Imagine an economy having no existence of the banking system. Banks play a pivotal role in the modern economic world. The banking sector lends robust financial support to private and public sector development. Banks play a crucial role in capital formation in a country. They have been a great catalyst to accelerate the growth process.
Amidst the financial crunch due to Covid-19, the global economy is facing a downturn. So, in these testing times, banks all over the world toiled their best to thrive on the economic crisis.
Let's have a look at the list of Top 10 biggest Banks in the world.
Note: The ranking of banks is based on total assets.
1) Industrial and Commercial Bank of China (ICBC)
Assets: $4,322 billion.
The largest bank in the world is the Industrial and Commercial Bank of China (ICBC).
It is one of the “BIG FOUR” of the Heavenly Empire and controls almost 20% of all banking in China.
ICBC has $4,322 billion total assets, and its market capitalization totals $424 billion.
2) China Construction Bank Corporation
Assets: $3,822 billion.
The second-largest bank in china was founded in 1954 and now is called China Construction Bank (CCB)
As per the latest data, it has $3,822 billion in assets, and its market capitalization totals more than $204 billion.
3) Agricultural Bank of China
Assets: $3,698 billion.
The Agricultural Bank of China (ABoC) was founded in 1951 by Mao Zedong to help collective farms, labourers, and workers.
It’s headquartered in Peking, and ABoC has 24,000 representatives in the country and abroad.
Total assets of the Agricultural Bank of China comprise more than $3,698 billion, and according to the latest data, its market capitalization is $147 billion.
4) Bank of China Ltd.
Assets: $3,387 Billion
The Bank of China established in 1912 is one of the most reliable banks in China.
Operating in over 20 countries across the world, it's one of the leading banks in the national banking sector. As per the latest data, its assets are about $3,387 billion, and its market capitalization is about $113 billion.
5) JPMorgan Chase & Co.
Assets: $3,139 Billion
Headquartered in New York City, JP Morgan Chase is one of the largest and renowned investment companies in the world.
It arose from merging several big US banks.
Its assets total $3,139 billion, and its market capitalization is over $292 billion, offering services in more than 100 countries worldwide.
6) HSBC Holdings plc
Assets: $2,918 Billion
Country: Great Britain (England)
One of the prominent banks in Britain HSBC was established to initiate exchanges between Europe and China.
HSBC operates within four business groups:
- Commercial Banking,
- Global Banking and Markets (investment banking)
- Retail Banking and Wealth Management
- Global Private Banking
HSBC has more than 10 subsidiaries and holds $2.918 billion in assets.
7) Mitsubishi UFJ Financial Group
Assets: $2,893 Billion.
Mitsubishi UFJ Financial Group formed in 2005 by merging Tokyo-based Mitsubishi Tokyo Financial Group (MTFG), and Osaka-based UFJ Holdings.
This Japanese holding company has $2.89 trillion. Assets, ranked as the world's 7th largest bank.
Mitsubishi UFJ Financial Group is operating in 40 different countries globally.
8) Bank of America (BoA)
Assets: $2,620 Billion
Bank of America (BoA) is headquartered in Charlotte, North Carolina, with central hubs in New York City, London, Hong Kong, Dallas, and Toronto.
It has an extended range of financial services comprising banking, investing, asset management, financial and risk management products and services.
According to the latest data, the BoA has $2,620 billion, and its market capitalization is about $209 billion.
9) BNP Paribas
Assets: $2,430 Billion.
BNP Paribas operating since 1999, headquartered in Paris, Geneva, and London.
Its assets are about to $2,336 billion and the bank has $39 billion of market capitalization.
BNP Paribas currently operates with a presence in 72 countries.
10) Crédit Agricole
Assets: $1,984 Billion
Crédit Agricole Group is the world's largest cooperative financial institution.
It has assets worth $1,984 billion according to the latest data.