Mar 2009 Financial News

RBC, Scotiabank among world’s 50 safest banks

Mar 11, 2009

The Royal Bank of Canada (RBC), parent company of local banking major, RBTT, has finished tenth on a listing of the world’s 50 safest banks.
The list, dated February 25, 2009, was compiled by Global Finance magazine, which said that it was publishing a mid-year update of the list for the first time in its 17 years of issuing the list, because of the “turmoil” in the world’s banking industry.

It promised a full report on the list in its April issue. Another Canadian bank with largescale operations in T&T, also featured among the 50 safest—Scotiabank came in at number 23 while the Canadian Imperial Bank of Commerce (CIBC), which is reportedly bidding to acquire the 55 per cent of Republic Bank shareholding owned by the CL Financial Group, figured at 43. The 55 per cent block is now in the hands of the Government among the assets being held in exchange for the State bailout of four companies in the CL Financial Group.

In a statement, the magazine said the “World’s 50 Safest Banks” 2009 were selected through a comparison of the long-term credit ratings and total assets of the 500 largest banks in the world. Ratings from Moody’s, Standard & Poor’s and Fitch were used. Global Finance has published its “World’s Safest Banks” listing for 17 years and the magazine said the ranking had become a recognised and trusted standard of creditworthiness for the entire financial world. “The rating agencies have determined these banks have demonstrated a more prudent and sustainable approach to risk than their peers,” said Global Finance publisher Joseph D Giarraputo. “More than ever customers all around the world are viewing long term creditworthiness as the key feature of the banks with which they do business.”


Source:
Trinidad Guardian
Wednesday March 11, 2009

http://guardian.co.tt/business/business/2009/03/11/rbc-scotiabank-among-world-s-50-safest-banks