BCEE ranked 8th safest bank in the world

(JB) Luxembourg's national bank is reportedly one of the safest in the world, featuring in the top 10 according to a financial magazine.

Banque et Caisse d’Epargne de l’Etat, Luxembourg (BCEE) was listed eighth safest bank in the world in the report by financial magazine Global Finance.

The article, profiled 50 of the most stable financial institutions among a list of 500 of the most important banks worldwide.

The publication, which is widely considered as the reference on banking and financial stability, ranked the banks according to asset quality and long-term credit ratings assigned by agencies "Moody's", "Standard & Poor's" and "Fitch".

BCEE's strong standing follows positive results from the European banking stress tests, carried out this year to assess the stability of European financial institutions faced with any future financial crises.

Luxembourg's national bank was among 82 financial institutions to pass the stringent financial stress tests, receiving a new Core Tier 1 Ratio of 13.3%.