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Our Aussie banks pass the test

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Author Topic: Our Aussie banks pass the test  (Read 34 times)
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« on: March 05, 2009, 05:13:01 pm »

Australia's four biggest banks - which between them control more than 90 per cent of New Zealand's banking - are among the world's 20 safest, a survey has found.   

National Australia Bank, owner of the BNZ, beat heavyweights such as HSBC, Wells Fargo and Deutsche Bank to reach number 11 on the US-based Global Finance magazine list.

The twice-yearly assessment - which examines the 500 largest banks in the world - is based on a comparison of the long-term credit ratings from agencies Standard & Poor's, Moody's and Fitch as well as banks' total assets.

NAB is followed by the Commonwealth Bank of Australia - owner of the ASB Bank - at number 12. ANZ Banking Group is ranked 15th, followed by Westpac in 16th place.

The credit ratings of the New Zealand subsidiaries of the big four Australian banks are similar to those of their parents, which are largely uniform.

But only the Commonwealth Bank's New Zealand subsidiary - ASB Bank - is on Global Finance's top 50 list, in 18th place. 18.

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