Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for global professionals · Friday, March 29, 2024 · 699,735,781 Articles · 3+ Million Readers

THE STATEMENT reveals quality ratings for 1000 quoted banks worldwide

Source: LAFFERTY 1000

Western banks "outclassed" by banks in emerging markets

COUNTRY FOCUS: TANZANIA • NMB IS THE BEST-RATED BANK IN TANZANIA • IT IS ALSO ONE OF THE 100 TOP BANKS IN THE LAFFERTY 1000 GLOBAL BANKING DATABASE”
— LAFFERTY 1000
LONDON, UK, July 1, 2020 /EINPresswire.com/ -- Banks from Western Europe, North America and Australia are now clearly outclassed by banks in emerging markets in Asia, Africa, Eastern Europe and Latin America. This is the striking conclusion of pioneering research for THE STATEMENT magazine across 1000 quoted banks in over 100 countries. The best-rated banks are found in South Africa, Saudi Arabia. Singapore, Indonesia, Philippines, India, Turkey, Poland, Serbia, Slovenia and Mexico.

The research is generated from the LAFFERTY 1000 global banking database, which scores the one thousand banks for quality across 21 metrics and rates them from 1-star for the weakest to 5-stars for the best. Other findings include:

• Only 5 of the 1000 banks receive 5-star ratings and all are based in emerging markets

• With three exceptions, the mainly universal banking giants of Europe, North America, Japan and China that are designated as “globally significant” by the Bank for International Settlements (BIS) are rated from poor to average at best.

• Italy’s UniCredit comes bottom of the group, with a 1-star rating.

These findings contradict the view, long held in the financial industry that the UK and the US are the leading countries for industry achievement.


--------------------------------------------------------------------------------
COUNTRY FOCUS: TANZANIA

• NMB IS THE BEST-RATED BANK IN TANZANIA
• IT IS ALSO ONE OF THE 100 TOP BANKS IN THE LAFFERTY 1000 GLOBAL BANKING DATABASE
--------------------------------------------------------------------------------

THE STATEMENT is a new Lafferty Group digital banking magazine. It is being established at the height of the economic, financial and human crises caused by the global coronavirus pandemic in order to help progressive banks and bankers find a new way ahead for the industry.

The magazine takes as its starting point the current state of 1000 of the world’s largest quoted banks and rates each of them for their quality and sustainability using 21 metrics – from financial performance to how they treat a range of stakeholders including staff, customers, the unbanked, regulators, the environment – and not least shareholders.

The bank quality rating system on which the database is anchored uses a heuristic methodology to analyse the signals that banks are sending out in their annual reports – intentionally or otherwise – and combines them to score the overall bank. It uses the annual report because of its unique status as the primary vehicle for management of a bank to communicate and account to shareholders and other stakeholders.

Michael Lafferty, Chief Executive of Lafferty Group said:

“Banks from emerging markets are now setting the pace in world banking. They are more focused and unfettered by the mistakes that have done so much damage to Western banks. These mistakes include a misguided love affair with universal banking and the destructive ideology of shareholder value”.

Alexander Erickson, LAFFERTY 1000 Research & Database Manager added:

“Emerging market banks are becoming key and prominent players in banking, particularly in areas such as financial inclusion, diversity and climate risk policy. This has opened up new doors and altered the course of research and data analytics.”

NMB Bank’s Acting Chief Executive Officer – Ruth Zaipuna said:

“We are leveraging on the best of technology in digital banking, innovative products, wider branch network, easy access to banking products with products such as Chap Chap Instant account, opening of over 300,000 accounts to farmers and agri-business by end of this year that has fostered financial inclusion among farmers with banking solutions and access to financing.”

Ms Zaipuna further addedd, “This ranking reflect the progress we are making in delivering a banking experience that captures what customers need today and tomorrow, making us the best bank for financial inclusion.”

It also underscores the bank’s investment, innovation and an ability to bring together key players in end-to-end payment solutions and other banking services. Our contribution to private sector and the government in supporting strategic projects with over TZS 1.2 trillion ($492.5 Million), make payment facilitation making NMB Bank the bank of choice in Tanzania.”

For further information please contact:

Michael Lafferty FCA / Lafferty Group
Chief Executive and Chairman
E: michael.lafferty@lafferty.com

Alexander Erickson / LAFFERTY 1000 Global Banking Database
Research & Database Manager
E: alexander.erickson@lafferty.com

Dr Ronan Lynch / THE STATEMENT Magazine
Editorial & Research Director
E: ronan.lynch@lafferty.com

Claire Cotgrove / Lafferty Group
Project Co-ordinator
E: claire.cotgrove@lafferty.com


ABOUT LAFFERTY GROUP

Lafferty Group provides advisory, research and education services to the banking industry worldwide.
Our activities include:

• Councils - whose members meet regularly to share best practices and brainstorm the future of banking

• Research programmes - research services in SME banking and fintech, cards and digital finance and mobile wallets

• Benchmarking and global best practices – the LAFFERTY 1000 database rates 1000 quoted banks from over 100 countries across 21 metrics

• Banking education – Lafferty Banking Institute provides professional banking education to retail bankers worldwide.

• Advisory – projects typically range across the fields of consumer banking, payments. digital sovereignty, banking and postal banking partnerships, IPOs, and bank quality ratings.

Established in 1981 by Michael Lafferty FCA, a former banking and accounting correspondent of the Financial Times. Lafferty Group is a former winner of the Queens Award for Export Achievement. It has also been granted Institute status in recognition of its pioneering work in banking research and education.

For more information please visit www.lafferty.com

Enquiries
Lafferty Group
+44 7850 407272
email us here
Visit us on social media:
Twitter
LinkedIn

Powered by EIN Presswire


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

Submit your press release