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As the global economy recovers from a crisis started in the financial services industry, there has been much focus on the stability of banks around the world. Canadian banks have been held up as a model for the world, and yet, only one cracked the top 10 in a list of the world’s safest banks, as compiled by Global Finance magazine.

A German bank, KfW, took the top spot, and there were three other German banks in the top 10. There were two French banks in the top 10, along with two Dutch institutions and one Swiss.

Royal Bank was the highest ranked Canadian institution, landing in 10th place. Toronto-Dominion Bank placed was not far behind at 14th, followed by Scotiabank at 22nd.

Perhaps most surprising was that Desjardins was considered the fourth most stable bank — make that, deposit-taker — placing 26th, ahead of Bank of Montreal (31st) and CIBC (37th). National Bank was not on the list.

The highest-ranking U.S. banks was Bank of New York Mellon, which ranked 32nd. The rankings were based on the long-term credit ratings from Moody’s, Standard & Poor’s and Fitch, along with the total assets held by each bank.

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Top asset manager comes to Toronto

One of the world’s top “conflict-free” global investment consulting firms is opening an office in Toronto. EnnisKrupp manages over $1 trillion in assets for more than 160 pension plans, endowments, foundations and not-for-profits.

“Our advice is sought by some of the largest and most sophisticated investors in the world and our expertise and depth will help Canadian sponsors develop and monitor more compelling, globally-oriented investment programs in a market that we believe is underserved,” said Stephen Cummings, president and CEO of EnnisKnupp.

A key member of the Toronto office will be Rob Boston, who joined the firm on August 17, prior to which he worked for MFC Global Investments. The group will be headed by Kevin Vandolder, a 14-year veteran of EnnisKnupp and partner of the firm.

“Rob has spent the majority of his more than 25-year career serving Canadian plan sponsors and will hit the ground running to make our practice strong north of the U.S. border,” said the Canadian-born Vandolder.

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BMO opens new branch in Yellowknife

BMO Bank of Montreal has opened its first stand-alone branch in Yellowknife, with a team of 17 financial professionals.

“The new branch demonstrates our commitment to meeting the growing needs of our customers in Yellowknife and the surrounding region,” said Wes Taylor, vice-president, south, central and northern Alberta and the Northwest Territories.

The branch, which will be open Monday through Saturday, will be managed by Janet Porteous. The official opening is on Saturday, September 12, 2009.

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OBSI appoints new ombudsman

Douglas Melville was appointed the new ombudsman and CEO of the Ombudsman for Banking Services and Investments (OBSI), effective Aug. 25, 2009.

Melville joined OBSI in 2006 as senior deputy ombudsman for banking services. Prior to this, he held increasingly senior positions in the financial industry and was engaged in public and government sector projects in Canada and overseas as a policy analyst and consultant.

(08/31/09)