score | Total Score | Total Assets (USD million) |
Report Date |
| Banco Angolano de Investimentos | Angola | B- | -6 | B3 | -6 | NR | -7 | -19 | 6,266 | 12/31/22 |
| Equity Banque Commerciale du Congo | Democratic Republic Of The Congo | NR | -8 | B3 | -6 | NR | -7 | -21 | 3,447 | 12/31/22 |
| National Bank of Egypt | Egypt | B | -5 | B3 | -6 | B | -5 | -16 | 176,376 | 12/31/22 |
| Guaranty Trust Bank (Ghana) | Ghana | B- | -6 | NR | -7 | NR | -8 | -21 | 832 | 12/31/22 |
| KCB Bank Kenya | Kenya | B | -5 | B3 | -6 | NR | -6.5 | -17.5 | 7,873 | 12/31/22 |
| Mauritius Commercial Bank | Mauritius | NR | 0 | Baa3 | 1 | NR | -1 | 0 | 16,418 | 12/31/22 |
| Attijariwafa Bank | Morocco | BB | -2 | Ba1 | -1 | BB | -2 | -5 | 60,948 | 12/31/22 |
| First National Bank of Namibia | Namibia | NR | -4 | Ba3 | -3 | NR | -5 | -12 | 3,190 | 12/31/22 |
| Access Bank | Nigeria | B- | -6 | Caa1 | -7 | B- | -6 | -19 | 33,379 | 12/31/22 |
| Development Bank of Rwanda | Rwanda | B+ | -4 | NR | -5 | NR | -6 | -15 | 447 | 12/31/22 |
| United Bank for Africa Senegal | Senegal | B- | -6 | NR | -7 | NR | -8 | -21 | 784 | 12/31/22 |
| FirstRand Bank | South Africa | BB- | -3 | Ba2 | -2 | BB- | -3 | -8 | 90,118 | 12/31/22 |
| CRDB Bank | Tanzania | NR | -6 | B2 | -5 | NR | -7 | -18 | 4,970 | 12/31/22 |
| Ecobank Transnational | Togo | B- | -6 | B3 | -6 | B- | -6 | -18 | 29,004 | 12/31/22 |
| Arab Tunisian Bank | Tunisia | B- | -6 | Caa1 | -7 | CCC | -8 | -21 | 2,510 | 12/31/22 |
| Stanbic Bank Uganda | Uganda | B+ | -4 | B1 | -4 | NR | -5 | -13 | 2,431 | 12/31/22 |
| Australasia | ||||||||||
| Name | Domicile | Fitch Rating | Fitch Score | Moody’s Rating | Moody’s Score | S&P Rating | S&P Score | Total Score | Total Assets (USD million) | Report Date |
| Commonwealth Bank of Australia | Australia | A+ | 6 | Aa3 | 7 | AA- | 7 | 20 | 817,007 | 12/31/22 |
| Kiwibank | New Zealand | AA | 8 | A1 | 6 | NR | 6 | 20 | 21,104 | 12/31/22 |
