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September 8, 2009

HSBC and Nationwide safest institutions in the UK

by Richard Kilner

Story link: HSBC and Nationwide safest institutions in the UK

New York-based Global Finance magazine has released its 2009 list of Top 50 Safest Banks.

Unfortunately for the UK only a pair of British names, building society Nationwide and banking giant HSBC, appear on the 18th edition of the list.

To compile the fifty-strong list, Global Finance compare and assess 500 of the world’s biggest financial institutions, looking at their longterm creditworthiness according to agencies including Moody’s, Standard & Poor’s and Fitch.

Lloyds and RBS, both recipients of multi-billion pound aid from the UK taxpayer, have both dropped off the list this year, leaving HSBC alone of the British banks.

Global Finance publisher Joseph D. Giarraputo has described the last 24 months as bumpy, and stated that customers are now putting longterm creditworthiness at the top of their priorities when considering which institution to do business with.

Although HSBC has retained its position in Global Finance’s list and managed to stand on its own two feet without taxpayer support, the bank has not been untouched by the recession.

In August it was revealed that the firm’s half-year global profits had halved to £2.98bn, although it did experience a record investment banking profit exceeding £3bn.

 

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