Top 10 largest banks in the world
China’s ‘Big 5’ Banks Accounted For More Than $17 Trillion In Total Assets
By; Rex Pascual , Trading Platforms.com
5 of the top 10 largest banks In the world are from China
China’s banking system can trace its roots back all the way back to the tenth century Song dynasty. Since then, Chinese society and politics have changed significantly, going through several cultural and political upheavals in its history. As we know it today, China’s banking system is the most robust and largest in the world. According to data presented by TradingPlatforms.com, 5 of the top 10 banks in the world come from China, with the largest being the Industrial & Commercial Bank of China with total assets of $4.9T.
China’sBig 5’ Banks Accounted For More Than $17 Trillion In Total Assets.
The four largest banks in the world in total assets all come from China. Starting from the largest, these are; the Industrial & Commercial Bank of China ($4.9T in total assets), China Construction Bank Corp ($3.9T in total assets), Agricultural Bank of China ($3.7T in total assets) and the Bank of China ($3.6T in total assets). Rounding out the top ten list is the Postal Savings Bank of China ($1.4T in total assets), giving China five representatives in the Top 10 list.
Combined, China’s Big 5’ have 17.6T in total assets, which accounts for almost 70% of the entire top 10 list’s total assets.
5 Other Banks On The Top 10 List Are From Europe
Apart from China’s Banks, the five other banks on the list all come from Europe. Banco Santander from Spain is the leading European Bank with $1.8T in total assets. The next two largest banks in Europe, Group BPCE ($1.51T in total assets) and Societe Generale ($1.5T in total assets), are from France. Germany’s Deutsche Bank AG is the last European bank on the top 10 list with total assets of $1.45T.
China’s Largest Banks Are All State-Owned In Contrast With Europe’s Largest Banks
A look at the overall picture of the top ten list’s total assets shows that there is a sizeable difference between the largest banks in China and the largest Banks in Europe. None of the European Banks holds more than $2T in total assets, while all four of China’s largest banks all hold total assets of more than $3.5T
One of the factors that explain the significant difference in wealth between China’s largest banks and Europe’s largest banks is these banks’ ownership. All 5 of China’s largest banks on the top 10 list are state-owned, while all the European banks are privately owned. This means that the largest Chinese banks act as the main funding source of government projects which always equate to large investments.