Scotiabank named second safest bank in North America

Scotiabank has been recognised as the second safest bank in North America by Global Finance magazine.

Global Finance named the safest banks in North America in a survey that will be published in the October 2012 issue. The selected banks were chosen through an evaluation of long-term credit ratings from Moody’s, Standard & Poor’s and Fitch, as well as total assets of the 500 largest banks worldwide.

In addition to topping the North American list, Scotiabank has also climbed six spots from last year to No. 12 in the world. The world’s safest banks are considered to have solid capital positions and superior risk management capabilities.

Canadian banks in general continue to dominate this list. They take positions one through six and seven of the top 10 spots. The full report evaluates the safest banks in Western Europe, Central and Eastern Europe, Asia, the Middle East, North America, Latin America and Australasia.

“More than ever, customers around the world are viewing long-term creditworthiness as the key feature of the banks with which they do business,” said Joseph D. Giarraputo, publisher of Global Finance. “These banks have solid capital positions and superior risk management capabilities.”

Scotiabank Cayman also received two other international awards for financial year 2012. These include The Banker Magazine’s Bank of Year Award as well as The Global Finance Magazine’s Best Internet Bank Award.