Banks are financial institutions providing a breadth of products and services, including managing deposits, lending, wealth management, currency exchange, and investment banking. These banks’ customers include individual consumers, businesses, and many other types of institutional clients.
Here are the 10 biggest banks in the world.
1️⃣ Industrial and Commercial Bank of China Limited (ICBC)
Industrial and Commercial Bank of China Limited is a multinational Chinese banking company. Founded as a limited company on 1 January 1984, ICBC is a state-owned commercial bank.
With capital provided by the Ministry of Finance of China, the bank’s Tier 1 capital in 2013 was the largest of one thousand global banks, being the first bank headquartered in China to achieve this distinction in modern history.
Subsequently, ranked the largest bank in the world 2017 and 2018, by total assets of US$4027.44 billion on 31 December 2018.
2️⃣ China Construction Bank (CCB)
China Construction Bank Corporation (CCB) is one of the “big four” banks in the People’s Republic of China. In 2015, CCB was the 2nd largest bank in the world by market capitalization and 6th largest company in the world. The bank has approximately 13,629 domestic branches.
In addition, it maintains overseas branches in Barcelona, Frankfurt, Luxembourg, Hong Kong, Johannesburg, New York City, Seoul, Singapore, Tokyo, Melbourne, Kuala Lumpur, Sydney and Auckland, and a wholly owned subsidiary in London.
Its total assets reached CN¥ 8.7 trillion in 2009.Its headquarters is in Xicheng District, Beijing.
3️⃣ Agricultural Bank of China (ABC)
Agricultural Bank of China (ABC), also known as AgBank, is one of the “Big Four” banks in the People’s Republic of China. It was founded in 1951, and has its headquarters in Dongcheng District, Beijing. It has branches throughout mainland China, Hong Kong, London, Tokyo, New York, Frankfurt, Sydney, Seoul, and Singapore.
ABC has 320 million retail customers, 2.7 million corporate clients, and nearly 24,000 branches. It is China’s third largest lender by assets. ABC went public in mid-2010, fetching the world’s biggest ever initial public offering (IPO) at the time, since overtaken by the Saudi Arabian state-run petroleum enterprise, Saudi Aramco.
In 2011, it ranked eighth among the Top 1000 World Banks, by 2015, it ranked third in Forbes’ 13th annual Global 2000 list and in 2017 it ranked fifth.
4️⃣ Bank of China (BOC)
The Bank of China (BOC) is one of the four biggest state-owned commercial banks in China. Bank of China is legally separate from its subsidiary Bank of China (Hong Kong), although they maintain close relations in management and administration and co-operate in several areas including reselling BOC’s insurance and securities services.
It was founded in 1912 by the Republican government to replace the Daqing Bank. It is the second oldest bank in mainland China still in existence after the Bank of Communications, founded in 1908. From its establishment until 1942, it issued banknotes on behalf of the Government along with the “Big Four” banks of the period: the Farmers Bank of China, Bank of Communications and Central Bank of the Republic of China. Its headquarters are in Xicheng District, Beijing.
As of 31 December 2009, it was the second-largest lender in China overall, and the fifth-largest bank in the world by market capitalization value.
As of end 2017, it was the fourth-largest bank in the world in terms of assets, ranked after the other three Chinese banks.
5️⃣ Mitsubishi UFJ Financial Group, Inc. (MUFG)
Mitsubishi UFJ Financial Group, Inc. (MUFG) is a Japanese bank holding and financial services company headquartered in Chiyoda, Tokyo, Japan.
MUFG holds assets of around US$2,459 billion as of 2016, making it the world’s fifth largest bank by total assets and is one of the main companies of the Mitsubishi Group. It is Japan’s largest financial group and the world’s second largest bank holding company holding around US$1.8 trillion (JPY 148 trillion) in deposits as of March 2011.
The letters MUFG come from Mitsubishi and United Financial of Japan, the name of an acquired company.
HSBC Holdings plc is a British multinational investment bank and financial services holding company. It was the 6th largest bank in the world by 2020, and the largest in Europe, with total assets of US$2.715 trillion in as of August 2020. HSBC traces its origin to a hong in British Hong Kong and its present form was established in London by the Hongkong and Shanghai Banking Corporation to act as a new group holding company in 1991; its name derives from that company’s initials. The Hongkong and Shanghai Banking Corporation opened branches in Shanghai in 1865 and was first formally incorporated in 1866.
HSBC has around 3,900 offices in 65 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, and around 38 million customers.
As of 2014, it was the world’s sixth-largest public company, according to a composite measure by Forbes magazine.
HSBC is organised within four business groups: Commercial Banking, Global Banking and Markets (investment banking), Retail Banking and Wealth Management, and Global Private Banking. In 2020, the bank announced that it would consolidate its Retail Banking & Wealth Management arm with Global Private Banking, to form Wealth & Personal Banking.
HSBC has a dual primary listing on the Hong Kong Stock Exchange and London Stock Exchange and is a constituent of the Hang Seng Index and the FTSE 100 Index. As of 30 October 2020, it had a market capitalisation of £66.1 billion, the third-largest company listed on the London Stock Exchange. It has secondary listings on the New York Stock Exchange, Euronext Paris, and the Bermuda Stock Exchange.
