NEW YORK – A new listing of the 50 safest banks in the world has found U.S.-based banks make up just 10% of the list.
Compiled by the magazine Global Finance, the largest number of banks deemed “safe” is inside the Euro zone, with 20. But the country that placed the most banks on the list was Canada, with seven. It should be noted that the top nine institutions listed are all state-owned.
The highest-ranked U.S. bank was Bank of New York Mellon (29), followed by CoBank (32), U.S. Bancorp (37), Northern Trust (39), and Wells Fargo (48). Australia and New Zealand also each had five banks on the list.
Global Finance says the ranking is based on debt ratings from Standard & Poor’s, Moody’s, and Fitch, as well as total assets. Complete details of the results will be released in October.