World's Safest Banks 2017 | Country Winners

Global Finance magazine has expanded the individual country rankings, with 15 banks making the list for the first time.

Sixteen new banks appear in this year’s country-by-country ranking of the World’s Safest Banks. Three of these are in countries that didn’t feature in last year’s list, while 13 replace last year’s winners.

This year’s list features 106 countries, a net increase of two over last year. Fitch withdrew its rating on Tai Fung Bank, with the result being that there are no longer any rated banks in Macau to rank. The three new countries are Honduras, Kosovo and Tanzania, where first-time ratings have been assigned to Inversiones Atlántida, ProCredit Bank and CRDB Bank.

New winners earn their position in a variety of ways: a rating upgrade, a downgrade of rival banks or a change in asset size.

METHODOLOGY

Global Finance’s list of the safest banks by country is based on the same long-term foreign-currency credit ratings used in our other Safest rankings, but provides insight on a far larger range of countries than appear in our Global, Emerging Markest and Commercial lists. To be eligible for inclusion in this list, a bank must be among the biggest 1,000 banks in the world, ranked by asset size. [To make the global rankings, banks must be among the world’s biggest 500.]

Another difference is that banks do not need to hold at least two ratings to be included—a single rating from one of the three agencies is sufficient. We use a proprietary algorithm to calculate imputed second and third ratings in order to score such banks. Many of the banks considered for inclusion in the country-by-country rankings hold ratings in sub-investment-grade territory, often due to a low rating for the home government.

When there are several banks in a single country that hold the same rating, they are ranked by asset size, in recognition of the strong positive correlation that exists between large asset size and high credit ratings.

In Austria, BAWAG replaces Erste Bank after an upgrade from Moody’s and a first-time rating of A- from Fitch. BNP Paribas Fortis replaces KBC after an upgrade from Fitch. Česká Spořitelna replaces Komerční Banka in the Czech Republic following an upgrade from S&P. And in Hungary, OTP replaces the Hungarian Export-Import Bank after upgrades from both Moody’s and S&P.

In Turkey, Garanti Bankasi replaces Türk Ekonomi Bankasi by holding onto relatively high ratings after the three agencies reassessed their ratings on both the Turkish government and the local banks, downgrading some.

In Ukraine, Alfa-Bank (not related to Alfa Bank of Russia) becomes the safest bank by holding on to its ratings after last year’s winner, PrivatBank, was downgraded by Moody’s and Fitch.

National Bank of Greece loses its position as Greece’s safest bank as a result of a decline in its asset size. In line with the methodology used for our other rankings, when banks have the same score, the bank with the largest asset size is ranked first, reflecting the strong positive correlation between asset size and high ratings.

In some countries, nearly all banks have ratings deep in sub-investment-grade territory. In Central Asia, even the safest banks are often rated in the single-B range. Of the eight countries in sub-Saharan Africa, only South Africa has banks rated investment-grade. Elsewhere, ratings are single B or even lower.

In Western Europe, only Greece and Cyprus have banks with an aggregate rating below investment grade. The safest banks in all the other 20 Western European countries have investment-grade ratings.

Asia earns a huge range of ratings. The safest banks in Singapore and South Korea, DBS and Korea Development Bank, are among the safest in the world. In contrast, the safest bank in Pakistan has a single rating of Caa1 from Moody’s; while in Mongolia, Trade and Development Bank has a Caa2 from Moody’s and B- from S&P.

