DBS named safest bank in Asia sixth time in a row; OCBC second, UOB third

The country's largest bank DBS has won top honours, winning the title of "Safest Bank in Asia", its sixth consecutive win. -- PHOTO: ST FILE
The country's largest bank DBS has won top honours, winning the title of "Safest Bank in Asia", its sixth consecutive win. -- PHOTO: ST FILE

SINGAPORE - The country's largest bank DBS has won top honours, winning the title of "Safest Bank in Asia", its sixth consecutive win.

Trade publication Global Finance bestowed it with the bragging rights as the bank was also judged to be the second best on the global list of the safest commercial lenders.

Overall, DBS was the 12th safest bank globally, unchanged from last year.

Among the evaluation criteria is the soundness of the banks' long-term credit ratings from rating agencies such as Moody's, Standard & Poor's and Fitch Ratings.

The banks' total assets are also taken into consideration.

Some 500 of the world's largest banks were assessed.

DBS chief executive Piyush Gupta said in a statement on Wednesday: "Topping the Global Finance ranking yet again underscores DBS' ability to execute on strategy and grow our franchise, while keeping a firm eye on risks."

Banks from Singapore did well, with Global Finance highlighting that local lenders remain the strongest in Asia, holding three spots in the top 15.

OCBC came in second while United Overseas Bank was third in the Asia list.

On the global list, OCBC was ranked 13th while UOB was 14th.

Topping the global list was Germany's KfW bank.