Which are the biggest banks in the world?
The success and wealth of the majority of the banks in the world can be attributed to how well their economy is doing as well as other factors.
International banks continue to grow their assets as the world economy expands. If no major economy falters, the expansion may continue. While there is some debate about whether China’s economy is bigger than that of the United States, there is no questioning which nation is home to the largest banks. The power in banking is unquestionably shifting eastward to China.
It’s no surprise to see the “Big Four” occupying the top spots as usual, as their economies continue to grow year on year, due to expanding trade markets and export being on the up!
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If you don’t really know anything about banking and are curious to find out what the worlds biggest banks are, then here’s a list of the 10 biggest banks in the world, determined and ranked in order of their total assets.
The 10 Biggest Banks In The World
The list of banks and figures mentioned below have been compiled from various sources around the web, such as Wikipedia and others.
These are the 10 biggest banks in the world:
- Industrial & Commerical Bank Of China
- China Construction Bank Corporation
- Agricultural Bank of China
- Bank of China
- Mitsubishi UFJ Financial Group
- JPMorgan Chase & Co
- HSBC Holdings PLC
- BNP Parabis
- Bank of America (BAC)
- Crédit Agricole Group
1. Industrial & Commercial Bank Of China – Total Assets: $4.2 Trillion
The world’s biggest bank is Industrial & Commerical Bank of China, which is also the largest bank in China and the biggest of China’s “Big Four”.
By the total number of assets, customers, employees, loans and deposits; ICBC, as it’s often referred to, completely dominates the rest of the biggest banks in the world.
The state-owned bank was founded in 1984 as a limited company and has grown to be the largest public company in the world by its sheer number of assets.
It’s headquartered in Beijing, China, and employs a whopping 460,000 people across branches in Asia, Europe, America and Oceania.
The 70% government-owned company ranked number one overall in “The Bankers Top 1000 World Banks ranking” and first on the Forbes Global 2000 of the world’s biggest public companies.
ICB’s total assets are thought to be in the region of $4.2 trillion dollars according to the latest data.
2. China Construction Bank Corporation – Total Assets: $3.3 Trillion
The second-biggest bank in the world is China Construction Bank Corporation.
The third of the “Big Four” on our list, CCB, as it’s often abbreviated too; has approximately 13,629 domestic branches and has overseas branches in Frankfurt, Barcelona, Luxembourg, Hong Kong, New York, Seoul and several other major cities.
Headquartered in the Xicheng district, Beijing; CCB employs over 333,000 people and offers both corporate banking and personal banking.
Examples of what they offer on the personal side are credit cards, personal loans, deposits and wealth management.
Whereas the commercial side offers, credit, company e-banking, loans, commercial loans and credit lines.
According to the latest data, CCB’s total assets are approximately $3.3 trillion.
3. Agricultural Bank of China – Total Assets: $3.2 Trillion
The next of the “Big Four” banks of China, AgBank, as it’s also known, is the third biggest bank in the world and one of the ten largest companies on the planet.
Founded in 1951, Agbank has branches in Seoul, Tokyo, Singapore, Sydney, New York, London and many more in the world biggest cities.
Headquartered in Beijing, it employs over 444,000 people and is owned entirely by the state.
It has 320 million retail customers and 2.7 million corporate clients around the world; which are taken care of from one of its 24,000 branches.
In 2010, AgBank went public, achieving the worlds biggest ever IPO at the time, which has since been beaten by Alibaba.
The bank’s approximate assets, according to the latest data, are in the region of $3.2 trillion.
4. Bank of China – Total Assets: $3 Trillion
The next Asian bank on our list and the first of the “Big Four”, is the Bank of China.
It is one of the four biggest state-owned commercial banks in China and was founded in 1912 by the republican government, and is now considered to be the oldest bank in mainland China.
It’s headquartered in Bejing, China and employs approximately 310,000 people, with offices in over twenty countries.
The bank offers investment banking, insurance and investing services, personal loans, credit cards, mortgages and asset and liability management.
Approximately 70% of the company is owned by the Chinese Government, with assets totalling just over $3 trillion.
