Industrial and Commercial Bank of China (ICBC)
This bank, which is included in China's Big Four, tops our rating. It controls a fifth of the entire Chinese banking sector. Headquartered in Beijing, ICBC was established in 1984. Curiously enough, 70% of its assets are owned by the government. ICBC has a market capitalization of $242 billion, which makes it the largest among all the banks in the world. Apart from that, it has $5,880 billion in total assets according to the latest data.
China Construction Bank Corporation (CCB)
Founded in 1954, CCB takes second place in the rating. It is considered the second-largest Chinese bank with $5,045 billion in assets. Its market cap exceeds $171 billion. Initially, CCB was created exclusively for state mutual settlements. However, later it became a successful commercial bank, including more than 14,000 branches around the world.
Bank of China
Bank of China occupies third place in this rating. This is one of the largest and oldest banks in the country. Established in 1912, this financial institution remains a leader in the Chinese banking sector. More than 70% of the bank's assets are owned by the government. Its branches are located in more than 20 countries worldwide. Currently, it holds top positions among commercial financial banks in China and other countries.
JPMorgan Chasе
The fourth position among the world's leading banks is taken by JPMorgan Chase, one of the fastest-growing and most reputable conglomerates in the United States. It was founded in 2000 as a result of the merger of several major banks. According to economists, JPMorgan Chase is one of the largest investment banks in the world. Currently, it has $3,841 billion in assets and its market cap stands at $496 billion.
Bank of America (BofA)
Fifth place goes to Bank of America (BofA), the largest banking conglomerate in the United States. It provides an extensive range of financial services in the country and abroad. BofA has $3,238 billion in assets. Its market capitalization totals $387 billion.
Mitsubishi UFJ Financial Group (MUFG)
The sixth position on the list of the largest banks in the world belongs to Mitsubishi UFJ Financial Group (MUFG). This is a Japanese holding company created in 2005 after the merger of two major financial corporations. As the bank has lots of branches worldwide, it provides services to clients in 40 countries. The bank has total assets of $3,079 billion. This is why it is recognized as the largest bank in Japan.
HSBC Holdings
HSBC Holdings closes the top 7 world's leading banks. This bank is one of the largest conglomerates in Europe and the world. Initially, it was created for mutual settlements between the EU and China. Nowadays, HSBC remains the leader in settlements between European and Asian countries. The bank consists of more than 10 subsidiaries with a focus on various banking operations. In 2022, the bank had more than $3,022 billion in assets.
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