Singapore banks had the top three spots in a list of Asia's safest banks, local media reported on Tuesday.

DBS Bank retained the top spot for the third year running in the ranking based on a survey conducted by the Global Finance magazine. Two other local banks OCBC and UOB have been placed at the second and third places, respectively, the Business Times said.

The banks were assessed based on the evaluation of their total assets and long-term credit-worthiness from credit rating agencies such as Moody's, Standard and Poor's, and Fitch.

"Customers around the world are viewing long-term creditworthiness as the key feature of banks with which they do business," said Joseph Giarraputo, publisher of the magazine, on the evaluation methodology.

"These banks have solid capital positions and superior risk management capabilities," he said.

The Singapore banks have been adopting more prudent reserve requirements than most of their peers. Worldwide, DBS was ranked as the 19th safest bank, up four places from a year ago. OCBC and UOB were placed as the 25th and the 26th safest.

Clients are keeping their eyes on any signs of weaknesses or risks in the banks amid the economic and financial uncertainties in the global system.

"More than ever, companies around the world are re-evaluating the long-term credit strength of their banks and partnering with only those banks that have proven strength and stability," Giarraputo said.

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