World’s Safest Banks 2023—Global Top 100 (2024)

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November 10, 2023

The debacles of 2023 clearly illustrated that a bank’s financial stability must never be taken for granted.

Overall performance of eurozone banks has been solid this year as generally well-capitalized institutions have reported sustained profitability. With the IMF forecasting GDP growth of only 0.9% for 2023 and 1.5% next year for the region, many institutions are aggressively boosting loan-loss reserves. Western Europe’s strength is reflected in our global rankings, the region claiming nine of the top 10 spots and 42 entries in the top 100 overall. France leads the region with nine.

Notable shifts include UBS falling 11 places to No. 48 following its takeover of Credit Suisse. Caisse des Depots et Consignations fell one place thanks to a Fitch downgrade while Deutsche Apotheker- und Aerztebank fell 17 spots to No. 52 thanks to Moody withdrawing its ratings. Others enjoyed happier ratings results. SFIL benefitted from a Moody’s upgrade, raising it six places from its rank last year.

The Asia-Pacific region is well-represented with 26 names among the World’s 100 Safest Banks. Singapore leads with three big banks—DBS, Oversea-Chinese Banking Corp. and United Overseas Bank. Australasia placed six with Kiwibank benefitting from a Fitch upgrade rising to No. 44.

In North America, Canada tops the region with RBC at No. 10, and a total of seven banks among the 100 safest. In the United States, the Federal Farm Credit banks fell up to eight places each following Fitch’s August downgrade of the US sovereign rating. Still, they remain the highest-ranking institutions in the US, which has 10 banks on the list, the most of any one country.

Institutions in the bottom half of the top 100 show increased regional representation. These banks upped the tally for the Asia-Pacific region adding 18 banks, largely from China and South Korea, for an overall total of 26 institutions in the top 100, and reflects four additional UAE domiciled banks for a total of five overall.

It also includes banks in new regions notably in Central and Eastern Europe with Komercni Banka of the Czech Republic and ING Bank Slaski in Poland, and in Latin America with Scotiabank Chile.

Methodology: Behind the Rankings

Global Finance ranks the world’s largest 500 banks by asset size, calculated based on long-term foreign currency ratings issued by Fitch Ratings, Standard & Poor’s and Moody’s Investors Service. Where possible, ratings on holding companies rather than operating companies are used, and banks that are wholly owned by other banks are omitted. Within each rank set, banks are organized according to asset size based on data for the most recent annual reporting period provided by Fitch Solutions and Moody’s.

Ratings are reproduced with permission from the three rating agencies, with all rights reserved. A ranking is not a recommendation to purchase, sell or hold a security, and it does not comment on market price or suitability for a particular investor. All ratings in the tables were valid as of August 18, 2023.