7️⃣ JPMorgan Chase
JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City.
JPMorgan Chase is ranked by S&P Global as the largest bank in the United States and the seventh largest bank in the world by total assets, with total assets of US$3.213 trillion. It is also the world’s most valuable bank by market capitalization. JPMorgan Chase is incorporated in Delaware.
As a “Bulge Bracket” bank, it is a major provider of various investment banking and financial services. It is one of America’s Big Four banks, along with Bank of America, Citigroup, and Wells Fargo. JPMorgan Chase is considered to be a universal bank and a custodian bank.
The J.P. Morgan brand, is used by the investment banking, asset management, private banking, private wealth management, and treasury services divisions. Fiduciary activity within private banking and private wealth management is done under the aegis of JPMorgan Chase Bank, N.A.—the actual trustee.
The Chase brand is used for credit card services in the United States and Canada, the bank’s retail banking activities in the United States, and commercial banking. Both the retail and commercial bank and the bank’s corporate headquarters are currently located at 383 Madison Avenue in Midtown Manhattan, New York City, while the prior headquarters building directly across the street, 270 Park Avenue, is demolished and replaced with a new building. The current company was originally known as Chemical Bank, which acquired Chase Manhattan and assumed that company’s name.
The present company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co. In October 2020 JPMorgan Chase declared that it begun to work on achieving carbon neutrality by 2050.
As of 2020, the asset management arm of the bank has US$3.37 trillion in assets under management, while its investment and corporate bank arm holds US$31 trillion in assets under custody. At US$45.0 billion in assets under management, the hedge fund unit of JPMorgan Chase is the third largest hedge fund in the world.
8️⃣ Bank of America (BoA)
The Bank of America Corporation (BoA) is an American multinational investment bank and financial services holding company headquartered in Charlotte, North Carolina, with central hubs in New York City, Dallas, Toronto, London and Hong Kong.
Founded in San Francisco, Bank of America was formed through NationsBank’s acquisition of BankAmerica in 1998.
It is the second largest banking institution in the United States, after JPMorgan Chase, and the eighth largest bank in the world. Bank of America is one of the Big Four banking institutions of the United States. It services approximately 10.73% of all American bank deposits, in direct competition with JPMorgan Chase, Citigroup and Wells Fargo. Its primary financial services revolve around commercial banking, wealth management, and investment banking.
The bank’s large market share, business activities, and economic impact has led to numerous lawsuits and investigations regarding both mortgages and financial disclosures dating back to the 2008 financial crisis. Its corporate practices of servicing the middle class and wider banking community has yielded a substantial market share since the early 20th century.
As of August 2018, Bank of America has a $313.5 billion market capitalization, making it the 13th largest company in the world. As the sixth largest American public company, it garnered $102.98 billion in sales as of June 2018. Bank of America was ranked #24 on the 2018 Fortune 500 rankings of the largest US corporations by total revenue. Likewise, Bank of America was also ranked #8 on the 2020 Global 2000 rankings done by Forbes.
Bank of America was named the “World’s Best Bank” by the Euromoney Institutional Investor in their 2018 Awards for Excellence.
9️⃣ BNP Paribas
BNP Paribas S.A. is a French international banking group. It is the world’s 8th largest bank by total assets, and currently operates with a presence in 72 countries.
It was formed through the merger of Banque Nationale de Paris (BNP) and Paribas in 2000, but has a corporate identity stretching back to its first foundation in 1848 as a national bank.
It is one of three major international French banks, along with Société Générale and Crédit Agricole. The group is listed on the first market of Euronext Paris and a component of the Euro Stoxx 50 stock market index, while it also included in the French CAC 40 index.
With both a retail banking section and investment banking operations, the bank is present on five continents. Its retail banking networks serve more than 30 million customers in its three domestic markets, France, Belgium and Italy, through several brands such as BNL and Fortis.
The retail bank also operates in the Mediterranean region and in Africa. In the Americas, it operates in the western United States as Bank of the West. As an investment bank and international financial services provider for corporate and institutional clients, it is present across Europe, the Americas, and Asia.
BNP Paribas is the largest French banking group and the largest bank in the Eurozone. It became one of the five largest banks in the world following the 2008 financial crisis. Despite some legal difficulties in 2014, including being fined the largest ever sum as reparation for violating US sanctions, it remains one of the ten largest banks worldwide.
🔟 Crédit Agricole
Crédit Agricole Group is the world’s largest cooperative financial institution. It consists of a network of Crédit Agricole local banks, the 39 Crédit Agricole regional banks, and a central institute, the Crédit Agricole S.A.
In 1990, it became an international full-service banking group. It is listed through Crédit Agricole S.A., an intermediate holding company, on Euronext Paris’ first market and is part of the CAC 40 stock market index.
Local banks of the group owned the regional banks, in turn the regional banks majority owned the S.A. via a holding company, in turn the S.A. owned part of the subsidiaries of the group, such as LCL, the Italian network and the CIB unit.
It was the title sponsor of the Crédit Agricole professional road cycling team from 1998 to 2008.
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