Scotiabank Among World’s Most Stable Banks

According to a report studied by Eoin Callan of Canada’s Financial Post, the Bank of Nova Scotia (TSE: BNS) has “emerged during the credit crisis as one of the top 10 most stable banks in the world, according to a global ranking of the financial sector.”  Moreover, in even more shocking news (if you recall from a previous post of mine, even Royal Bank is now the seventh-largest bank in the world due to the credit crisis: the fakers fell down, and when the tide went out, the good banks were left standing),

“Canada’s third-largest bank ranks alongside the likes of Berkshire Hathaway, run by celebrated investor Warren Buffett, as one of the steadiest investments for shareholders.”

All the more reason to get excited and be so proud of our Canadian banks, maybe the last real banks in the world (although from what I know, Australia’s are also doing fairly well too – better than Switzerland, which was completely out to lunch).  They’ve been good all throughout the crisis, too, albeit not perfect (some thought they should have solicited new capital through share offerings sooner than they did).

And did you know that Obama loves the Canadian banks too?

As I mentioned not too long ago, Bank of Nova Scotia’s stock is majorly on discount right now, so scoop some up.  They’re the most “international” of Canada’s banks and one of the more conservative too (in a country known for its conservative banks….!).

Royal is also doing well…

Just so you know, I do own both Scotiabank (TSE: BNS) and Royal Bank of Canada (TSE: RY).  Scotia I own in a DRIP (dividend reinvestment plan) and Royal I own through TD Waterhouse, a Canadian online discount broker – because Royal’s DRIP plan doesn’t allow optional cash payments.  Here’s how you can get started in a DRIP of your own if you like – it’s a great way to invest without paying commissions.

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Tagged as: banks, Canadian banks, Royal Bank, Scotiabank