Banks are Financial Institutions which provide a range of products and services including managing deposits, lending, wealth management, currency exchange and investment banking.
Customers of these banks include individual customers, businesses and many other types of institutional clients.
However the success and wealth of the majority of these Banks in the world can be attributed to how well the economy in their country is doing and also to other factors.
Top 10 Biggest Banks in the World
We will take a look at the Top 10 Biggest Banks in the World. This is determined by their amount of assets.
1. Industrial and Commercial Bank of China (ICBC)
Industrial and Commercial Bank of China (ICBC) with assets totaling to 4.2 trillion USD is the world’s biggest bank. This state-owned bank was founded in the year 1984 as a limited company and since then it has grown to be the largest public company in the world by its sheer number of assets. It is headquartered in Beijing, China and employs whopping 460,000 people across the world.
2. China Construction Bank. China Construction Bank (CCB)
China Construction Bank. China Construction Bank (CCB) has total asset 3.3 trillion USD. This is the second biggest bank in the world. This bank has approximately 13629 domestic branches in China and has overseas branches in Frankfurt, Barcelona, Luxembourg, Hong Kong, New York, Seoul and several other major cities of the world. It’s headquartered in the Zhecheng district Beijing. It employs over 333000 people and offers both corporate banking and personal banking. Some products it offers on the personal side are Credit Cards, Personal Loans, Deposits and Wealth Management whereas on the commercial side it offers Credit Company E-Banking loans, Commercial Loans and Credit Lines.
3. Agricultural Bank of China (ABC)
Agricultural Bank of China (ABC) with total assets of 3.2 trillion USD is the next of the big four banks of China. It is also the third Biggest Bank in the world and one of the 10 largest companies on the planet. This Bank was founded in 1951. It has branches across the world and employs over 444000 people. This bank is owned entirely by the state. Agricultural Bank of China went for IPO in 2010 achieving the world’s biggest ever IPO at the time which has since been beaten by Alibaba in 2014.
4. Bank of China
Bank of China with total assets 3 trillion USD is the next Chinese bank in the big four list of banks of China. It is state-owned commercial banks in China and was founded in 1912. It is headquartered in Beijing China and employs approximately 310000 people with offices in over 20 countries. The Bank offers investment banking services, insurance and investing services, Personal Loans, Credit Cards etc. Approximately 70 percent of the company is owned by the Chinese Government.
5. Mitsubishi UFJ Financial Group
Mitsubishi UFJ Financial Group has assets 2.81 trillion USD and is ranked at number 5 biggest bank in the world. This is Japan’s largest Bank. It’s one of the main companies of Mitsubishi corporation and offers its customer a variety of services including commercial banking, Asset Management, Trust Banking and International Finance. It was created in 2005 after a merger between two of Japan’s largest banks the Mitsubishi Tokyo Financial Group and UFJ holdings. It’s currently headquartered in Asaka city and employs over 106000 people.
6. JP Morgan chase and Co.
JP Morgan chase and Co. with total assets 2.62 trillion USD is the biggest bank in USA and the sixth largest in the world. It provides products to its clients in over 100 countries. This Bank is involved in Asset Management, Investment Services, Wealth Management and Securities. This bank came into being after merger of several large banks in the year 2000 and is now one of the most expensive companies in the world. It’s headquartered in Manhattan, New York city.
7. HSBC Holdings Plc.
HSBC Holdings Plc. with total assets 2.55 trillion USD is a British Multinational Investment Bank and Financial Holdings Company. It is the seventh largest bank in the world and the largest in Europe. The bank has presence across the world with over 4 million customers worldwide. It offers private banking, corporate finance, retail and commercial banking to its customers. It is headquartered in London, England and currently employs over 235000 people.
8. BNP Paribus
BNP Paribus is a French International Banking group. It iss currently the world’s eighth largest bank by its total number of assets and has presence in 77 countries. This Bank was formed through a merger in 2000 between Bank National De Paris BNP and Paribas, however its origins date back as far as 1848 when it’s believed the bank first founded. It headquartered in Paris, France. It has employed over 190000 people.
9. Bank of America
Bank of America with total assets 2.35 trillion USD. This bank is the second biggest banking institution in USA and is the ninth largest bank in the world. It was founded in 1784 and headquartered in Charlotte City, North Carolina. It’s also one of the largest companies in USA, employing over 208000 people. In 2008 it acquired Merrill Lynch making it the world’s largest wealth manager.
10. Crédit Agricole
Crédit Agricole with total assets 2.13 trillion USD is ranked at number 10 in our list. It’s a French-owned bank and one of the largest companies in France. It’s the world’s largest co-operative financial institution. In 1990 become an international full-service banking group. It consisted of 39 credit regional banks and a vast network of local banks. It’s headquartered in Montreux, France.