North America
Country	Group Name	Ratings			Total Score	Assets $ mn	Statement Date
Country	Group Name	Fitch	Moody’s	S&P	Total Score	Assets $ mn	Statement Date
Canada	TD Bank	AA-	Aa2	AA-	22	878,137	10/31/16
United States	AgriBank	AA-	Aa3	AA-	21	102,563	12/31/16

Latin America & the caribbean
Country	Group Name	Ratings			Total Score	Assets $ mn	Statement Date
Country	Group Name	Fitch	Moody’s	S&P	Total Score	Assets $ mn	Statement Date
Argentina	Banco de la Provincia de Buenos Aires	N/R	N/R	B	-18	13,142	12/31/16
Bermuda	Butterfield Bank	BBB	A3	BBB	8	11,104	12/31/16
Bolivia	Banco Mercantil Santa Cruz	N/R	B1	BB-	-11.5	4,045	12/31/16
Brazil	Itaú Unibanco	BB+	Ba3	BB	-6	437,514	12/31/16
Chile	Banco del Estado de Chile	A+	Aa3	A+	19	52,133	12/31/16
Colombia	BBVA Colombia	BBB+	Baa2	N/R	6.5	17,355	12/31/16
Costa Rica	Banco Nacional de Costa Rica	BB	Ba3	N/R	-8.5	11,273	12/31/16
Dominican Republic	Banco de Reservas de la Republica Dominicana	BB-	B1	N/R	-12	9,766	12/31/16
Ecuador	Banco Pichincha	B	N/R	N/R	-18	11,870	12/31/16
El Salvador	Banco Agricola	B-	B2	B-	-17	4,305	12/31/16
Guatemala	Banco Agromercantil de Guatemala	BB+	N/R	BB	-5.5	3,117	12/31/16
Honduras	Inversiones Atlántida	B	N/R	B+	-14.5	3,294	9/30/16
Jamaica	National Commercial Bank Jamaica	B	N/R	B	-16	4,750	9/30/16
Mexico	Banobras	BBB+	A3	BBB+	10	34,157	12/31/16
Panama	Banco Latinoamericano de Comercio Exterior	BBB+	Baa2	BBB	7	7,181	12/31/16
Paraguay	Banco Continental	N/R	Ba2	N/R	-9	3,384	9/30/16
Peru	Scotiabank Peru	A-	A3	BBB+	11	17,362	12/31/16
Trinidad and Tobago	First Citizens Bank	N/R	N/R	BBB	3	5,780	12/31/16
Uruguay	Banco de la Republica Oriental del Uruguay	N/R	Baa2	N/R	3	16,093	12/31/16
Venezuela	Banesco Banco Universal	CCC	N/R	N/R	-24	215,543	12/31/16

Western Europe
Country	Group Name	Ratings			Total Score	Assets $ mn	Statement Date
Country	Group Name	Fitch	Moody’s	S&P	Total Score	Assets $ mn	Statement Date
Andorra	Credit Andorra	BBB	N/R	N/R	3	6,648	12/31/16
Austria	BAWAG	A-	A2	N/R	12.5	38,666	12/31/16
Belgium	BNP Paribas Fortis	A+	A1	A	17	313,893	12/31/16
Cyprus	RCB Bank	N/R	B3	BB-	-14.5	9,165	12/31/16
Denmark	Danske Bank	A	A1	A	16	493,941	12/31/16
Finland	OP Corporate Bank	N/R	Aa3	AA-	20	65,256	9/30/16
France	Caisse des Depots de Consignations	AA	Aa2	AA	24	175,428	12/31/16
Germany	KfW	AAA	Aaa	AAA	30	534,429	12/31/16
Greece	Piraeus Bank	N/R	Caa3	CCC+	-25	92,405	9/30/16
Iceland	Islandsbanki	BBB	N/R	BBB	5	9,285	12/31/16
Ireland	Bank of Ireland	BBB-	Baa1	BBB	6	129,787	12/31/16
Italy	Credit Agricole Cariparma	N/R	A3	N/R	9	54,799	6/30/16
Liechtenstein	Liechtensteinische Landesbank	N/R	Aa2	N/R	21	19,862	6/30/16
Luxembourg	Banque et Caisse d’Epargne de l’Etat	N/R	Aa2	AA+	24.5	50,058	30/6/16
Malta	Bank of Valletta	BBB	N/R	N/R	3	11,967	9/30/16
Netherlands	Bank Nederlandse Gemeenten	AA+	Aaa	AAA	29	162,327	12/31/16
Norway	DNB	N/R	Aa2	A+	20	281,136	9/30/16
Portugal	Banco Santander Totta	BBB	Baa3	BB+	2	45,301	12/31/16
Spain	Banco Santander	A-	A3	A-	12	1,411,537	12/31/16
Sweden	Svenska Handelsbanken	AA	Aa2	AA-	23	289,949	12/31/16
Switzerland	Zürcher Kantonalbank	AAA	Aaa	AAA	30	155,222	12/31/16
United Kingdom	HSBC	AA-	A1	A	18	2,374,986	12/31/16

