Eight years ago Industrial and Commercial Bank of China ranked 32nd among the world's top 1,000 banks by Tier-1 capital, which is mostly common stock and retained earnings, according to The Economist.
Within less than a decade the whole picture has changed. Notwithstanding China's recent financial hiccups, the country now boasts four of the world's 10 biggest banks and 96 of the top 1,000, it says.
Let's take a look at 10 biggest banks in the world, according to recent figures released by The Banker.
1. Industrial and Commercial Bank of China
Headquarters: Beijing
Country: China
Total capital: $161 billion
Total assets: $2.8 trillion
Overall rank: 1
At the end of 2011, ICBC had 408,859 employees under payroll. It provides a wide range of financial products and services to 4.11 million corporate clients and 282 million individual customers through 16,648 outlets across China, 239 overseas subsidiaries and a global network of more than 1,669 correspondent banks as well as Internet banking, telephone banking and self-service banking.
2. JP Morgan Chase & Company
Headquarters: New York City
Country: The United States
Total capital: $160 billion
Total assets: $2.4 trillion
Overall rank: 2
JPMorgan Chase & Company is one of the oldest, largest and best-known financial institutions in the world. The firm's legacy dates back to 1799 when its earliest predecessor was chartered in New York City.
3. Bank of America
Headquarters: Charlotte, North Carolina
Country: The United States
Total capital: $158 billion
Total assets: $2.2 trillion
Overall rank: 3
When Bank of America's earliest predecessor, the Massachusetts Bank, opened for business on July 5, 1784, the United States Constitution had yet to be adopted. The inauguration of George Washington as the nation’s first President would not take place for another five years. John Hancock signed the bank’s charter in his role as Massachusetts governor, making it the second bank to receive a state charter and one of only three commercial banks in existence in the US at the time.
4. HSBC
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Headquarters: London
Country: The United Kingdom
Total capital: $152 billion
Total assets: $2.7 trillion
Overall rank: 4
Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world. HSBC's international network comprises around 6,600 offices in over 81 countries and territories in Europe, Asia-Pacific, Americas, Middle East and Africa.
5. China Construction Bank
Headquarters: Beijing
Country: China
Total capital: $138 billion
Total assets: $2.2 trillion
Overall rank: 5
At the end of 2011, China Construction Bank had a network of 13,581 branches and sub-branches in China, maintained overseas branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo, Seoul, New York, Ho Chi Minh City and Sydney, and representative offices in Taipei and Moscow.
6. Citigroup
Headquarters: New York City
Country: The United States
Total capital: $136 billion
Total assets: $1.9 trillion
Overall rank: 6
Citi, one of the leading global bank, has about 200 million customer accounts and does business in more than 160 countries and jurisdictions.
7. Mitsubishi UFJ Financial Group
Headquarters: Tokyo
Country: Japan
Total capital: $130 billion
Total assets: $2.7 trillion
Overall rank: 7
MUFG manages the affairs of its subsidiaries within the Mitsubishi and the business of the group as a whole along with all relevant ancillary business.
8.Wells Fargo
Headquarters: San Francisco, California
Country: The United States
Total capital: $127 billion
Total assets: $1.4 trillion
Overall rank: 8
Wells Fargo & Company is a diversified financial services company providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores and more than 12,000 ATMs and the Internet across North America and internationally.
9. Bank of China
Headquarters: Beijing
Country: China
Total capital: $122 billion
Total assets: $2.0 trillion
Overall rank: 9
As China's most international and diversified bank, Bank of China provides a comprehensive range of financial services to customers across the Chinese mainland, Hong Kong, Macau, Taiwan and 36 overseas countries. The bank's core business is commercial banking, including corporate banking, personal banking and financial markets services.
10. Agricultural Bank of China
Headquarters: Beijing
Country: China
Total capital: $115 billion
Total assets: $2.1 trillion
Overall rank: 10
It had 23,472 domestic branch outlets, including the head office, the business department of the head office, three specialised institutions managed by the head office, 37 tier-1 branches (including branches directly managed by the head office), 348 tier-2 branches (including business departments of branches in provinces), 3,482 tier-1 sub-branches (including business departments in municipalities, business departments of branches directly managed by the head office and business departments of tier-2 branches), and 19,600 other establishments.
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