Friday, May 04, 2012

OCBC named world's strongest bank

SINGAPORE: Singapore's OCBC Bank has been named the world's strongest bank for the second straight year, according to an annual ranking by Bloomberg Markets Magazine.

OCBC topped the ranking which featured 78 global banks with at least US$100 billion in total assets.

They were assessed based on factors such as their Tier 1 capital ratio, loan-to-deposit ratio, ratio of non-performing assets to total assets and their efficiency ratio, which compares costs with revenues.

OCBC said the bank's strength is partly built on its "disciplined credit management practices and robust risk management capabilities".

OCBC's CEO Samuel Tsien told Bloomberg Markets Magazine that "Singapore's economy has performed quite stably and quite well, and for the Singaporean banks, we have real economic activities to finance."

The second spot went to Bank of China Hong Kong Holdings, a jump from its 10th position last year.

Canadian banks dominated the top 10 rankings by occupying spots from third to sixth place.

Meanwhile, UOB and DBS Bank slipped down the ranking compared to the previous year.

UOB was at seventh place, down from sixth last year, while DBS fell three spots to eighth this year.

Asian banks claimed six of the top 20 spots, reflecting the strong growth of Asian economies.

- CNA/wk/fa

View the original article here

Source From Channel News Asia

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