What is the first thing which comes to your mind when you hear the word “Bank”? Money of course! Banks are all about depositing and withdrawing money. They take money from you; keep it safe and give you interest upon it. But, banks are lot more than this, though it is there basic function.
Banks provide loan to you, they invest the money in businesses, they provide various economic incentives etc. Banks are a vital part of any economy and have helped survive and even thrive the world economy at their lowest points. In this article, we are going to look at and know about 12 of the largest banks operating around the world based on market capital. Which is the largest bank in the world? Let’s find out –
12. Goldman Sachs Group ($96.934 billions) – USA
Starting our list and sitting at the 12th position is Goldman Sachs Bank USA, a subsidiary of Goldman Sachs Group Inc., a leading financial and banking management company based in New York. GS maintain offices around the world including London, Tokyo, Hong Kong Frankfurt and other financial regions of the world.
11. Royal Bank of Canada ($104.962 billions) – Canada
Banque Royale du Canada is the largest Canadian bank in terms of market and assets capitalization. Royal Bank of Canada offers services such as personal and commercial banking, wealth management, insurance, claims settlement, corporate and investment banking and transaction processing worldwide. RBC operates in more than 38 countries worldwide and has around 78,000 employees. The unique fact about the bank is that its fiscal year ends on 31st October.
10. Commonwealth Bank of Australia ($106.355 billions) – Australia
The only bank in this list maintaining its status quo position from the previous list, CBA or Commonwealth Bank of Australia is the largest financial service provider in Australia. It is also one of the largest insurance providers in Oceania and is the most trusted and recognized bank there.
CBA offers a comprehensive range of commercial banking facilities some of them being home loans, personal loans, personal transactions, credit cards and term deposits via its Commonwealth Bank and Bankwest brands.
9. Bank of China ($145.729 billions) – China
Losing down two places from the previous list is Bank of China with a market cap of around 145 Billion dollars. BOC is one of the “Big Four” banks of People’s Republic of China and is the most internationalized Chinese bank providing a comprehensive range of services in more than 30 countries.
BOC is mainly active in commercial banking sector and also conducts investment banking commerce via its completely owned subsidiary Bank of China International Holdings Limited.
8. Agricultural Bank of China ($148.100 billions) – China
A member of the “Big Four” club of Chinese banks, Agricultural Bank of China or AgBank has branches all over People’ Republic of China along with Hong Kong and Singapore.
ABC is mainly dedicated to providing services to agro-related sectors. ABC provides its customers with first-class service and performs with an innovative and unique business model. ABC is working hard to become a modern financial service provider with an outlook on sustainable development.
7. Citigroup Inc. ($159.898 billions) – USA
Citigroup Inc. (Citi) is an American financial service providing firm situated in New York. It was formed in 1998 by merging the Citicorp with Travelers Group and presently holds around 200 million customer accounts. Citigroup operates in over 160 countries and territories around the world.
Citigroup provides a range of financial and economic products and services to consumers which include corporations, government bodies and institutions. Their range of services includes consumer credit and banking, corporate banking, investment banking, securities brokerage, transaction services, and wealth management.
6. HSBC Holdings ($165.839 billions) – UK
Taking a three place leap from the last year is the UK giant HSBC. HSBC Holdings (Hong Kong and Shanghai Banking Corporation) is one of the leading banking and financial services organization based in UK and is the largest financial corporation in Europe.
It is the parent company of the HSBC Group which serves customers universally with over 6,000 offices in more than 80 countries and regions in Europe, Asia-Pacific, North and South America, Hong Kong, the Middle East and North Africa.
5. China Construction Bank ($186.818 billions) – China
China Construction Bank (CCB) is the second largest bank in China and was also once the second largest bank around the world in terms of market capitalization. CCB is also one of the “Big Four” banking groups of China and has approx. 13,000 domestic branches and more than 310,000 employees.
CCB maintains a worldwide presence with branches in Hong Kong, Frankfurt, Singapore, Tokyo, Seoul, New York, Johannesburg, Ho Chi Minh City and Sydney. CCB provides its customers with a range of financial services and is also the 13th largest company in the world.
4. Bank of America ($228.778 billions) – USA
Bank of America is a multinational banking and financial service providing company situated in North Carolina. It is the 2nd largest bank of USA in terms of assets and the 11th largest company in the world, according to Forbes.
BoA features as the principal wealth management companies around the world. It is a leader in investment banking which trades across a wide range of classes of assets and serves consumers including large corporations, institutions, governments and individuals across the globe.
3. Industrial and Commercial Bank of China ($229.700 billions) – China
Industrial and Commercial Bank of China (ICBC) is the largest bank in China and the third largest bank in the world in terms of market capital. It is also the largest bank in the world when total employees and total number of consumers are takin as basis. ICBC is another one of the “Big Four” banks in China.
This Chinese conglomerate provides a range of services such as corporate banking, personal banking, assets operations, asset management, investment banking, financial leasing and many other financial services. ICBC has a strong presence worldwide and is a leader in commercial banking.
2. Wells Fargo & Co. ($276.578 billions) – USA
Taking the second spot in the list of largest banks is Wells Fargo & Co., a US based multi-national banking and financial services providing company situated in California.
WFC is a very varied economic services organization providing services like banking, investments, insurance, mortgage, loans and commercial & individual finance through its vast network of around 8,700 stores, more than 12,000 ATMs, online and other distribution platforms spread across North America and all over the world.
1. JP Morgan Chase & Co. ($299.393 billions) – USA
Concluding our list is JP Morgan Chase & Co., the largest bank providing financial services to the world in terms of market capital, sales, assets and profits. JP Morgan Chase group provides its services to around seven million customers and clients worldwide who include numerous small businesses, big corporates and even government bodies.
JPMorgan Chase is the true leader when it comes to investment banking or providing financial services to its clients, small businesses or big corporations along with commercial banking, processing of financial transactions, managing assets and private equity.
These are the 12 of the largest banks operating around the world in terms of market capitalization. Most of these corporations feature in Top 2000 companies in the world list by Forbes and are the leading financial service offering and management companies across the globe. They are an ideal choice for your financial or business investment as they provide numerous incentives and benefits to their clients.