Central & Eastern Europe and Former Soviet Union
Country	Group Name	Ratings			Total Score	Assets $ mn	Statement Date
Country	Group Name	Fitch	Moody’s	S&P	Total Score	Assets $ mn	Statement Date
Armenia	Ardshinbank	B+	B2	N/R	-14.5	1,133	12/31/16
Azerbaijan	Kapital Bank	N/R	Ba3	BB-	-10	1,369	9/30/16
Belarus	Development Bank of the Republic of Belarus	B-	N/R	B-	-19	2,704	12/31/16
Bulgaria	Societe Generale Expressbank	BBB+	N/R	N/R	6	3,422	12/31/16
Croatia	Zagrebacka banka	BBB-	N/R	BB	-1	17,902	12/31/16
Czech Republic	Česká Spořitelna	A-	A2	A	14	41,598	12/31/16
Georgia	Bank of Georgia	BB-	B1	N/R	-11.5	4,067	12/31/16
Hungary	OTP Bank	BB	Baa3	BBB-	0	39,826	9/30/16
Kazakhstan	Development Bank of Kazakhstan	BBB-	Baa3	BB+	1	7,358	31/12/16
Kosovo	ProCredit Bank Kosovo	BB-	N/R	N/R	1	844	31/12/16
Latvia	Citadele Banka	N/R	Ba2	N/R	-9	3,488	6/30/16
Lithuania	Šiaulių bankas	N/R	Ba1	N/R	-6	1,841	12/31/16
Poland	ING Bank Slaski	A	A3	N/R	12.5	28,109	12/31/16
Romania	BRD-Groupe Societe Generale	BBB+	Baa3	N/R	5	12,056	12/31/16
Russia	Vnesheconombank	BBB-	N/R	BB+	-1	58,912	12/31/16
Slovak Republic	VUB	N/R	A2	N/R	12	14,815	6/30/16
Slovenia	Banka Intesa Sanpaolo	BBB-	N/R	N/R	0	2,451	12/31/16
Turkey	Turkiye Garanti Bankasi	BBB-	Ba2	BB	-3	88,611	12/31/16
Ukraine	Alfa-Bank	B-	N/R	N/R	-21	1,589	9/30/16
Uzbekistan	Asaka Bank	B+	B2	N/R	-14.5	2,574	12/31/15

