A bank that you deal with for managing your personal bank account or company’s account in case you are a business owner could be a small bank or a large bank but have you ever wondered what makes a bank small or large and which are the largest banks in the world?
Banks play a significant role in our lives every day by helping us manage our finances and fulfill our long-term financial goals.
Assets decide the size of the bank which basically means that larger the assets a bank holds, larger is its size.
Assets are of two types: current assets, and non-current assets. Assets also determine the worth of a bank and include both liquid wealth and property owned by the bank.
We have compiled a list of top 15 largest banks in the world as per then S&P Global Market Intelligence report 2018.
Top 15 largest banks in the world based on their total asset value:
1. Industrial and Commercial Bank of China – With a total asset value of US $4009.26 billion, ICBC is the world’s largest bank owned by the Chinese government. It was founded as a limited company on January 1, 1984. ICBC ranks number among top 15 largest banks in the world.
2. China Construction Bank Corporation – It is the second largest bank among top 20 largest banks in the world. With an asset value for over US $3400.25 billion it is among the china’s Big Four state owned commercial banks.
3. Agricultural Bank of China – It is also one of the state-owned commercial banks in China. It has a total asset value of US $3235.65 billion and it is also known as AgBank. It was founded in 1951, and has its headquarters in Dongcheng District, Beijing.
4. Bank of China – It also comes in China’s Big Four state-owned commerce banks with a total asset value of US $2991.90 billion. It is one of the oldest banks in mainland china founded in 1912.
5. Mitsubishi UFJ Financial Group – It is a Japanese bank holding / financial services company headquartered in Chiyoda, Tokyo, Japan, having total asset value of US $2784.74 billion.
6. JP Morgan Chase & Co. – It is the world’s sixth largest bank and largest in the United States with its headquarters in New York. It has a total asset value of US $2533.60 billion. JP Morgan Chase & Co. came into existence with the merger of several banking companies in the US since 1996.
7. HSBC Holdings PLC – Hongkong and Shanghai Banking Corporation is a British multinational banking company. It has its headquarters in London, UK and is the 7th largest bank in the world with a total asset value of US $2521.77 billion.
8. BNP Paribas – It is the world’s 8th largest bank by total assets worth over US $2,357.07 billion. It is headquartered in Paris, France and one of the largest banks in the Eurozone.
9. Bank of America – Apart from being the 9th largest bank in the world, it is also one of the most popular banks in the world as well as in the United States. Headquartered in the Charlotte, North Carolina, US, it has a total asset value of US $ 2,281.23 billion.
10. Credit Agricole – Also known as Credit Agricole Group is the 10th largest bank in the world with a total asset value of US $2,117.16 billion and is headquartered in Montrouge, France. It is a network of cooperative and mutual banks comprising Crédit Agricole local banks, the 39 Crédit Agricole regional banks and a central institute Crédit Agricole S.A.
11. Wells Fargo & Co. – Wells Fargo is the 4th largest bank in the US and 11th largest bank in the world with a total asset value of US $1,951.76 billion. Headquartered in San Francisco, California, it was founded in the year 1852.
12. Japan Post Bank – It is a Japanese bank headquartered in Tokyo with a total asset value of US $1,874.02 billion. It has branch network in every prefecture in Japan.
13. Citigroup Inc. – Citibank ranks third largest bank in the United States and 13th largest bank in the world with a total asset value of US $1,842.47 billion. It is headquartered in the New York city with its subsidiaries all over the world.
14. Sumitomo Mitsui Financial Group, Inc. – is a Japanese bank holding / financial services company established by Sumitomo Mitsui Banking Corporation, the second largest bank in Japan by market value. It is also the 14th largest bank in the world with a total asset value of US $1,775.14 billion.
15. Deutsche Bank AG – is a German investment bank and financial services company headquartered in Frankfurt, Hesse, Germany. The bank is present in 58 countries with a large presence in Europe, the Americas and Asia. It is also the 15th largest bank in the world with a total asset value of US $1,765.85 billion.