Twenty Chinese banks continue to claim spots in top 100
global lenders, including top four
NEW
YORK, May 8, 2024 /PRNewswire/ -- Chinese banks
maintained their dominance in the global largest lender rankings of
2023 despite a downturn in the property sector, according to the
Global Bank Ranking published by S&P Global Market
Intelligence, an annual ranking of the 100 largest banks in the
world by total assets.
Chinese banks kept 20 positions in the ranking, including the
top four, showcasing the continued strength of China's banking sector. Industrial and
Commercial Bank of China Ltd. remained the world's largest bank,
with assets of $6.3 trillion.
Agricultural Bank of China Ltd. surpassed China Construction Bank
Corp. to claim second place, with 14.5% loan growth in 2023, driven
by a national strategy to bolster the agricultural sector. It was
the only change to the top six spots from a year ago.
"Elevated inflation and higher interest rates served as
headwinds to global economic growth and the commercial real estate
sector. Despite a downturn in the property sector, Chinese banks
retained their place as the largest in the world," said
Nathan Stovall, director of
financial institutions research at S&P Global Market
Intelligence.
Overall, 47 banks fell in the ranking while 29 rose and 24
maintained their positions.
"Loan growth slowed as borrower demand waned in the face of
higher interest rates, while banks tightened the reins on new
originations in the face of liquidity pressures and concerns over
future credit losses," Stovall said.
In the Asia-Pacific region,
seven of the eight Japanese banks on the list fell in the
ranking—the exception was Sumitomo Mitsui Financial Group Inc.,
which maintained its place at 13. India-based HDFC Bank Ltd. newly entered the
list at 74th position, following a merger with its
parent company, driving its assets to $464.3
billion.
Among U.S. banks, JPMorgan Chase & Co., with assets of
$3.9 trillion, remained the
fifth-largest bank in the world, followed by Bank of America Corp.
Meanwhile, Citigroup Inc. slid one place to 12th as it
continued to sell noncore assets as part of a restructuring.
European banks also experienced weaker loan growth in 2023. Some
of the biggest banks in Europe
shed assets in 2023 and continue to do so in 2024. UK-headquartered
HSBC Holdings PLC—the seventh largest bank in the world—sold its
Canadian operations and its retail business in France, and agreed to sell its Argentine
business. France-based Société
Générale SA rose to 19th place from 22nd last
year despite selling some businesses in Africa and mulling sales of other assets.
To access the Top 100 list, or any of the regional bank
rankings, please visit here or contact press.mi@spglobal.com.
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