2000 BC. Yes, that’s far you’d have to go back to discover the first occurrence of banking institutions. Fast-forward to the 21st Century and you fathom how global banking industry has transformed world economy.
Here’s a list of top 10 largest banks in the world which are at the top of their game.
#1) Industrial & Commercial Bank Of China
Coming in at number one in the list of largest banks in the world is Industrial and Commercial Bank of China. Also known as ICBC, it takes the top spot on the list of top 10 largest banks in the world by assets. According to Investopedia, ICBC has a staggering $3.62 trillion in total assets.
But it doesn’t stop there. You might be put-off by the fact that it ranks only fourth in terms of revenue as compared to other leading banks. The revenue though amounts to a figure of $134.8 billion.
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Started as a limited company on January 1, 1984 it has been ranked third in the list of international banks with the largest market capitalization. Of course, it was founded in Beijing, China, but as they made a name for themselves as a premier amongst leading institutions of finance they stepped up their financial activity to compete with European banks.
They opened with a branch in Luxembourg which served as the headquarters for other branches in Paris, Milan, Madrid, Barcelona, Brussels, Warsaw, Lisbon, and Amsterdam.
#2) China Construction Bank Corporation
China is at it again with a second entry on this list of largest banks in the world. As a matter of fact, China is home to largest banks in the global banking industry.
China Construction Bank is one of China’s big four in the banking industry. With its headquarters in Xicheng District, Beijing, it has managed to spread across major cities all over the world. Ranked second by market capitalization, its global outreach has led to the establishment of almost 14,000 branches.
Unlike ICBC, which was founded quite recently, CCB was set-up on October 1, 1954. I offers its patrons services, such as commercial loans, credit cards, e-banking, loans, and wealth management.
#3) Agricultural Bank Of China
As mentioned earlier, China’s ‘big four’ tag is proudly advertised by Agricultural Bank of China. It’s one of the fastest growing banks amongst largest banks in the world.
As the name suggests, this state-owned bank primarily does business with farmers and agricultural companies. And that has led to opening of branches all over the world. With $2.82 trillion in assets, its meteoric rise to the top half on this list of top 10 banks in the world 2017 is justified.
With services like loans, corporate and personal banking, wealth management, mortgages, credit cards, it has emerged as one of the front-runners in the race to the top of largest banks in the world.
#4) Bank Of China
Bank of China’s reputation as a powerhouse amongst the largest investment banks in the world is unmatched. Yes, it is at the fourth position on this list of top 10 largest banks but that doesn’t make it any less powerful than the other entries.
With assets as much as $2.63 trillion, they manage to shake-up the financial industry and surprise the largest banks in the world. For instance, they managed to rake in $3 billion in capital. Maybe you’re thinking what’s so great about that.
Here’s what you don’t know. The capital gain was all but a day’s profit. And all they did was sell bonds in April 2017. Not bad at all.
Now here’s a bank outside China on this list of top 10 largest banks in the world. Based in the UK, HSBC boasts of assets that are valued at roughly $2.57 trillion.
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Its popularity amongst people is understandable as they run their banking operations in more than 80 countries. UK alone has 1800 branches.
The services HSBC offer include wealth management, finance and insurance, retail banking, mortgage loans, credit cards, and personal banking.
#6) JPMorgan Chase & Co.
The spot on this list of top 10 largest banks in the world goes to JPMorgan Chase & Co. It’s one of the top banks in the US with assets estimated to be at least $2.45 trillion.
Not only that, its market capitalization is at the top as compared to other larger banks in the world. Wealth management, personal finance, treasury and security services, amongst others are the services they offer to their customers.
In America alone, JPMorgan Chase clubbed with another three making them the biggest players in the American financial sector.
#7) BNP Paribas
Coming in at number 7 on the list of top 10 banks in the world is BNP Paribas. Yes, they might be in the bottom half of the top 10 largest banks but they services they offer and the gains they make are astounding.
Just to give you an idea, this French bank has assets as high as $2.4 trillion. They primarily operate in Luxembourg, Belgium, France, and Italy. But their activity in the banking sector doesn’t end there. They’ve also have a foothold in the Mediterranean region and west of US giving them a place amongst the top 10 largest banks.
#8) Mitsubishi UFJ Financial Group
Mitsubishi UFJ Financial Group, or Bank of Tokyo, as most like to call it grabs the 8th position on the list of largest banks in the world. With assets as high as $2900 billion, this bank from Japan is the largest by market capitalization in Japan alone.
It might be placed below as compared to the other top 10 banks but with their influence in the financial market and global economy, they just might grab the top spot in the list of top 10 banks around the world in the years to come.
#9) Bank Of America
Bank of America finishes at 9th spot on the list of top 10 banks in the world 2017 because it’s a favourite amongst Americans. Moreover, they’re a part of the big four in the United States.
Bank of America caters to a host of clients ranging from the likes of small and mid-sized businesses to mega industries. With assets as much a $2.15 trillion there’s no predicting if they’ll topple JP Morgan or the other top 10 banks from around the globe.
#10) Credit Agricole Group
Credit Agricole finishes off the largest banks in the world list, that too with great numbers to boast. Just to give you an idea, it has assets in the tune of $1.91 trillion. Of course, this number is lesser than the rest but the investments they make are noteworthy. For instance, they have investments in companies like Coca-Cola, Abercrombie and Fitch and Exxon Mobile.
One to ten, all the entries in the list of largest banks in the world are the best at what they do.
Of course, years down the line they will reshuffle as the economy rides waves but they’re all here to stay.
There you have it. Now you know what the top 10 largest banks in the world are.