Do you wish to know about the world’s largest banks? In this post, we have made a comprehensive and well-detailed list of the largest banks in the world. Check them out!
A bank’s profitability and liquidity depend on the number of assets it holds. Assets play a significant role in determining the size of the bank. Assets also show the value of a bank and include net wealth and bank-owned property that can be converted into cash.
Assets are divided into two types: current assets and non-current assets. The following is a list of the largest banks in the world in terms of total assets.
The Largest Banks in the World by Assets
- Industrial and Commercial Bank of China – $ 3,473.09 billion
- China Construction Bank Corporation – $ 3,016.45 billion
- Agricultural Bank of China – $ 2,815.92 billion
- Mitsubishi UFJ Financial Group – $ 2,626.29 billion
- Bank of China – $ 2,611.43 billion
- JPMorgan Chase & Co. – $ 2,500.00 Billion
- HSBC Holdings PLC – $ 2,374.15 billion
- BNP Paribas – $ 2,189.27 billion
- Bank of America – $ 2,187.70 Billion
- Wells Fargo & Co. – $ 1,930.12 Billion
To further elucidate on the wealth and assets we have decided to list and explain everything you need to know about the top 10 biggest banks in the world, kindly read through to know more about the richest banks in the world.
1. Industrial and Commercial Bank of China (ICBC) – $ 3,473.09 billion
The first on our list of largest banks in the world is the Industrial and Commercial Bank of China popularly known as ICBC. ICBC is an international financial company and by far the largest bank in the world in terms of assets. A state-owned bank, ICBC initially started out as a limited company in 1984. As of 2017, the bank has an asset value of $ 3,473.09 billion.
In 2006 ICBC was listed on the Shanghai and Hong Kong stock markets. The bank continued to grow to form a strong customer base and a diverse business structure. ICBC has a total of 490 million retail customers and 5,320 thousand corporate customers. It is a global bank with branches spread across Asia, Europe, America, and Oceania.
2. China Construction Bank Corporation (CCB) – $ 3,016.45 billion
China Construction Bank Corporation (CCB) was founded in 1954. It is the world’s second largest bank in terms of assets. Initially called the Bank of Popular Construction of China, the bank is also the 3rd largest company in the world.
The CCB has 13,629 branches in China and several branches in different parts of the world. CCB has assets totaling US $ 3.016.45 billion.
3. Agricultural Bank of China (ABC) – $ 2,815.92 billion
The Agricultural Bank of China (ABC) was established in 1951 and comes as the third largest bank in the world. It has its central operations in Beijing, with several branches spread across China, Tokyo, Hong Kong, London, New York, Frankfurt, Sydney, Singapore and Seoul.
In total, ABC has 24,000 branches. Its retail customers total 320 million, while corporate customers total 2.7 million. In 2010, ABC went public, looking for the largest IPO (Initial Public Offering) in the world.
4. Mitsubishi UFJ Financial Group – $ 2,626.29 billion
Mitsubishi UFJ Financial Group Inc. (or MUFG) is a major bank based in the Japanese capital, Tokyo. It is the largest bank in Japan and the fourth largest bank in the world in terms of total assets. The company was the result of a joint effort by two companies, the Mitsubishi Tokyo Financial Group in Tokyo and UFJ Holdings in Osaka.
5. Bank of China – $ 2,611.43 billion
Bank of China is the fifth largest bank in the world in total assets. The bank has existed in some form since 1912. Today, the Bank of China is considered to be one of the top four banks in China. Like its other Chinese equivalents, it is owned by the government. The Bank of China is based in Beijing.
6. JPMorgan Chase & Co. – $ 2,500.00 Billion
Manhattan-based JPMorgan Chase & Co. is the first American bank on that list. It is considered the second most valuable bank in the world in terms of market capitalization and the sixth largest bank in the world in total assets.
JPMorgan Chase & Co. is the largest bank in the United States. In the retail services and credit card industry, JPMorgan Chase & Co. operates under the name “Chase”.
7. HSBC Holdings PLC – $ 2,374.15 billion
HSBC Holdings PLC, or simply HSBC, is a large bank based in London, England. It has the largest assets of all European banks and is one of the most important banks in the world. HSBC is present in more than 65 countries around the world. HSBC is listed primarily on the London Stock Exchange and the Hong Kong Stock Exchange.
8. BNP Paribas – $ 2,189.27 billion
BNP Paribas is a French bank based in Paris. It is one of the largest banks in the world in total assets. Although the bank has the largest presence in France, it also has locations in some countries in North Africa, as well as in Italy and Belgium.
9. Bank of America – $ 2,187.70 Billion
Bank of America is one of the largest banks in the United States and the world. It is headquartered in Charlotte, North Carolina, United States. Bank of America is one of the largest companies in the United States. Bank of America has several buildings in major cities in the United States and also has thousands of ATMs across the country.
10. Wells Fargo & Co. – $ 1,930.12 Billion
Wells Fargo, officially called Wells Fargo and Company, is a major American bank. It has its headquarters in San Francisco, although it also has secondary headquarters across the country. The bank was founded in 1852, making it one of the oldest banks in the United States.
The Future Of Banking
The world’s largest financial institutions have evolved into complex institutions that offer a wide range of financial services to international markets and control trillions of dollars in cash and assets. With innovation and technology, banks are identifying new businesses and markets and developing personalized products and services. With globalization, minimal regulations, consolidation and diversification, the banking sector is likely to become even more complex in the coming years.
Read Also: Top 10 Best Banks In Nigeria 2020 Review
The largest banks in the world
|Classification||Bank||Total Assets (USD Billion)||Location|
|1.||Industrial and Commercial Bank of China||3,473.09||Beijing, China|
|2.||China Construction Bank Corporation||3,016.45||Beijing, China|
|3.||Agricultural Bank of China||2,815.92||Beijing, China|
|4.||Mitsubishi UFJ Financial Group||2,626.29||Tokyo, Japan|
|5.||Bank of China||2,611.43||Beijing, China|
|6.||JPMorgan Chase & Co.||2,500.00||New York, United States|
|7.||HSBC Holdings PLC||2,374.15||London, United Kingdom|
|8.||BNP Paribas||2,189.27||Paris, France|
|9.||Bank of America||2,187.70||Charlotte, United States|
|10.||Wells Fargo & Co.||1,930.12||San Francisco, United States|
|11.||Credit Agricole||1,816.97||Montrouge, France|
|12.||Citigroup Inc.||1,790.68||New York, United States|
|13.||Mizuho Financial Group||1,752.19||Tokyo, Japan|
|14.||Deutsche Bank||1,675.96||Frankfurt, Germany|
|15.||Sumitomo Mitsui Financial Group||1,648.66||Tokyo, Japan|
|16.||Barclays PLC||1,495.84||London, United Kingdom|
|17.||Societe Generale||1,453.91||Paris, France|
|18.||Santander Bank||1,413.68||Santander, Spain|
|19.||Groupe BPCE||1,302.72||Paris, France|
|20.||Communications bank||1,209.18||Shanghai, China|