Global Top 100
Rank	Name	Domicile	Fitch Rating	Fitch Score	Moody’s Rating	Moody’s Score	S&P Rating	S&P Score	Total Score	Total Assets (USD million)	Report Date
1	KfW	GERMANY	AAA	10	Aaa	10	AAA	10	30	591,565.97	12/31/22
2	Zuercher Kantonalbank	SWITZERLAND	AAA	10	Aaa	10	AAA	10	30	214,759.75	12/31/22
3	BNG Bank	NETHERLANDS	AAA	10	Aaa	10	AAA	10	30	135,520.06	12/31/22
4	Landwirtschaftliche Rentenbank	GERMANY	AAA	10	Aaa	10	AAA	10	30	103,749.31	12/31/22
5	L-Bank	GERMANY	AAA	10	Aaa	10	AA+	9	29	99,421.48	12/31/22
6	Nederlandse Waterschapsbank	NETHERLANDS	NR	9	Aaa	10	AAA	10	29	89,068.91	12/31/22
7	Kommunalbanken	NORWAY	NR	9	Aaa	10	AAA	10	29	46,080.60	12/31/22
8	NRW.BANK	GERMANY	AAA	10	Aa1	9	AA	8	27	168,359.64	12/31/22
9	Swedish Export Credit Corporation	SWEDEN	NR	8	Aa1	9	AA+	9	26	34,166.71	12/31/22
10	Royal Bank of Canada	CANADA	AA-	7	Aa1	9	AA-	7	23	1,359,411.00	1/31/23
11	Caisse des Depots et Consignations	FRANCE	AA-	7	Aa2	8	AA	8	23	1,117,393.00	12/31/22
12	DBS Bank	SINGAPORE	AA-	7	Aa1	9	AA-	7	23	552,854.38	12/31/22
13	Oversea-Chinese Banking Corp	SINGAPORE	AA-	7	Aa1	9	AA-	7	23	417,503.73	12/31/22
14	United Overseas Bank	SINGAPORE	AA-	7	Aa1	9	AA-	7	23	375,026.03	12/31/22
15	Svenska Handelsbanken	SWEDEN	AA	8	Aa2	8	AA-	7	23	331,218.63	12/31/22
16	Korea Development Bank	SOUTH KOREA	AA-	7	Aa2	8	AA	8	23	277,505.76	12/31/22
17	Export-Import Bank of Korea	SOUTH KOREA	AA-	7	Aa2	8	AA	8	23	96,523.71	12/31/22
18	SFIL	FRANCE	NR	7	Aa2	8	AA	8	23	68,478.77	12/31/22
19	Banque Cantonale Vaudoise	SWITZERLAND	NR	7	Aa2	8	AA	8	23	64,203.00	12/31/22
20	Banque et Caisse d’Epargne de l’Etat	LUXEMBOURG	NR	7	Aa3	7	AA+	9	23	61,261.00	12/31/22
21	Toronto-Dominion Bank	CANADA	AA-	7	Aa2	8	AA-	7	22	1,382,500.84	1/31/23
22	Industrial Bank of Korea	SOUTH KOREA	AA-	7	Aa2	8	AA-	7	22	338,515.56	12/31/22
23	DNB Bank	NORWAY	NR	6.5	Aa2	8	AA-	7	21.5	290,199.27	9/30/22
24	Bank of Taiwan	TAIWAN	NR	6.5	Aa3	7	AA	8	21.5	201,017.82	12/31/22
25	Banque Pictet & Cie	SWITZERLAND	AA-	7	Aa2	8	NR	6.5	21.5	48,513.00	12/31/22
26	Bank of Nova Scotia	CANADA	AA-	7	Aa2	8	A+	6	21	992,680.33	1/31/23
27	Bank of Montreal	CANADA	AA-	7	Aa2	8	A+	6	21	829,719.22	1/31/23
28	Canadian Imperial Bank of Commerce	CANADA	AA-	7	Aa2	8	A+	6	21	666,428.44	1/31/23
29	DZ BANK	GERMANY	AA-	7	Aa2	8	A+	6	21	665,986.42	12/31/22
30	Nordea Bank	FINLAND	AA-	7	Aa3	7	AA-	7	21	634,460.34	12/31/22
31	First Abu Dhabi Bank	UAE	AA-	7	Aa3	7	AA-	7	21	302,249.36	12/31/22
32	Hang Seng Bank	HONG KONG	AA-	7	Aa3	7	AA-	7	21	242,546.75	12/31/22
33	Federation des Caisses Desjardins du Quebec	CANADA	AA-	7	Aa2	8	A+	6	21	147,768.45	12/31/20
34	Sparkassen-Finanzgruppe	GERMANY	A+	6	Aa2	8	NR	6	20	1,755,652.50	12/31/21
35	Commonwealth Bank of Australia	AUSTRALIA	A+	6	Aa3	7	AA-	7	20	817,006.50	12/31/22
36	ANZ Group	AUSTRALIA	A+	6	Aa3	7	AA-	7	20	744,502.00	3/31/23
37	National Australia Bank	AUSTRALIA	A+	6	Aa3	7	AA-	7	20	702,098.00	3/31/23
38	Westpac	AUSTRALIA	A+	6	Aa3	7	AA-	7	20	682,555.00	3/31/23
39	Rabobank	NETHERLANDS	A+	6	Aa2	8	A+	6	20	670,371.68	12/31/22
40	SEB	SWEDEN	AA-	7	Aa3	7	A+	6	20	339,057.54	12/31/22
41	Swedbank	SWEDEN	AA-	7	Aa3	7	A+	6	20	273,788.61	12/31/22
42	AgriBank	UNITED STATES	A+	6	Aa3	7	AA-	7	20	156,463.00	12/31/22
43	OP Corporate Bank	FINLAND	NR	6	Aa3	7	AA-	7	20	100,532.56	12/31/22
44	Kiwibank	NEW ZEALAND	AA	8	A1	6	NR	6	20	21,103.63	12/31/22
45	Agence France Locale	FRANCE	NR	6	Aa3	7	AA-	7	20	8,550.57	12/31/22
46	BNP Paribas	FRANCE	A+	6	Aa3	7	A+	6	19	2,843,955.42	12/31/22
47	Credit Agricole	FRANCE	A+	6	Aa3	7	A+	6	19	2,537,568.30	12/31/22
48	UBS	SWITZERLAND	A+	6	Aa3	7	A+	6	19	1,105,436.00	12/31/22
