World Economy

Singapore Banks Safest in Asia

Singapore Banks Safest in AsiaSingapore Banks Safest in Asia

Four Singapore banks have occupied the top 5 spots in this year’s safest banks list in Asia, according to the rankings released by New York-based trade publication Global Finance, AsiaFirst reported. The banks were ranked based on an evaluation of long-term credit ratings and total assets of the 500 largest banks worldwide. DBS topped the Asia list for the eighth consecutive year. It was also named the 12th safest bank in the world. OCBC Bank was ranked second safest in Asia and 14th globally while United Overseas Bank came in fourth in Asia and 16th in the world. Other banks in the top 10 are Korea Development Bank (3rd), Export-Import Bank of Korea (5th), Industrial Bank of Korea (6th), Hong Kong’s Hang Seng Bank (7th). Chinese banks China Development Bank, Agricultural Development Bank of China and Export-Import Bank of China took the 8th, 9th and 10th spots, respectively. Globally, Germany’s KfW took the top spot for the 5th year in a row.