One of the biggest news of the banking world is the annual rating of 100 top banks by total assets. This year, Asia (and especially China) outgrew the former ‘leader of the world’ (the USA) by much.
Let’s take a look at the rating of 10 largest banks by their total assets and you’ll see what I’m talking about. The number are given in US$, so be cautious.
Crédit Agricole is the second most influential French banking group. It manages affairs between regional and local financial institutions, with their total assets at US$ 2,117 billion.
Bank of America
The famous contributor to the 2007-08 financial crisis is still on the second place in the rating of US banks by total assets which mark at US$ 2,281 billion.
This is the largest French banking group, as well as the second one in Europe. It has more than 40 million customers and the total assets of US$ 2,235 billion.
The largest European bank was established in British Hong Kong. As we know it, HSBC appeared in 1991 after a major restructuration. Despite all the scandals concerning the bank, its total assets mark at US$ 2,521 billion.
A successful merger has created the largest US banking corporation with total assets at US$ 2,533 billion. The ‘Morgan’ provides corporate banking services while the ‘Chase’ is in charge of retail banking.
Mitsubishi UFJ Financial Group
Another promising merger has created the giant of the Mitsubishi Group that specializes in retail and investment banking, having the total assets of US$ 2,784 billion.
Bank of China
One of the main institutions responsible for bank notes issuing and lending agreements, Bank of China is present in 27 countries. Its total assets are currently at US$ 2,991 billion.
Agricultural Bank of China
One of the leading banks in the world, ABC has over 320 million clients and is also a child of a successful merger done in 1951. Its total assets are at US$ 3,285 billion.
China Construction Bank Corporation
With its headquarters in Beijing, CCB is on the list of the 10 leading public companies worldwide, with total assets of US$ 3,400 billion.
Industrial and Commercial Bank of China
Providing most kinds of banking functions and being the first Chinese bank to take this place, ICBC is now the leader with the total assets of peak US$ 4,009 billion.
In conclusion, there are more and more Asia-based banks in the top list, meaning the leadership of the world changes rapidly.