10 Largest Banks in the World
Banks is considered as the mark of economic progression of a certain country. The more banks are being established, the more financial matters are being distributed for economic purposes. The list below includes the 10 largest banks in the world. Few of these banks belong to one country including the first. If you want to know more about it, then scroll down and read the list of largest banks in the World
The Commonwealth Bank of Australia
10th position goes to Australia’s Commonwealth Bank. It has market capitalization of 82.62 Billion Dollars.
The Commonwealth Bank was initiated under the Australian Government Commonwealth Bank Act of 1911 and began its operations the following year. The vision and mission of the bank is to empower to offer savings and general banking businesses for their clients. Nowadays, the bank is offering vast selections of monetary services to cater all Australian citizen start and accomplish their own finances. The Commonwealth bank marks as the capitalization and economic basis in Australia.
9th place is for the Citigroup of United States of America. It has a total market capitalization of 86.67 Billion Dollars. The bank was known to be the biggest mergers in the world history. They have combined the 2 financial and banking giants which are Citicorp and Travelers Group. This was made last April7, 1998. The Citigroup bank has the largest banking network in the world. They have different branches all over the world and spans out for more 140 countries. Now, they have more than 16,000 offices in the world.
The Itau Unibanco of Brazil
The 8th place went to Brazil. The Itau Unibanco from the Caribbean territories has a total market capitalization of 88.18 Billion Dollars. This bank is the outcome of the merging activity of Banco Itau and Unibanco which happened last November 4, 2008. As a result Itau Unibanco Holdings is considered as the biggest financial corporation in the Southern part of the world. The Itau Unibanco have played an important part in developing the economy of Brazil.
The Bank of China
The spot for number 7 belongs to China. The Bank of China has a total of 128.80 Billion Dollars as its market capitalization. 1942, this bank stopped in issuing bank notes to the people when the Communist Party have provided a new banking system in China and authorized the Peoples Bank of China as the main issuing bank note in the country. The Chinese Community has also branched out the bank from other countries.
The JP Morgon Chase
6th place is for the United States of America. The JP Morgon Chase has a total market capitalization of $140 Billion. This company started in 1799. The bank has made some its distinctive renditions contributed to the finance and globalization of the world economy. Now, it is the leading investment banking. The bank has a component of the Dow Jones Industrial Average. It contributes to the economic development in US.
The Agricultural Bank of China
The 5th place is with China. The Agricultural Bank of China has a total market capitalization of 141.73 Billion Dollars. The successor of this bank is the Agricultural Cooperative Bank and started in 1951. During late 70’s, the bank was transformed from bank owned by the state to commercial bank completely owned by the state in China. Now, it is a state-controlled commercial bank. The bank was restructured and converted as Joint Stock Limited Liability Corporation last January 15, 2009.
The HSBC Holdings
4th place goes to United Kingdom with a total market capitalization of 150.90 Billion Dollars. The pride of United Kingdom which is HSBC Holdings PLC is the Britons multinational bank that offers banking and financial services to the people. It has headquarters in London. Based on the Forbes Magazine, the HSBC bank is the 2nd largest public company in 2011.
The Wells Fargo & Co.
The 3rd place goes back to the United States of America. The Wells Fargo & Co. has a total market capitalization of 160.72 Billion Dollars. This American multinational and well diversified bank that offers financial services has maintained its global operations. The current Wells Fargo is the outcome of the procurement of Wells Fargo and Co in San Francisco
San Francisco based Wells Fargo and Co and Wells Fargo and Co in Minneapolis 1998. It was procured also by and Wells Fargo and Co in Charlotte last 2008.
The China Construction Bank
The 2nd spot goes to China. Chinese are very thrifty when it comes to financial matter. This bank has a total market capitalization of 195.85 Billion Dollars. It is one of the four banks owned by the state and considered as the 2nd largest bank in the country. It is ranked as 12th biggest corporate in the world.
The Industrial and Commercial Bank of China
The top spot goes to China again. The Industrial and Commercial Bank of China with a total market capitalization of 240.95 Billion Dollars is the largest bank in the world. It is one of the four banks owned by the state commercial banks in China. It was established on January 1, 1984 that has limited services. During March 2010, the asset of the bank increases to approximately 2 Trillion US dollars having almost 19,000 outlets including the 106 offices and agents around the world.