Banks work like oxygen for the economy of every country. Banks play a key role in the economic growth of any country. Here in this post, we will tell you about the world’s top 10 banks.
1. Industrial & Commercial Bank of China, China
ICBC is a state-owned bank of China. Its a commercial bank with the worth of $4.00 trillion. This bank was established in 1984 and now it has become the richest bank in the world. ICBC earns a profit by providing loan and opening the different types of accounts of its customers. Industries like manufacturing, transportation, power, and retail are the most favored industries for ICBC and banks has given a big percentile of the loan to these industries. This bank has its Headquartered in Beijing, China and its employee base are approx 460,000.
2. China Construction Bank Corporation
The second bank of the list is also from China. CCBC with the net worth of $3.40 trillion got the second position in the list of world’s top 10 banks. This bank was founded in 1954 and it is among the older banks of China. This bank was created for government exchange but later on, it was redeveloped as a commercial bank. This bank has its Headquartered in Beijing. In CCBC approx 3,72,000 employees work around the globe.
3. Agricultural Bank of China
Don’t get confused after looking at the third name of the banks in this list as we are still talking about the world’s top 10 banks, not China’s top ten banks. On the third position too here is a Chinese bank. Agricultural Bank of China is the third largest in the world with $2.82 trillion in assets. This bank is popularly known as AG bank. It was founded in 1951 to help collective farms, peasants, and workers but now the bank also deals with large agricultural wholesale companies. This bank has its branches in London, Tokyo, New York and Sydney, Australia.
4. Bank of China
Bank of China is one of the oldest banks of China. This bank was founded in 1912 and its among the most trusted banks in China. The worth of assets of the Bank of China is approx $2.78 trillion. Bank of China has its offices in 20 countries. 70% of the shares of Bank of China belong to the government of China. Bank of China has approx 310,000 employees.
5. Mitsubishi UFJ Financial, Japan
Mitsubishi is the largest bank in Japan. The asset worth of Mitsubishi UFJ Financial is approx $2.63 trillion. This bank offers commercial banking, trust banking, international finance, and assets management services to its customers. Approx 106,000 employees work in this bank. It has its Headquartered in Tokyo, Japan. This bank has a great business strategy as it was founded in 2005 by merging two top banks of Japan and in a short span of time, it got a place in the list of top world’s top 10 banks. MUFG Japan operates from 40 different countries.
6. J.P. Morgan Chase, USA
This USA based bank is the 6th richest bank in the world. This bank is based in New York but it is actually a multinational bank. J.P. Morgan Chase is the largest bank of the USA with the assets of approx $2.53 trillion. This bank offers asset management, investment banking, private banking, treasury and securities services, and commercial banking to its customers in 100 countries. This bank was founded in 2000.
7. HSBC Holdings PLC
With the total asset of $2.52 trillion, the HSBC bank has secured the 7th position in the list of World’s top 10 banks. The main motive behind the creation of HSBC was to perform exchanges between Europe and China. HSBC is England based bank and it has its offices in 80 countries of the world. HSBC offers corporate banking and investment services to its customers along with private banking and consumer finance services.
8. BNP Paribas
The 8th bank in the list is BNP Paribas. The approx asset of this bank is $2.4 trillion. BNP has its offices in 75 countries. This bank is among the most trusted and oldest banks in the world. The four domestic retail banking markets of BNP is located in France, Italy, Belgium, and Luxembourg. This bank was founded in 1848. Its headquarters are situated in Geneva, Paris, and London and approx 190,000 employees work with this bank.
9. Bank Of America
The Bank of America popularly known as BAC has its branches in almost every country around the globe. The assent value of BAC is approx $2.19 trillion. BAC offers various services to its customers like personal banking, investment services, and loan services etc. BAC has a relationship with 90% of companies in the US. In BAC, 208,000 employees work all over the world. it has its headquarter in Charlotte, North Carolina.
10. Credit Agricole, France
There is a competition between Credit Agricole, France, and Wells Fargo for the 10th position in the list but the France bank Credit Agricole got the 10th place in the list with the help of total worth of its assets. Credit Agricole has an asset of approx $2.12 trillion. This bank has done some investments in Coca-Cola (KO), Exxon Mobile (XOM), and Abercrombie and Fitch which has increased its net worth. Credit Agricole is also one of the largest companies in France that give a boost to the economy of France.
The Bottom Line
So here you have the list of world’s top 10 banks. As they say that change is the only constant so this list is also not permanent. This list is based on the net worth and assets value of the banks.