We basically know of banks as storage of wealth. For a country however, banks are the sources of capitals necessary for economic growth, thus all countries have one. There are hundreds of banks all over the world, and listed below are the biggest in terms of market capital.
- Industrial & Commercial Bank of China, with $240.95 billion. ICBC operates in 33 territories, covering all areas economically related to China.
- China Construction Bank, with $195.85 billion. It founded the first product innovation laboratory for banking.
- Wells Fargo & Co, US, with $160.72 billion. One in three households in the US banks with it.
- HSBC Holding UK, with $150.90 billion. The bank has more than 7,000 offices in 87 territories worldwide.
- Agricultural Bank of China, with $141.73 billion. It was ranked No. 14 in The Banker’s “Top 1000 World Banks 2009” list in terms of profit before tax.
- JP Morgan Chase, US, with $140.95 billion. It is one of the first financial institutions in America, founded over 200 years ago.
- Bank of China, with $128.80 billion. It was founded in February 1912 Sun Yat-Sen’s approval.
- Itau Unibanco, Brazil, with $88.17 billion. It owns the second largest card payment company in Brazil.
- Citigroup, US, with $86.67 billion. It is the largest financial entity in the world, with about 16,000 offices spread over 140 countries.
- Commonwealth, Australia, with $82.62 billion. It is one of the largest listed companies on the Australian Securities Exchange.
- Royal Bank Canada, with $76.56 billion. All its subsidiaries operate under the brand name RBC.
- Bank of America, with $71.77 billion. It provides financial services in more than 150 countries worldwide.
- Toronto-Dominion Bank of Canada, with $70.53 billion. It offers a full range of financial products and services internationally.
- Banco Santander, Spain, with $67.32 billion. It was the 13th largest company in the world according to Forbes Magazine Global 2011.
- Westpac, Australia, with $65.77 billion. Established in 1817, it is the first bank and first company in Australia.
- Mitsubishi UFJ Financial, Japan, with $64.25 billion. It is the second largest bank holding company in Japan.
- Banco Bradesco, Brazil, with $63.91 billion. It is the biggest financial company in Brazil.
- Sberbank, Russia, with $59.36 billion. Sberbank holds the biggest deposits in Russia.
- ANZ Banking, Australia, with $58.48 billion. It has approximately 8 million customers globally.
- Bank of Nova Scotia, Canada, with $58.16 billion. One of the first banks in North America, it operates in 50 countries worldwide.
About the Author:
This article was brought to you by Tim. Tim is a content writer for banks.com.au.