NBE and Banque Misr among top 10 safest banks in Africa 2023, According to Global Finance

In a recent report, the Safest Banks in Africa have maintained their positions for yet another year, with Morocco's Attijariwafa Bank solidifying its top rank for the third consecutive year. The Moroccan banking sector, in fact, dominated the list, securing the top three positions. Additionally, South African banks displayed commendable performance, securing five out of the top ten spots.

This comprehensive report encompasses various rankings, including the World's 50 Safest Banks, the World's 50 Safest Commercial Banks, Safest Banks by Country, Territory, and District, 50 Safest Banks in Emerging Markets, Safest Islamic Financial Institutions in the GCC, and Safest Banks by Region, covering Africa, Asia, Australasia, Central & Eastern Europe, Latin America, the Middle East, North America, and Western Europe.

Joseph Giarraputo, the founder and editorial director of Global Finance, emphasized the critical role of bank soundness in today's turbulent economic climate. He noted, "With the rise of inflation and unsettling bank runs occurring in the US and Europe, bank stability remains the cornerstone of global commerce during these challenging times."

On the local level, NBE secured the first place in Egypt in the latest ranking issued by Global Finance magazine, while Banque Misr came in second place.

The selection process for these top banks involved a meticulous evaluation of their long-term foreign currency ratings, drawing from renowned rating agencies Moody's, Standard & Poor's, and Fitch, encompassing the 500 largest banks worldwide.

As economic conditions evolve, these rankings serve as a valuable indicator of the financial institutions that provide stability and security in an ever-changing financial landscape.