49	Banque Federative du Credit Mutuel	FRANCE	A+	6	Aa3	7	A+	6	19	735,487.58	12/31/22
50	HSBC Continental Europe	FRANCE	AA-	7	A1	6	A+	6	19	298,310.83	12/31/22
51	CoBank	UNITED STATES	A+	6	NR	5.5	AA-	7	18.5	188,843	12/31/22
52	Deutsche Apotheker- und Aerztebank	GERMANY	AA-	7	NR	5.5	A+	6	18.5	57,793	12/31/22
53	LGT Bank	LIECHTENSTEIN	NR	5.5	Aa3	7	A+	6	18.5	53,602	12/31/22
54	AgFirst	UNITED STATES	A+	6	Aa3	7	NR	5.5	18.5	42,073	12/31/22
55	Farm Credit Bank of Texas	UNITED STATES	A+	6	Aa3	7	NR	5.5	18.5	35,990	12/31/22
56	China Development Bank	CHINA	A+	6	A1	6	A+	6	18	2,611,377	12/31/22
57	Agricultural Development Bank of China	CHINA	A+	6	A1	6	A+	6	18	1,300,658	12/31/22
58	Export-Import Bank of China	CHINA	A+	6	A1	6	A+	6	18	849,845	12/31/22
59	Bank of China (Hong Kong)	HONG KONG	A	5	Aa3	7	A+	6	18	447,121	12/31/22
60	Bank of New York Mellon	UNITED STATES	AA-	7	A1	6	A	5	18	405,783	12/31/22
61	Kookmin Bank	SOUTH KOREA	A	5	Aa3	7	A+	6	18	404,429	12/31/22
62	Shinhan Bank	SOUTH KOREA	A	5	Aa3	7	A+	6	18	389,072	12/31/22
63	Hana Bank	SOUTH KOREA	A	5	Aa3	7	A+	6	18	380,306	12/31/22
64	Qatar National Bank	QATAR	A	5	Aa3	7	A+	6	18	326,552	12/31/22
65	National Bank of Canada	CANADA	A+	6	Aa3	7	A	5	18	301,780	1/31/23
66	State Street	UNITED STATES	AA-	7	A1	6	A	5	18	301,450	12/31/22
67	Northern Trust	UNITED STATES	AA-	7	A2	5	A+	6	18	155,037	12/31/22
68	JPMorgan Chase & Co.	UNITED STATES	AA-	7	A1	6	A-	4	17	3,665,743	12/31/22
69	Bank of America Corporation	UNITED STATES	AA-	7	A1	6	A-	4	17	3,051,375	12/31/22
70	BPCE	FRANCE	A+	6	A1	6	A	5	17	1,633,107	12/31/22
71	BNP Paribas Fortis	BELGIUM	A+	6	A2	5	A+	6	17	373,728	12/31/22
72	Woori Bank	SOUTH KOREA	A	5	A1	6	A+	6	17	347,419	12/31/22
73	Erste Group Bank	AUSTRIA	A	5	A1	6	A+	6	17	345,434	12/31/22
74	Nationwide Building Society	UNITED KINGDOM	A	5	A1	6	A+	6	17	339,989	4/4/23
75	NongHyup Bank	SOUTH KOREA	A	5	A1	6	A+	6	17	303,791	12/31/22
76	Nykredit Realkredit	DENMARK	A	5	A1	6	A+	6	17	228,786	12/31/22
77	Abu Dhabi Commercial Bank	UNITED ARAB EMIRATES	A+	6	A1	6	A	5	17	135,554	12/31/22
78	Mega International Commercial Bank	TAIWAN	NR	5	A1	6	A+	6	17	120,661	12/31/22
79	National Bank of Kuwait	KUWAIT	A+	6	A1	6	A	5	17	118,733	12/31/22
80	Land Bank of Taiwan	TAIWAN	NR	5	Aa3	7	A	5	17	110,924	12/31/22
81	BGL BNP Paribas	LUXEMBOURG	A+	6	A2	5	A+	6	17	65,980	12/31/22
82	SBAB Bank	SWEDEN	NR	5	A1	6	A+	6	17	54,298	12/31/22
83	Suncorp-Metway	AUSTRALIA	A	5	A1	6	A+	6	17	54,129	12/31/22
84	AXA Banque	FRANCE	A+	6	NR	5	A+	6	17	16,983	12/31/22
85	SpareBank 1 Nord-Norge	NORWAY	A	5	Aa3	7	NR	5	17	14,819	12/31/22
86	Industrial and Commercial Bank of China	CHINA	A	5	A1	6	A	5	16	5,669,862	12/31/22
87	China Construction Bank	CHINA	A	5	A1	6	A	5	16	4,953,037	12/31/22
88	Agricultural Bank of China	CHINA	A	5	A1	6	A	5	16	4,880,466	12/31/22
89	Bank of China	CHINA	A	5	A1	6	A	5	16	4,161,910	12/31/22
90	Morgan Stanley	UNITED STATES	A+	6	A1	6	A-	4	16	1,180,231	12/31/22
91	ABN AMRO	NETHERLANDS	A	5	A1	6	A	5	16	440,659	12/31/22
92	Komercni Banka	CZECH REPUBLIC	A	5	A1	6	A	5	16	57,661	12/31/22
93	Norinchukin	JAPAN	NR	4.5	A1	6	A	5	15.5	749,024	12/31/22
94	Emirates NBD Bank	UNITED ARAB EMIRATES	A+	6	A2	5	NR	4.5	15.5	202,023	12/31/22
95	First Commercial Bank	TAIWAN	NR	4.5	A1	6	A	5	15.5	131,398	12/31/22
96	Cathay United Bank	TAIWAN	NR	4.5	A1	6	A	5	15.5	123,714	12/31/22
97	Jyske Bank	DENMARK	NR	4.5	A2	5	A+	6	15.5	102,942	12/31/22
98	Scotiabank Chile	CHILE	A+	6	NR	4.5	A	5	15.5	53,587	12/31/22
99	ING Bank Slaski	POLAND	A+	6	A2	5	NR	4.5	15.5	49,358	12/31/22
100	Abu Dhabi Islamic Bank	UNITED ARAB EMIRATES	A+	6	A2	5	NR	4.5	15.5	45,884	12/31/22