5. Mitsubishi UFJ Financial Group – Total Assets: $2.81 Trillion
Coming in at number five on our list of the biggest banks in the world is the Mitsubishi UFJ Financial Group.
Being the fifth-biggest bank in the world, it has total assets of $2.81 trillion dollars and is Japans largest bank holding financial group.
It is one of the main companies of the Mitsubishi Corporation and offers its customer a variety of services including, commercial banking, asset management, trust banking and international finance.
The bank was created in 2005 after a merger between two of Japans Largest banks, the Mitsubishi Tokyo Financial Group and UFJ holdings.
6. JPMorgan Chase & Co – Total Assets: $2.62 Trillion
Financial services holding company and multinational investment bank, JPMorgan Chase & Co is the biggest bank in America and the sixth-largest in the world.
Providing products to its clients in over 100 countries, the bank is involved with asset management, investment services, wealth management and securities.
JPMorgan Chase & Co was the result of several large banks merging together in 2000 and is now one of the most expensive companies in the world.
Headquartered in Manhattan, New York City, JPMorgan Chase & Co is now also one of the largest investment companies in the world.
For retail and credit card purposes, the bank operates under the name “Chase”.
7. HSBC Holdings PLC – Total Assets: $2.55 Trillion
HSCB Holdings PLC is a British multinational investment bank and financial holdings company.
By 2018, it was considered to be the seventh-largest bank in the world and the largest in Europe.
The bank has more than one thousand locations and eighty offices in the UK, and four-hundred and sixty throughout the United States.
With over four million customers worldwide, HSBC offers private banking, corporate finance and retail and commercial banking to its customers.
Its headquartered in London, England and currently employs over 235,000 people.
HSBC can be found in roughly sixty-five countries around the globe and is listed on both the London Stock Exchange and the Hong Kong Stock Exchange.
8. BNP Parabis – Total Assets: $2.33 Trillion
Next on the list is BNP Parabis, which is a French international banking group.
It’s currently the worlds eighth-largest bank by its total number of assets and can be found operating in seventy-seven countries.
The bank was formed through a merger in 2000, between Banque Nationale de Paris (BNP) and Paribas.
Its origins date back as far as 1848 when it is believed the bank was first founded.
Headquartered in Paris, France, BNP Parabis employs over 190,000 people and receives the majority of its annual revenue from everyday client accounts.
9. Bank of America (BAC) – Total Assets: $2.35 Trillion
Bank of America is the second-biggest banking institution in America, with assets totalling $2.35 trillion dollars.
It serves approximately 10.73% of all American bank deposits and primarily deals with commercial banking, wealth management and investment banking.
Founded in 1784, and headquartered in Charlotte City, North Carolina, Bank of America now serves clients all over the world and from its 5,000 financial retail centres.
Bank of America is also one of the largest companies in the United States, employing over 208,000 people. In 2008, it acquired Merrill Lynch, making it the worlds largest wealth manager.
Bank of America has an approximate current total asset balance, according to recent data, of $2.35 Trillion.
10. Crédit Agricole Group – Total Assets: $2.13 Trillion
The tenth biggest bank in the world is Crédit Agricole Group, a French-owned bank and one of the largest companies in France.
It’s the worlds largest co-operative financial institution, and in 1990, became an international full-service banking group.
This consisted of thirty-nine Crédit Agricole regional banks and a vast network of local banks.
Its headquartered in Montrouge, France and serves a variety of customers around the world.
The bank controls a significantly large part of the French banking system and is known for its working historical ties within the farming industry.
According to recent data, Crédit Agricole has an approximate current total asset balance of $2.13 trillion dollars.
Summary
We hope you enjoyed our list of the 10 biggest banks in the world.
What do you think? Are bigger banks necessarily better than smaller ones?
It’s an interesting question, and the answer will differ for everyone, however, generally speaking, the larger the bank, the larger its capabilities and offerings.
It’s not true for all the banks on our list, but generally, most of these banks offer something for everyone and can assist you with all your personal and commercial financial interests.