Asia
Country	Group Name	Ratings			Total Score	Assets $ mn	Statement Date
Country	Group Name	Fitch	Moody’s	S&P	Total Score	Assets $ mn	Statement Date
Bangladesh	City Bank	N/R	B1	N/R	-15	2,647	12/31/16
Brunei	Bank Islam Brunei Darussalam	N/R	N/R	A-	9	6,528	12/31/16
Cambodia	ACLEDA Bank	N/R	N/R	B	-18	4,665	12/31/16
China	China Development Bank	A+	A1	AA-	19	1,943,930	12/31/16
Hong Kong	Hang Seng Bank	A+	Aa2	AA-	21	177,617	12/31/16
India	State Bank of India	BBB-	Baa3	BBB-	3	531,338	3/31/17
Indonesia	Maybank Indonesia	BBB	N/R	N/R	3	12,405	12/31/16
Japan	Bank of Tokyo-Mitsubishi	A	A1	A+	17	1,903,411	3/31/16
Malaysia	Malayan Banking Berhad	A-	A3	A-	12	164,056	12/31/16
Mauritius	Mauritius Commercial Bank	BBB-	Baa3	N/R	2	8,071	6/30/16
Mongolia	Trade and Development Bank of Mongolia	N/R	Caa2	B-	-22	2,782	12/31/16
Pakistan	Habib Bank	N/R	Caa1	N/R	-24	22,813	9/30/16
Papua and New Guinea	Bank of South Pacific	N/R	N/R	B+	-15	5,622	31/12/15
Philippines	BDO Unibank	BBB-	Baa2	N/R	3.5	46,674	12/31/16
Singapore	DBS	AA-	Aa1	AA-	23	332,967	12/31/16
South Korea	Korea Development Bank	AA-	Aa2	AA	23	225,766	12/31/16
Sri Lanka	National Savings Bank	B+	N/R	B+	-13	6,152	12/31/16
Taiwan	Bank of Taiwan	N/R	Aa3	A+	18.5	154,362	9/30/16
Thailand	Bank of Ayudhya	A-	Baa1	BBB+	10	52,558	12/31/16
Vietnam	VietinBank	B+	B2	BB-	-12	42,164	12/31/16

Middle East
Country	Group Name	Ratings			Total Score	Assets $ mn	Statement Date
Country	Group Name	Fitch	Moody’s	S&P	Total Score	Assets $ mn	Statement Date
Bahrain	Gulf International Bank	BBB+	Baa1	N/R	8	22,906	12/31/16
Egypt	National Bank of Egypt	B	Caa1	B-	-18	79,409	6/30/16
Israel	Bank Hapoalim	A	A2	A-	14	116,542	12/31/16
Jordan	Arab Bank	BB+	B2	BB-	-9	34,161	12/31/16
Kuwait	National Bank of Kuwait	AA-	Aa3	A+	20	79,073	12/31/16
Lebanon	Bank Audi	B-	B2	B-	-17	44,267	12/31/16
Morocco	Attijariwafa Bank	BB+	Ba2	BB	-5	42,469	12/31/16
Oman	HSBC Oman	A-	Baa2	N/R	8	5,862	12/31/16
Qatar	Qatar National Bank	AA-	Aa3	A	19	197,718	12/31/16
Saudi Arabia	National Commercial Bank	A-	A1	BBB+	13	117,731	12/31/16
Tunisia	Arab Tunisian Bank	BB-	B1	B	-12	2,317	12/31/16
UAE	First Abu Dhabi Bank	AA-	Aa3	AA-	21	185,799	12/31/16

Sub-Saharan Africa
Country	Group Name	Ratings			Total Score	Assets $ mn	Statement Date
Country	Group Name	Fitch	Moody’s	S&P	Total Score	Assets $ mn	Statement Date
Angola	Banco Angolano de Investimentos	N/R	B2	N/R	-18	8,117	12/31/16
Dem. Rep. of Congo	Rawbank	N/R	Caa1	N/R	-24	1,640	12/31/16
Ghana	GCB Bank	N/R	Caa1	N/R	-24	1,291	6/30/16
Kenya	Stanbic Bank Kenya	BB-	N/R	N/R	-12	2,009	12/31/16
Nigeria	Zenith Bank	B+	B2	B	-14	15,540	12/31/16
South Africa	Standard Bank	BB+	Baa3	N/R	-1	142,812	12/31/16
Tanzania	CRDB Bank	N/R	B2	N/R	-18	2,491	9/30/16
Togo	Ecobank Togo	B	N/R	N/R	-18	20,511	12/31/16

Australasia
Country	Group Name	Ratings			Total Score	Assets $ mn	Statement Date
Country	Group Name	Fitch	Moody’s	S&P	Total Score	Assets $ mn	Statement Date
Australia	ANZ	AA-	Aa3	AA-	21	698054	9/30/16
New Zealand	Kiwibank	AA-	A1	A	18	13743	6/30/16