[WORLDKINGS] World Tops Academy – Top 5 largest banks in the world

04-09-2020

(WorldKings.org) Below are the world’s five largest banks, determined by the amount of assets and a description of each. The list is based on the April, 2020 S&P Global Market Intelligence report of the 100 largest banks in the world.

1. Industrial and Commercial Bank of China (ICBC)

 

 

Established in 1984, the Industrial and Commercial Bank of China has quickly grown to become the largest bank in the world based on assets. Its current asset tally is a whopping 3.47 trillion. ICBC focuses most of their efforts in industry (the name kind of gives it away). They offer the majority of their loans in manufacturing, transportation, power and retail. This bank shows no signs of slowing down either. Its total asset was US$4,324.27 billion  as of 2020.

2. China Construction Bank Corporation

 

 

The second largest bank in China also happens to be the second largest in the world. The China Construction Bank Corporation currently holds $3.02 trillion in assets. One of the older banks in China, CCB was founded in 1954. In 2005, Bank of America wanted to expand its business into China. So it purchased a 9% stake in CCB.  In 2013, Bank of America sold its remaining position in CCB and has focused its Asian operations in Hong Kong.

3. Agricultural Bank of China

 

 

If you’re sensing a trend here, you’re not alone. Yet another Chinese bank, the Agricultural Bank of China ranks third largest in the world with $2.82 trillion in assets. Known as Ag Bank and founded in 1951, the Agricultural Bank of China has branch locations in Seoul, Singapore, Sydney, London, New York and many other of the world’s largest cities.

4. Bank of China

 

 

Bank of China controls $2.61 trillion in assets and was founded in 1912. While this bank is no longer 100% government owned, the largest shareholder of the Bank of China is still the investment arm of the People’s Republic of China. The Bank of China is the second largest lender in the country. It currently has two locations in the state of New York.

5. Mitsubishi UFJ Financial Group (Mitsubishi)

 

 

With $2,892.97 billion in assets, Mitsubishi is Japan’s largest bank holding/financial services group. Part of the Mitsubishi Corporation, the company provides a wide variety of financial and investment services including commercial banking, trust banking, international finance, and assets management services.  With all of the accolades MUFG has garnered, it’s surprising to learn they were only founded in 2005.

According to 2020 S&P Global Market Intelligence report and doughroller.net


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