According to a recent survey by Global Finance, six of the 10 safest banks in the North America are Canadian, with U.S. banks rounding out the rest of the group. Moreover, three Canadian banks, Royal Bank of Canada, Toronto-Dominion Bank and Bank of Nova Scotia, also landed in the top 20 of the world’s safest banks.
Global Finance evaluated the 500 largest banks in the world, and determined the winners after reviewing long-term credit ratings from Moody’s, Standard & Poor’s and Fitch, as well as total assets.
According to Global Finance, 40 out of 50 of the world’s safest banks from last year again made the list. With the European debt crisis causing uncertainty throughout the market, counterparty risk is a major concern for many corporates. “Counterparty creditworthiness is a critical issue for companies and investors worldwide,” said Global Finance publisher Joseph D. Giarraputo. “More than ever, companies around the world are reevaluating the long-term credit strength of their banks, and partnering with only those banks that have proven strength and stability.”
Listed below are the safest banks in North America, according to Global Finance:
1. Royal Bank of Canada (Canada)
2. TD Bank (Canada)
3. Scotiabank (Canada)
4. Caisse centrale Desjardins (Canada)
5. BNY Mellon (U.S.)
6. BMO Financial Group (Canada)
7. CIBC (Canada)
8. JPMorgan Chase (U.S.)
9. Wells Fargo (U.S.)
10. U.S. Bancorp (U.S.)