WORLD’S SAFEST BANKS 2023—TOP 10 BY REGION

North America
Rank	Name	Domicile	Fitch Rating	Fitch Score	Moody’s Rating	Moody’s Score	S&P Rating	S&P Score	Total Score	Total Assets (USD million)	Report Date
1	Royal Bank of Canada	Canada	AA-	7	Aa1	9	AA-	7	23	1,445,641	4/30/22
2	Toronto-Dominion Bank	Canada	AA-	7	Aa2	8	AA-	7	22	1,427,441	4/30/22
3	Bank of Nova Scotia	Canada	AA-	7	Aa2	8	A+	6	21	1,007,647	4/30/22
4	Bank of Montreal	Canada	AA-	7	Aa2	8	A+	6	21	814,536	4/30/22
5	Canadian Imperial Bank of Commerce	Canada	AA-	7	Aa2	8	A+	6	21	699,251	4/30/22
6	Federation des Caisses Desjardins du Quebec	Canada	AA-	7	Aa2	8	A+	6	21	151,736	12/31/20
7	AgriBank	United States	AA-	7	Aa3	7	AA-	7	21	142,417	12/31/21
8	CoBank	United States	AA-	7	NR	6	AA-	7	20	170,306	12/31/21
9	AgFirst	United States	AA-	7	Aa3	7	NR	6	20	39,275	12/31/21
10	Farm Credit Bank of Texa s	United States	AA-	7	Aa3	7	NR	6	20	33,093	12/31/21
Latin America
Rank	Name	Domicile	Fitch Rating	Fitch Score	Moody’s Rating	Moody’s Score	S&P Rating	S&P Score	Total Score	Total Assets (USD million)	Report Date
1	Scotiabank Chile	Chile	A+	6	NR	4.5	A	5	15.5	53,587	12/31/22
2	Banco del Estado de Chile	Chile	NR	4	A2	5	A	5	14	67,012	12/31/22
3	Banco de Chile	Chile	NR	4	A2	5	A	5	14	64,858	12/31/22
4	Banco de Credito e Inversiones	Chile	A-	4	A2	5	A-	4	13	91,612	12/31/22
5	Banco Santander-Chile	Chile	NR	3.5	A2	5	A-	4	12.5	80,010	12/31/22
6	Banco Itau Chile	Chile	NR	2.5	A3	4	BBB+	3	9.5	47,543	12/31/22
7	Banco Santander Mexico	Mexico	BBB+	3	Baa1	3	NR	2	8	94,635	12/31/22
8	Scotiabank Perú	Peru	BBB+	3	Baa1	3	BBB	2	8	19,834	12/31/22
9	Banco BICE	Chile	BBB+	3	NR	2	BBB+	3	8	12,295	12/31/22
10	Banco de Credito del Peru	Peru	BBB	2	Baa1	3	BBB	2	7	50,106	12/31/22

