Friday, May 4, 2012

Canada Dominates List of World's Strongest Banks

Posted By on Fri, May 4, 2012 at 10:00 AM

Canada and Singapore dominate the world's strongest banks, according a new Bloomberg ranking.

The Oversea-Chinese Banking Corp. of Singapore retained the title of the world's strongest bank for the second year, while the majority of the top 10 banks were in Canada - Canadian Imperial Bank of Commerce, Toronto-Dominion Bank, National Bank of Canada and Royal Bank of Canada. Bank of Nova Scotia ranked 18th and Bank of Montreal placed 22nd.

Only three U.S. banks ranked in the Top 20: JPMorgan Chase, PNC Financial Service Group and BB&T Corp.

Banks were rated on factors such as a Tier 1 capital ratio: the ratio of nonperforming assets to to total assets.

Banks that took a loss in 2011 net income and those that failed the U.S. Federal Reserve's latest stress test were excluded from the ranking.

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