SINGAPORE - Singapore lenders - DBS Bank, OCBC Bank and United Overseas Bank - once again dominated a ranking of Asia's safest banks, taking the top three positions.
DBS was not only deemed the safest bank in Asia by New York-based trade publication Global Finance, but also came in second on its list of the safest commercial banks in the world, up one spot from the year before. OCBC and UOB were close behind at 4th and 5th respectively.
DBS also moved one place up to 11th on the global safest bank list. Asian banks put in a strong showing in the top 20, with OCBC and UOB coming in 13th and 14th respectively.
"Asia has been one of the strongest regions globally in the past year while other parts of the world are wrecked by economic uncertainty," said Global Finance publisher and editorial director Joseph D. Giarraputo.
"The safest banks in the region in our ranking are those that have done the best job in offering security and stability in the face of a bullish economic environment, to provide companies and investors with a consistent measurement for comparing the strength of institutions."
Since 1992, the Global Finance World's Safest Banks ranking has been a recognised standard of creditworthiness for the financial world. The banks were selected through an evaluation of long-term credit ratings - from Moody's, Standard & Poor's and Fitch Ratings - and total assets of the 500 largest banks worldwide.
Said DBS chief executive Piyush Gupta: "Despite the challenging macroeconomic environment in the past few years, DBS' operating performance has remained strong. Topping the Global Finance ranking is testament to the resilience of the franchise, strong governance and risk management processes underpinning our businesses."