Western Europe
Rank	Name	Domicile	Fitch Rating	Fitch Score	Moody’s Rating	Moody’s Score	S&P Rating	S&P Score	Total Score	Total Assets (USD million)	Report Date
1	KfW	Germany	AAA	10	Aaa	10	AAA	10	30	591,566	12/31/22
2	Zuercher Kantonalbank	Switzerland	AAA	10	Aaa	10	AAA	10	30	214,760	12/31/22
3	BNG Bank	Netherlands	AAA	10	Aaa	10	AAA	10	30	135,520	12/31/22
4	Landwirtschaftliche Rentenbank	Germany	AAA	10	Aaa	10	AAA	10	30	103,749	12/31/22
5	L-Bank	Germany	AAA	10	Aaa	10	AA+	9	29	99,421	12/31/22
6	Nederlandse Waterschapsbank	Netherlands	NR	9	Aaa	10	AAA	10	29	89,069	12/31/22
7	Kommunalbanken	Norway	NR	9	Aaa	10	AAA	10	29	46,081	12/31/22
8	NRW.BANK	Germany	AAA	10	Aa1	9	AA	8	27	168,360	12/31/22
9	Swedish Export Credit Corporation	Sweden	NR	8	Aa1	9	AA+	9	26	34,167	12/31/22
10	Caisse des Depots et Consignations	France	AA-	7	Aa2	8	AA	8	23	1,117,393	12/31/22

Central and Eastern Europe and Former Soviet Union
Rank	Name	Domicile	Fitch Rating	Fitch Score	Moody’s Rating	Moody’s Score	S&P Rating	S&P Score	Total Score	Total Assets (USD million)	Report Date
1	Komercni Banka	Czech Republic	A	5	A1	6	A	5	16	57,661	12/31/22
2	ING Bank Slaski	Poland	A+	6	A2	5	NR	4.5	15.5	49,358	12/31/22
3	Santander Bank Polska	Poland	BBB+	3	A2	5	NR	3	11	58,878	12/31/22
4	Bank Pekao	Poland	BBB	2	A2	5	BBB+	3	10	63,869	12/31/22
5	Nova Ljubljanska banka	Slovenia	NR	2	A3	4	BBB	2	8	25,718	12/31/22
6	Banca Comerciala Romana	Romania	BBB+	3	Baa1	3	NR	2	8	21,329	12/31/22
7	BRD – Groupe Societe Generale	Romania	BBB+	3	Baa1	3	NR	2	8	15,933	12/31/22
8	mBank	Poland	BBB-	1	Baa1	3	BBB	2	6	47,852	12/31/22
9	Development Bank of Kazakhstan	Kazakhstan	BBB	2	Baa2	2	BBB-	1	5	8,522	12/31/22
10	MFB Hungarian Development Bank	Hungary	BBB	2	Baa2	2	NR	1	5	7,969	12/31/22

Asia
Rank	Name	Domicile	Fitch Rating	Fitch Score	Moody’s Rating	Moody’s Score	S&P Rating	S&P Score	Total Score	Total Assets (USD million)	Report Date
1	DBS Bank	Singapore	AA-	7	Aa1	9	AA-	7	23	552,854	12/31/22
2	Oversea-Chinese Banking Corp	Singapore	AA-	7	Aa1	9	AA-	7	23	417,504	12/31/22
3	United Overseas Bank	Singapore	AA-	7	Aa1	9	AA-	7	23	375,026	12/31/22
4	Korea Development Bank	South Korea	AA-	7	Aa2	8	AA	8	23	277,506	12/31/22
5	Export-Import Bank of Korea	South Korea	AA-	7	Aa2	8	AA	8	23	96,524	12/31/22
6	Industrial Bank of Korea	South Korea	AA-	7	Aa2	8	AA-	7	22	338,516	12/31/22
7	Bank of Taiwan	Taiwan	NR	6.5	Aa3	7	AA	8	21.5	201,018	12/31/22
8	Hang Seng Bank	Hong Kong	AA-	7	Aa3	7	AA-	7	21	242,547	12/31/22
9	China Development Bank	China	A+	6	A1	6	A+	6	18	2,611,377	12/31/22
10	Agricultural Development Bank of China	China	A+	6	A1	6	A+	6	18	1,300,658	12/31/22

