It is no secret that banks portray a very vital role in the economy. Not only does it offer a service for people who wish to save but also play a critical role in offering finance to businesses who want to invest and expand. These loans and business investment are important for enabling economic growth. There are various factors that play a huge role in making a bank one of the biggest in the world. Let us know the Top 10 Largest Banks in the World. The ranking of the biggest banks is assembled in order of their total assets.
Note – All the figures mentioned here are approximate.
Top 10 Largest Banks in the World:
10. Crédit Agricole Group
Total Assets – $ 2.2567 trillion
Crédit Agricole, founded in 1894, is the largest co-operative bank in the world. Its headquarters are in Montrouge, France.
It has a three-tier structure, comprising the local banks, the 39 regional banks, and its central institute Crédit Agricole S.A. (and its subsidiaries). Local and regional banks are cooperative companies. Crédit Agricole S.A. is a société anonyme.
9. BNP Paribas
Total Assets – $ 2.4293 trillion
BNP Paribas S.A. is a French international banking group first founded in 1848 as Paribas. In the year 2000, it was formed through the merger of Banque Nationale de Paris and Paribas.
It is the largest bank in the Eurozone and also the largest French banking group. The bank is present in five continents and serves more than 30 million customers.
8. Bank of America
Total Assets – $ 2.4341 trillion
Bank of America Corporation is an American multinational investment bank. It was formed in 1998 through the merger of NationsBank and Bank America.
It has its headquarters in Charlotte. Its central hubs are in London, Hong Kong, Dallas, New York City, and Toronto. It is the second-largest bank in the United States. It is one of America’s Big Four Banks.
7. JP Morgan Chase & Co
Total Assets – $ 2.6874trillion
JP Morgan Chase & Co, ranked as the largest bank in the United States, is founded in the year 2000. It has its headquarters in New York City and owns five bank subsidiaries in the United States.
It is also the most valuable bank in the world by market capitalization.
6. HSBC Holdings PLC
Total Assets – $ 2.7152 trillion
HSBC Holdings PLC is a multinational bank founded by Sir Thomas Sutherland. It has around 3,900 offices in 65 countries and territories across the continents like Africa, Asia, Europe, North America, and South America, and serves around 38 million customers.
It was first established on 3 March 1865 in Hongkong. However, its present form was established in London by the Hongkong and Shanghai Banking Corporation to act as a new group of companies in 1991. Its current name is obtained from the initials of that company.
Also Read: Top 10 Richest People in the World 2020
5. Mitsubishi UFJ Financial Group
Total Assets – $ 2.8930 trillion
Mitsubishi UFJ Financial Group, Inc. is a Japanese bank holding company founded in 2005, with the merger of Mitsubishi Tokyo Financial Group (MTFG), and Osaka-based UFJ Holdings.
It has its headquarters in Chiyoda City of Tokyo, Japan. It is Japan’s largest financial group and the world’s second-largest bank holding company.
4. Bank of China
Total Assets – $ 3.2702 trillion
Bank of China also known as BOC, founded in 1912, is headquartered in Beijing, China. It is the second oldest Chinese bank that is still in existence.
It is one of the four biggest commercial banks in China.
Moreover, the Bank of China is the second-largest lender in China.
3. Agricultural Bank of China
Total Assets – $ 3.5730 trillion
Agricultural Bank of China, abbreviated as AgBank, is also one of the Big Four banks of China. It was founded in 1951 and has its headquarters in the Dongcheng District of Beijing.
ABC has 320 million retail customers, 2.7 million corporate clients, and nearly 24,000 branches. It is the third-largest lender bank in China.
In April 2007, ABC was the victim of the largest bank theft in the history of China.
2. China Construction Bank Corporation
Total Assets – $ 3.6531 trillion
China Corporation Bank or CCB, founded in 1954, has approximately 13,629 domestic branches. In addition to that, it keeps intact numerous overseas branches.
Also headquartered in Xicheng district of Beijing, it is one of the Big Four Banks of China.
In 2015, China Construction Bank ranked second in Forbes’ list of 13th annual Global 2000 ranking of the biggest, most powerful, and most valuable companies in the world.
1. Industrial & Commercial Bank Of China
Total Assets – $ 4.3243 trillion
In the first place is this multinational Chinese banking Company called Industrial & Commercial Bank of China Limited, also known as ICBC. Founded in 1984 it is also headquartered in Beijing China.
Not only it is China’s largest commercial bank but also the first company to debut simultaneously on both the Hong Kong and Shanghai stock exchanges.
Moreover, in August 2008, ICBC became the second Chinese bank since 1991 to gain federal approval to establish a branch in New York City.
Also Read: Top 10 World’s Most Valuable Companies 2020
- Top 10 Private MBA Colleges in India - October 10, 2020
- Top 10 Highest Paying Jobs in the World - October 10, 2020
- World Passport Ranking: Top 10 Most Powerful Passport - October 10, 2020