10 Largest Banks: As financial institutions, banks provide a variety of goods and services, including maintaining clients’ deposit accounts, lending them money, and managing their wealth.
Additionally, they may assist with currency exchange and investments. The diverse customer served by these institutions includes people, companies, and non-profit organizations.
Let’s discover 10 of the Largest Banks:
The idea of what a commercial bank is has changed a lot in the last few decades. Traditional customers of big banks can now use a variety of services. Savings and checking accounts, certificates of deposit, loans, and other financial products can help people and businesses of all sizes.
Many of them work with businesses and institutions to underwrite stock offerings, and broker deals, and provide M&A assistance, just like investment banks.
1. Industrial and Commercial Bank of China
The Industrial and Commercial Bank of China, founded in 1984, has swiftly expanded to become the world’s largest bank by assets. It now has a total asset value of $3.47 trillion.
Most ICBC’s activities are directed toward the sector (the name kind of gives it away). Most of their loans are in the manufacturing, transportation, electricity, and retail industries. This bank, too, shows no signs of stopping down. Profit increased by 3.3 percent in the third quarter of 2017.
2. China Construction Bank Corp.
China Construction Bank Corp. has hundreds of millions of clients, which is an example of a service that is used by both businesses and people. Large infrastructure companies owned by the government are some of its most important clients. It works in the US and about 30 other countries and regions around the world.
3. Agricultural Bank of China
This French bank is the third-largest in the world, with assets of $2.19 trillion. BNP is a global banking network with operations in 75 countries, making it one of the world’s largest. BNP’s four domestic retail banking markets are located in France, Italy, Belgium, and Luxembourg.
After purchasing 75% of Fortis Bank in April 2009, BNP became the Eurozone’s largest depositor. BNP Paribas has been in business since 1848 when it was founded. The company’s main source of revenue is retail banking. More than three-quarters of the company’s revenue comes from typical client accounts.
4. Agricultural Bank of China
The Agricultural Bank of China provides a variety of financial services and products to consumers and businesses worldwide. Corporate and personal banking, treasury operations, and asset management are just a few of the services offered by ABC’s worldwide arm, in addition to local operations in Hong Kong and Singapore.
5. Bank of China
The Bank of China is the most globally oriented of China’s commercial banks. It provides users in 57 countries and regions with a comprehensive variety of financial services, including corporate banking, personal banking, and financial markets services. Since 1981, BOC has operated offices in New York, Chicago, and Los Angeles, making it the largest and oldest Chinese bank in the United States.
6. Mitsubishi UFJ Financial Group (Mitsubishi)
Mitsubishi is the world’s largest bank holding/financial services corporation, with $2.63 trillion in assets. This Mitsubishi Group company offers a variety of financial and investing services.
These services range from commercial banking to trust banking to international finance, as well as asset management. Given MUFG’s great reputation, it’s hard to believe the firm was founded in 2005.
7. HSBC Holdings (HSBC)
HSBC serves almost 40 million clients globally, in addition to having operations in 64 countries and territories. The bank offers personal, business, private, and retail banking, as well as wealth management. It also provides financial services and products to corporations, governments, and other organizations.
8. J.P. Morgan Chase
J.P. Morgan Chase is one of the two companies that are “too big to fail.” It has assets worth $2.50 trillion, which makes it the eighth-largest bank in the world. The bank offers a wide range of services, such as asset management, private banking, treasury and securities, and commercial banking, to clients in more than a hundred countries. JPM is what J.P. Morgan Chase is called on the New York Stock Exchange. Chase opened in 2000, which makes it the second-oldest bank on our list.
9. Bank of America (BAC)
With $2.19 trillion in assets, Bank of America (BAC) is the largest bank holding company in the country. Ninety-nine percent of the Fortune 500 companies in the US work with this company. In 2008, Bank of America bought Merrill Lynch and became the world’s biggest wealth manager. The New York Stock Exchange, the S&P 500, and the Dow Jones Industrial Averages all have this stock on their lists.
10. Crédit Agricole Group
Another French financial giant, Crédit Agricole Group, is now the tenth largest bank in the world. It has total assets of $2.25 trillion, which puts it in tenth place. The Crédit Agricole Group is a bank that works to meet the needs of the general public. The company has 51 million customers, and most of them come from at least 47 different countries.