The debacles of 2023 clearly illustrated that a bank’s financial stability must never be taken for granted.
Overall performance of eurozone banks has been solid this year as generally well-capitalized institutions have reported sustained profitability. With the IMF forecasting GDP growth of only 0.9% for 2023 and 1.5% next year for the region, many institutions are aggressively boosting loan-loss reserves. Western Europe’s strength is reflected in our global rankings, the region claiming nine of the top 10 spots and 42 entries in the top 100 overall. France leads the region with nine.
Notable shifts include UBS falling 11 places to No. 48 following its takeover of Credit Suisse. Caisse des Depots et Consignations fell one place thanks to a Fitch downgrade while Deutsche Apotheker- und Aerztebank fell 17 spots to No. 52 thanks to Moody withdrawing its ratings. Others enjoyed happier ratings results. SFIL benefitted from a Moody’s upgrade, raising it six places from its rank last year.
The Asia-Pacific region is well-represented with 26 names among the World’s 100 Safest Banks. Singapore leads with three big banks—DBS, Oversea-Chinese Banking Corp. and United Overseas Bank. Australasia placed six with Kiwibank benefitting from a Fitch upgrade rising to No. 44.
In North America, Canada tops the region with RBC at No. 10, and a total of seven banks among the 100 safest. In the United States, the Federal Farm Credit banks fell up to eight places each following Fitch’s August downgrade of the US sovereign rating. Still, they remain the highest-ranking institutions in the US, which has 10 banks on the list, the most of any one country.
Institutions in the bottom half of the top 100 show increased regional representation. These banks upped the tally for the Asia-Pacific region adding 18 banks, largely from China and South Korea, for an overall total of 26 institutions in the top 100, and reflects four additional UAE domiciled banks for a total of five overall.
It also includes banks in new regions notably in Central and Eastern Europe with Komercni Banka of the Czech Republic and ING Bank Slaski in Poland, and in Latin America with Scotiabank Chile.
Methodology: Behind the Rankings
Global Finance ranks the world’s largest 500 banks by asset size, calculated based on long-term foreign currency ratings issued by Fitch Ratings, Standard & Poor’s and Moody’s Investors Service. Where possible, ratings on holding companies rather than operating companies are used, and banks that are wholly owned by other banks are omitted. Within each rank set, banks are organized according to asset size based on data for the most recent annual reporting period provided by Fitch Solutions and Moody’s.
Ratings are reproduced with permission from the three rating agencies, with all rights reserved. A ranking is not a recommendation to purchase, sell or hold a security, and it does not comment on market price or suitability for a particular investor. All ratings in the tables were valid as of August 18, 2023.
Global Top 100 Rank Name Domicile Fitch Rating Fitch Score Moody’s Rating Moody’s Score S&P Rating S&P Score Total Score Total Assets(USD million) Report Date 1 KfW GERMANY AAA 10 Aaa 10 AAA 10 30 591,565.97 12/31/22 2 Zuercher Kantonalbank SWITZERLAND AAA 10 Aaa 10 AAA 10 30 214,759.75 12/31/22 3 BNG Bank NETHERLANDS AAA 10 Aaa 10 AAA 10 30 135,520.06 12/31/22 4 Landwirtschaftliche Rentenbank GERMANY AAA 10 Aaa 10 AAA 10 30 103,749.31 12/31/22 5 L-Bank GERMANY AAA 10 Aaa 10 AA+ 9 29 99,421.48 12/31/22 6 Nederlandse Waterschapsbank NETHERLANDS NR 9 Aaa 10 AAA 10 29 89,068.91 12/31/22 7 Kommunalbanken NORWAY NR 9 Aaa 10 