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BCEE among world's 10 safest banks
Economics

BCEE among world's 10 safest banks

05.03.2013 From our online archive
Luxembourg's “Banque et Caisse d'Epargne de l'Etat” has made it under the top ten safest banks for the third time in a row.

(CS) Luxembourg's “Banque et Caisse d'Epargne de l'Etat” has made it under the top ten safest banks for the third time in a row.

The April 2013 ranking by Global Finance places the BCEE in ninth place, in a survey that evaluated the long-term credit rating of 500 banks worldwide.

General director Jean-Claude Finck said that this ranking was a reward for the bank's hard work, offering a big motivation to staff and showing that customers of the bank had made the right decision.

He added that the bank's long-term strategy had paid off, with sustainable investments rather than quick profit. This is also reflected in the positive ranking the bank has with international rating agencies, Finck said.

However, the bank will not rest on its laurels, Finck added, saying that safe products in the best interest of the consumer were a top priority.

Despite the positive result, the rating was a slip down the ranking, as the bank was in seventh place in the April Global Finance ranking last year. In June 2012, however, Moody's downgraded the BCEE's long-term rating from AAA to AA1, which could account for the loss of two places in the ranking.

A full report on the list remains to be published by Global Finance.

With reporting by Marc Thill