The concept of banking was familiar to the human kind since ancient times though now we have much refined processes. By providing necessary fund for executive program, banks play a vital role in the development of the economy. Banking has introduced the habit of saving money and of getting loans when required. In other words it has helped people to solve their financial problems. A quick look into the given list will let us know about some of the largest banks of the world.
List of Largest Banks in the World
|Rank||Bank||Country||Market cap ($b)|
|1||Industrial & Commercial Bank of China (ICBC)||China||240.95|
|2||China Construction Bank||China||195.85|
|3||Wells Fargo & Co||US||160.72|
|5||Agricultural Bank of China||China||141.73|
|6||JP Morgan Chase||US||140.95|
|7||Bank of China||China||128.8|
Top Ten Biggest Banks of 2012
1. Industrial & Commercial Bank of China (ICBC)
In terms of profit and market capitalization, Industrial & Commercial Bank of China leads the list. It is China’s one of the biggest state owned commercial bank with total market capitalization of 240.95 Billion Dollars. Founded on January 1, 1984, today it has more than 1900 branches including 106 oversea branches.
2. China Construction Bank
195.85 Billion Dollars as the total market capitalization, China Construction Bank is the second largest bank in the world and 12th largest company globally. It has 13,629 home branches and oversea branches in Frankfurt, Hong Kong, Johannesburg, New York, Seoul, Singapore, Tokyo, and Sydney. This 1954 established bank is a member of Global ATM Alliance today.
3. Wells Fargo & Co
With operations round the universe, Wells Fargo & Co. well known for deposits, home mortgage servicing, and debit cards. According to a survey by S&P in 2007 it was the only American bank to be ranked AAA. The San Francisco based bank has 160.72 dollar market capitalization providing financial solutions on more than 80 business lines.
4. HSBC Holdings
HSBC Holdins plc, familiar as HSBC is a British multinational bank with $ 150.9 market capitalization. HSBC deals in four particular financial area — Commercial Banking; Global Banking and Markets; Retail Banking and Wealth Management. With it’s headquarter in London it has 7,200 workplaces in 85 nations.
5. Agricultural Bank of China
Agricultural Bank of China, also known as the AgBank in People’s Republic of China has branches all through China, Hong Kong, London, Tokyo, New York, Frankfurt, Sydney, Seoul, and Singapore with $141.73 market capitalization. ABC is China’s third largest lender by assets and has 320 million retail customers and 2.7 million corporate clients.
6. JP Morgan Chase
The sixth biggest bank of the globe deals in securities, investments and retail. Having assets of $2 trillion and $140.95 market capitalization, it is the world’s leading corporate according to Forbes. Started in 1799 today it has credits for contributing in the financial and economic growth universally.
7. Bank of China
Another Chinese bank listed as one of the best banks in the world is the Bank of China. It is also the oldest bank in China founded in 1912 by the Government of Republic of China. BOC is a solely commercial bank whose headquarters are in District, Beijing and has market capitalization of $128.8.
8. Itau Unibanco
The merger of Banco Itaú and Unibanco in 2008 has given birth to Itau Unibanco in Brazil. It is a public bank with its head offices in São Paulo, Brazil. It is the major financial body of Southern Hemisphere and the second largest Brazilian card payment company with a market capitalization of $88.17.
Citygroup is an American multinational bank with 16,000 offices worldwide. The bank is famous as the prime merger in the world history and has total of $86.67 market capitalization. In today’s date it has branched out in around 140 countries.
Started under the Australian Government Commonwealth Bank Act of 1911, Commonwealth bank takes the tenth position in the list of best world banks. Proposing savings and general banking businesses for the customers as the sole aim, the bank has generated $82.62 market capitalization. Its services comprise retail, business and institutional banking, funds management, superannuation, insurance, investment and broking.
* Largest banks in the world based on market capitalization as of January 20, 2012