Two UK banks make it into World’s Top 50 Safest Banks list

Two UK banks make it into World’s Top 50 Safest Banks list
The annual Top 50 World’s Safest Banks list for 2009 has been published with the HSBC and the Nationwide Building Society rated 18th and 46th respectively.

The two banks are the only two UK financial institutions to make it into New York-based Global Finance Magazine’s annual Top 50 list, which is in its 18th year.

However, Lloyds Banking Group, which is 43% Government-owned, and the Royal Bank of Scotland (70% owned by the Government), have dropped out of the list.

The ranking has become a recognised and trusted standard of credit worthiness for the entire financial world.

The list was complied through a comparison of the long-term credit ratings and total assets of the 500 biggest banks throughout the world by using ratings from Moody’s, Standard & Poor’s and Fitch.

Meanwhile, five banks from the US made the list with the Bank of New York Mellon Corporation the top-ranked US bank – coming in at number 32. However, no US bank appeared in the top 10.

Global Finance publisher, Joseph D. Giarraputo, comments: “It’s been a bumpy two years for the rating agencies and many of the banks they evaluate.”

“More than ever customers around the world are viewing long-term credit worthiness as the key feature of the banks with which they do business,” adds Giarraputo.

In first place was Germany’s KfW Bankengruppe, while France’s Caisse des Depots et Consignations was in second.

Discuss this in the Finance Markets forums