The Global Banking sector, has witnessed ups and downs in past years. The banking industry can is not just a corporate, the sector contribute largely to the growth and cash flow of the economy.
Forbes magazine, recently released a list of the top banks in the world and as expected the 3rd world banks dominated the list.
Without further ado, here are the top 5 largest banks in the world (according to Forbes).
China Industrial and Commercial Bank of China is a Chinese multinational banking company, and the largest bank in the world by total assets and by market capitalization. It is one of China’s ‘Big Four’ state-owned commercial banks (the other three being the Bank of China, Agricultural Bank of China, and China Construction Bank). It was founded as a limited company on January 1, 1984. As of June 2016, it had assets worth over US$3.616 trillion
China Construction Bank Corporation is one of the “big four” banks in the People’s Republic of China. In 2015 CCB was the 2nd largest bank in the world by market capitalization and 6th largest company in the world. The bank has approximately 13,629 domestic branches. In addition, it maintains overseas branches in Barcelona, Frankfurt, Luxembourg, Hong Kong, Johannesburg, New York, Seoul, Singapore, Tokyo, Melbourne, Sydney and Auckland, and a wholly owned subsidiary in London.
Agricultural Bank of China It was founded in 1951, and has its headquarters in Dongcheng District, Beijing. It has branches throughout mainland China, Hong Kong, London, Tokyo, New York, Frankfurt, Sydney, Seoul, and Singapore.
ABC has 320 million retail customers, 2.7 million corporate clients, and nearly 24,000 branches. It is China’s third largest lender by assets. ABC went public in mid-2010, fetching the world’s biggest ever initial public offering (IPO) at the time,since overtaken by another Chinese company, Alibaba.
JPMorgan Chase & Co. is a multinational banking and financial services holding company headquartered in New York City. It is the largest bank in the United States, and the world’s sixth largest bank by total assets, with total assets of US$2.35 trillion. Moreover, it is the Fifth largest public company in the world according to the Forbes Global 2000.
Bank of China is one of the 5 biggest state-owned commercial banks in China.
It was founded in 1912 by the Republican government to replace the Imperial Bank of China. It is the oldest bank in mainland China still in existence.
As of 30 June 2015, it has the third highest proportion of interest payable of Chinese companies.