AmBank has been named as Malaysia’s best bank in a global ranking of 1,000 of the world’s quoted banks. This was revealed in the inaugural issue of The Statement, a new banking magazine published by Lafferty Group – an organisation that provides research and advisory services to the banking industry worldwide.
At the same time, AmBank is also ranked as one of the top 100 banks in the world by Lafferty, scoring particularly well for financial inclusion. Lafferty further noted that on average, Malaysian banks rated higher than banks in Australia, the UK, and the US, although they trail behind Indonesian banks.
Lafferty also revealed that its ranking is dispelling the view that banks in the western market, such as the US and the UK, are the leading entities for industry achievement. Instead, 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,” said the chief executive officer of Lafferty Group, Michael Lafferty.
The manager of Lafferty’s 1,000 Database & Research, Alexander Erickson, concurred with the opinion. He added that emerging market banks are becoming key industry players, especially 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,” he said.
Lafferty’s global ranking of 1,000 banks is a database that rates banks worldwide for their overall quality and longer-term sustainability. The banks are rated across 21 metrics, including staff investment, strategy, culture, leadership, customer satisfaction, digitalisation, inclusion, climate risk, and financials. Lafferty also clarified that its bank quality ratings are not credit ratings.
Meanwhile, The Statement contains insights into the 1,000 banks’ directions post-Covid-19, and is anchored in continuous research. It is an exclusive magazine that draws information from Lafferty’s extensive database of global ratings and rankings.
Aside from this recognition by Lafferty, AmBank had also recently won four prestigious awards from The Asset and Global Business Outlook for its AmOnline digital banking platform.
(Source: The Edge Markets)