Today Chinese banks are leading top 20 largest world banks by total assets
China is home to the world’s biggest banking sector. As we know, the rating of the biggest banks is built according to banks’ total assets. Different banks of China have taken this rating top for several years in a row. It is quite logical, taking into consideration the annual economy and industrial surplus of the Heavenly Empire.
In 2019 Chinese banks have taken all four of the top spots on the Brand Finance Banking 500 list, with ICBC, China Construction Bank, Agricultural Bank of China, and Bank of China having a combined brand value of over $250 billion. In contrast, in the entire span of 2009-2014, there were zero Chinese banks that cracked the top five. It’s also interesting to note that for the third year in a row, the Industrial and Commercial Bank of China (ICBC) takes the top spot, with a brand value of $79.8 billion.
Chinese “Big Four” banks are leading the list. Industrial and Commercial Bank of China (ICBC) – is the largest and richest bank in the world.
ICBC is a part of the “Big Four” of fiscal controls of China. Today the bank controls almost 1/5 part of all banking in China. Thus, it has $4 009 billion total assets according to the latest data, and its market capitalization totals $238 billion. Also called “The Bank”, was founded in 1984 and now has more than 460.000 employees and its headquarter is located in Beijing.
The Second in this rating and second by “size” bank of china founded in 1954 and now called “China Construction Bank”. According to data, it obtains $3.400 billion assets and its market capitalization totals more than $200 billion. Originally, CCB was created for government exchanges, and only later, it was redeveloped into the commercial one. The company includes more than 14 thousand departments all around the globe where 372.000 employees work.
CCB is followed by Agricultural Bank of China and Bank of China. What about US? Wells Fargo is placed in 5th position. With American bank system under pressure, the battle for the world’s newest and almost largest banking center rages on and the stakes are rising.
Both the Chinese government and the U.S. federal government control the national currency. The banks in both countries lend in that currency. Both governments have a central banking system to backstop the rest of the banks and serve as a lender of last resort. Let’s see what’s going on.