When it comes to evaluating the world’s safest banks, Canadian players continue to outshine their American rivals by a wide margin. But there has been some shuffling in the ranks. And perhaps most surprising of all, European banks now hold all of the top 10 spots.
Toronto-Dominion Bank ranks 11th in the annual top 50 list of the most creditworthy banks compiled by Global Finance magazine and appearing in its October issue. That’s the same rung TD occupied in the magazine’s last update in the spring. But Bank of Nova Scotia has moved up to 12th from 14th and Caisse centrale Desjardins has also advanced two places to 16th, just ahead of Royal Bank of Canada, which slid to 17th from 10th after suffering a ratings cut from Moody’s. Bank of Montreal and Canadian Imperial Bank of Commerce have each slipped two rungs to 25th and 26th, respectively. National Bank of Canada climbed two places to 38th.
Of the 10 most secure banks, four are German, including the global leader, German development bank KfW. That’s one of the benefits of being owned or fully backstopped by a government that hasn’t yet run out of cash. Dutch banks hold down three spots, including Bank Nederlandse Gemeenten at No. 2. Banks from Switzerland, Luxembourg and France round out the top 10.
The safest U.S. bank remains Bank of New York Mellon Corp., although it has fallen to 29th from 25th. Another U.S. bank, CoBank ACB, dropped one notch to 32nd.
Read more: European banks top list of world’s safest - The Globe and Mail
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