Middle East
Rank	Name	Domicile	Fitch Rating	Fitch Score	Moody’s Rating	Moody’s Score	S&P Rating	S&P Score	Total Score	Total Assets (USD million)	Report Date
1	First Abu Dhabi Bank	United Arab Emirates	AA-	7	Aa3	7	AA-	7	21	302,249	12/31/22
2	Qatar National Bank	Qatar	A	5	Aa3	7	A+	6	18	326,552	12/31/22
3	Abu Dhabi Commercial Bank	United Arab Emirates	A+	6	A1	6	A	5	17	135,554	12/31/22
4	National Bank of Kuwait	Kuwait	A+	6	A1	6	A	5	17	118,733	12/31/22
5	Emirates NBD Bank	United Arab Emirates	A+	6	A2	5	NR	4.5	15.5	202,023	12/31/22
6	Abu Dhabi Islamic Bank	United Arab Emirates	A+	6	A2	5	NR	4.5	15.5	45,884	12/31/22
7	Bank Leumi	Israel	A	5	A2	5	A	5	15	198,148	12/31/22
8	Bank Hapoalim	Israel	A	5	A2	5	A	5	15	188,565	12/31/22
9	Boubyan Bank	Kuwait	A	5	A2	5	A	5	15	25,750	12/31/22
10	Saudi National Bank	Saudi Arabia	A-	4	A1	6	A-	4	14	251,596	12/31/22

Australasia
Rank	Name	Domicile	Fitch Rating	Fitch Score	Moody’s Rating	Moody’s Score	S&P Rating	S&P Score	Total Score	Total Assets (USD million)	Report Date
1	Commonwealth Bank of Australia	Australia	A+	6	Aa3	7	AA-	7	20	817,007	12/31/22
2	Australia and New Zealand Banking Group	Australia	A+	6	Aa3	7	AA-	7	20	744,234	3/31/23
3	National Australia Bank	Australia	A+	6	Aa3	7	AA-	7	20	702,098	3/31/23
4	Westpac	Australia	A+	6	Aa3	7	AA-	7	20	682,555	3/31/23
5	Kiwibank	New Zealand	AA	8	A1	6	NR	6	20	21,104	12/31/22
6	Suncorp-Metway	Australia	A	5	A1	6	A+	6	17	54,129	12/31/22
7	Macquarie Group	Australia	A	5	A2	5	BBB+	3	13	260,340	3/31/23
8	Bank of Queensland	Australia	A-	4	A3	4	BBB+	3	11	70,829	2/28/23
9	Bendigo and Adelaide Bank	Australia	A-	4	A3	4	BBB+	3	11	65,541	12/31/22
10	Newcastle Greater Mutual Group	Australia	NR	2	A3	4	BBB	2	8	13,498	6/30/23

Africa
Rank	Name	Domicile	Fitch Rating	Fitch Score	Moody’s Rating	Moody’s Score	S&P Rating	S&P Score	Total Score	Total Assets (USD million)	Report Date
1	Attijariwafa Bank	Morocco	BB	-2	Ba1	-1	BB	-2	-5	60,948	12/31/22
2	Groupe Banque Centrale Populaire	Morocco	NR	-2.5	Ba1	-1	BB	-2	-5.5	47,873	12/31/22
3	Bank of Africa	Morocco	BB	-2	Ba1	-1	NR	-2.5	-5.5	36,673	12/31/22
4	FirstRand Bank	South Africa	BB-	-3	Ba2	-2	BB-	-3	-8	90,118	12/31/22
5	Nedbank	South Africa	BB-	-3	Ba2	-2	BB-	-3	-8	73,213	12/31/22
6	Investec Bank	South Africa	BB-	-3	Ba2	-2	BB-	-3	-8	33,523	3/31/23
7	Standard Bank Group	South Africa	BB-	-3	Ba3	-3	NR	-4	-10	168,508	12/31/22
8	Absa Group	South Africa	BB-	-3	Ba3	-3	NR	-4	-10	104,780	12/31/22
9	National Bank of Egypt	Egypt	B	-5	B3	-6	B	-5	-16	176,376	12/31/22
10	Banque Misr	Egypt	B	-5	B3	-6	B	-5	-16	104,129	12/31/22