AAA 10 29 46,080.60 12/31/22 8 NRW.BANK GERMANY AAA 10 Aa1 9 AA 8 27 168,359.64 12/31/22 9 Swedish Export Credit Corporation SWEDEN NR 8 Aa1 9 AA+ 9 26 34,166.71 12/31/22 10 Royal Bank of Canada CANADA AA- 7 Aa1 9 AA- 7 23 1,359,411.00 1/31/23 11 Caisse des Depots et Consignations FRANCE AA- 7 Aa2 8 AA 8 23 1,117,393.00 12/31/22 12 DBS Bank SINGAPORE AA- 7 Aa1 9 AA- 7 23 552,854.38 12/31/22 13 Oversea-Chinese Banking Corp SINGAPORE AA- 7 Aa1 9 AA- 7 23 417,503.73 12/31/22 14 United Overseas Bank SINGAPORE AA- 7 Aa1 9 AA- 7 23 375,026.03 12/31/22 15 Svenska Handelsbanken SWEDEN AA 8 Aa2 8 AA- 7 23 331,218.63 12/31/22 16 Korea Development Bank SOUTH KOREA AA- 7 Aa2 8 AA 8 23 277,505.76 12/31/22 17 Export-Import Bank of Korea SOUTH KOREA AA- 7 Aa2 8 AA 8 23 96,523.71 12/31/22 18 SFIL FRANCE NR 7 Aa2 8 AA 8 23 68,478.77 12/31/22 19 Banque Cantonale Vaudoise SWITZERLAND NR 7 Aa2 8 AA 8 23 64,203.00 12/31/22 20 Banque et Caisse d’Epargne de l’Etat LUXEMBOURG NR 7 Aa3 7 AA+ 9 23 61,261.00 12/31/22 21 Toronto-Dominion Bank CANADA AA- 7 Aa2 8 AA- 7 22 1,382,500.84 1/31/23 22 Industrial Bank of Korea SOUTH KOREA AA- 7 Aa2 8 AA- 7 22 338,515.56 12/31/22 23 DNB Bank NORWAY NR 6.5 Aa2 8 AA- 7 21.5 290,199.27 9/30/22 24 Bank of Taiwan TAIWAN NR 6.5 Aa3 7 AA 8 21.5 201,017.82 12/31/22 25 Banque Pictet & Cie SWITZERLAND AA- 7 Aa2 8 NR 6.5 21.5 48,513.00 12/31/22 26 Bank of Nova Scotia CANADA AA- 7 Aa2 8 A+ 6 21 992,680.33 1/31/23 27 Bank of Montreal CANADA AA- 7 Aa2 8 A+ 6 21 829,719.22 1/31/23 28 Canadian Imperial Bank of Commerce CANADA AA- 7 Aa2 8 A+ 6 21 666,428.44 1/31/23 29 DZ BANK GERMANY AA- 7 Aa2 8 A+ 6 21 665,986.42 12/31/22 30 Nordea Bank FINLAND AA- 7 Aa3 7 AA- 7 21 634,460.34 12/31/22 31 First Abu Dhabi Bank UAE AA- 7 Aa3 7 AA- 7 21 302,249.36 12/31/22 32 Hang Seng Bank HONG KONG AA- 7 Aa3 7 AA- 7 21 242,546.75 12/31/22 33 Federation des Caisses Desjardins du Quebec CANADA AA- 7 Aa2 8 A+ 6 21 147,768.45 12/31/20 34 Sparkassen-Finanzgruppe GERMANY A+ 6 Aa2 8 NR 6 20 1,755,652.50 12/31/21 35 Commonwealth Bank of Australia AUSTRALIA A+ 6 Aa3 7 AA- 7 20 817,006.50 12/31/22 36 ANZ Group AUSTRALIA A+ 6 Aa3 7 AA- 7 20 744,502.00 3/31/23 37 National Australia Bank AUSTRALIA A+ 6 Aa3 7 AA- 7 20 702,098.00 3/31/23 38 Westpac AUSTRALIA A+ 6 Aa3 7 AA- 7 20 682,555.00 3/31/23 39 Rabobank NETHERLANDS A+ 6 Aa2 8 A+ 6 20 670,371.68 12/31/22 40 SEB SWEDEN AA- 7 Aa3 7 A+ 6 20 339,057.54 12/31/22 41 Swedbank SWEDEN AA- 7 Aa3 7 A+ 6 20 273,788.61 12/31/22 42 AgriBank UNITED STATES A+ 6 Aa3 7 AA- 7 20 156,463.00 12/31/22 43 OP Corporate Bank FINLAND NR 6 Aa3 7 AA- 7 20 100,532.56 12/31/22 44 Kiwibank NEW ZEALAND AA 8 A1 6 NR 6 20 21,103.63 12/31/22 45 Agence France Locale FRANCE NR 6 Aa3 7 AA- 7 20 8,550.57 12/31/22 46 BNP Paribas FRANCE A+ 6 Aa3 7 A+ 6 19 2,843,955.42 12/31/22 47 Credit Agricole FRANCE A+ 6 Aa3 7 A+ 6 19 2,537,568.30 12/31/22 48 UBS SWITZERLAND A+ 6 Aa3 7 A+ 6 19 1,105,436.00 12/31/22 49 Banque Federative du Credit Mutuel FRANCE A+ 6 Aa3 7 A+ 6 19 735,487.58 12/31/22 50 HSBC Continental Europe FRANCE AA- 7 A1 6 A+ 6 19 298,310.83 12/31/22 51 CoBank UNITED STATES A+ 6 NR 5.5 AA- 7 18.5 188,843 12/31/22 52 Deutsche Apotheker- und Aerztebank GERMANY AA- 7 NR 5.5 A+ 6 18.5 57,793 12/31/22 53 LGT Bank LIECHTENSTEIN NR 5.5 Aa3 7 A+ 6 18.5 53,602 12/31/22 54 AgFirst UNITED STATES A+ 6 Aa3 7 NR 5.5 18.5 42,073 12/31/22 55 Farm Credit Bank of Texas UNITED STATES A+ 6 Aa3 7 NR 5.5 18.5 35,990 12/31/22 56 China Development Bank CHINA A+ 6 A1 6 A+ 6 18 2,611,377 12/31/22 57 Agricultural Development Bank of China CHINA A+ 6 A1 6 A+ 6 18 1,300,658 12/31/22 58 Export-Import Bank of China CHINA A+ 6 A1 6 A+ 6 18