The Nationwide Building Society has been named as one of the world’s safest financial institutions.

Global Finance magazine has published its annual ranking of the World’s 50 Safest Banks and Nationwide is positioned at 41 for 2011.

Only two other UK financial institutions, HSBC Holdings (at 16) and Barclays Group (at 49), made the list.

Organisations that are included in the top 50 were selected through an evaluation of long-term credit ratings – from Moody’s, Standard & Poor’s and Fitch – and total assets of the 500 largest banks worldwide.

Nationwide has moved up to 41 in the list from its position of 46 last year.

Graeme Hughes, Nationwide’s group director for HR and corporate affairs, said: “This is further evidence that Nationwide’s business strategy of being safe