Banks play an important role in our lives and an even greater part as intermediaries in the global financial system. The largest banks are located in China, which is not surprising given that the Chinese economy continues to grow at a rate that is approximately 3-times the rate of growth in the U.S., which is the world’s largest economy. Take a look at this video that describes the World’s Top 10 Banks in 2017 by asset value.
- Number 10 is the French banking giant Credit Agricole Group. The company was founded in 1894 and is headquartered in Montrouge, France. The bank has an asset value of $1.91 trillion and is rated by Forbes as one of the world’s top 20 most sustainable companies.
- The 9th most valuable bank is Bank of America, which boasts an asset value of $2.15 trillion. The company focuses on retail banking and has nearly 5,000 retail outlets, and offers personal and business banking as well as investment services.
- Number 8 is Mitsubishi UFJ Financial Group. The bank is the second-largest public company in Japan and has an asset value of $2.46 trillion. The company was formed on October 1, 2005 with the merger of Tokyo-based Mitsubishi Tokyo Financial Group and Osaka-based UFJ Holdings.
- The seventh largest bank if BNP Paribas, which is headquartered in Paris France, and has a presence is 75 countries around the globe. The company has an asset value of $2.4 trillion and ranks second amongst banks in the Eurozone in 2016.
- The sixth largest bank is J.P. Morgan Chase & Co. which is also the largest U.S. bank. This New York-based multinational bank has an asset value of $2.45 trillion. Chase offers more than 5,100 branches and operates in more than 100 countries.
- Number 5 is HSBC Holdings, which is the largest bank in the United Kingdom and boasts an asset value of $2.57 trillion. This British-based bank has offices in 80 countries, and throughout the UK.
- The 4th largest bank is Bank of China. The company has an asset value of $2.63 trillion. The bank was founded in 1912 and is the oldest bank in mainland China.
- Number 3 is the Agricultural Bank of China, which has an asset value of $2.82 trillion. The company is one of the 10 largest companies in the world. The company has 320 million retail
- The second largest bank is China Construction Bank Corp., with an asset value of $2.94 trillion. The bank has approximately 13,629 domestic branches, as well as, branches in New York City, Seoul, Singapore, Tokyo, Melbourne, Sydney, Barcelona, Frankfurt, Luxembourg, Hong Kong, Johannesburg, and Auckland.
- Number 1 is the Industrial & Commercial Bank of China. The company is the largest bank in the world by asset value at $3.62 trillion, and the fourth largest by revenues, which total $134.8 billion.
While asset value is only one gauge of the value of a bank, what is clear is that Chinese banks are growing at a rapid rate. Consumers continue to shift their shopping habits toward online purchases, banks in developing countries like China should continue to expand, making these institutions a good investment option for long-term growth.
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