Every year, S&P Global Market Intelligence publishes its report of the 100 largest banks in the world by total assets.
For years, US based banks have dominated the international financial system, but now out of the top 10 banks four are Chinese as China's "Big Four" continue to expand, posting a combined $13.637 trillion in assets.
Below is a detailed list of the 10 largest publicly-traded banks in the world 2018 with their total assets and market capitalisation in US dollars.
1. Industrial and Commercial Bank of China (ICBC)
State-owned ICBC, listed in Shanghai and Hong Kong, has ranked first among all banks in the world in terms of total assets, revenues, or profits in recent years. It is a part of the “Big Four” state-owned banks and controls almost 1/5 part of all banking in China. ICBC was founded in 1984 in Beijing and now has more than 460.000 employees.
When ICBC was listed in 2006, the IPO was the world's largest at that time valued at US$21.9 billion. China's largest commercial bank was also the first company to debut simultaneously on both the Hong Kong and Shanghai stock exchanges. ICBC obtains $4 009 billion assets and its market capitalisation totals $238 billion.
Last month, ICBC's chairman Yi Huiman was named chairman of the China Securities Regulatory Commission (CSRC) and Communist Party chief.
2. China Construction Bank Corporation (CCB)
CCB was founded in 1954 and is headquartered in Beijing. It has more than 14.000 branches all around the world where 372.000 employees work. In 2005 the bank was listed on the Stock Exchange of Hong Kong. In 2007, it made China's second-largest IPO of CN¥57.12 billion (US$7.6 billion) on the Shanghai Stock Exchange.
In 2005, Bank of America (BofA) bought a 9% stake in CCB for $3 billion and a further 1.75% in 2008. The investment represented BofA's largest foray into China's growing banking sector. However, the American financial giant sold its entire stake in the Chinese bank for $9.8 billion over three years from 2011 to 2013.
According to the latest data, CCB has $3 400 billion total assets and its market capitalisation totals more than $200 billion.
3. Agricultural Bank of China (ABC)
ABC or AgBank was founded in 1951 by Mao Zedong as a resource for rural farmers and its headquarters are in Beijing. It has about 24 thousand branches in the country and abroad, over 320 million general customers and 2.7 million institutional clients.
In April 2007, ABC was the victim of the largest bank robbery in Chinese history. This occurred when two vault managers at the Handan branch of the bank in Hebei province embezzled almost 51 million yuan(US$7.5 million).
In 2010, ABC broke ICBC's IPO record when it raised $22.1 billion on the Shanghai Stock Exchange and the Hong Kong Stock Exchange. This record has since been beaten by another Chinese company, ecommerce giant Alibaba, in 2014.
Assets of Agricultural Bank of China total $3 235 billion and its market capitalisation totals $190 billion.
4. Bank of China (BOC)
The oldest bank in mainland China still in existence, BOC was founded in 1912 and is headquartered in Beijing’s Xicheng District. The bank is the most globally-active of China's banks, with branches in 20 countries.
In June 2006, BOC was listed on the Hong Kong Stock Exchange. The IPO attracted HK$286 billion (USD 36.7 billion) in retail orders and was the most heavily oversubscribed in the history of the Hong Kong Stock Exchange. The offer was around 76 times oversubscribed.
A month later, BOC also made a successful IPO in mainland China offering up to 10 billion A-shares on the Shanghai A Stock Exchange for RMB20 billion (US$2.5 billion).
The bank's assets collect near $2 991 billion and its market capitalisation makes $162 billion.
5. Mitsubishi UFJ Financial Group (MUFG)
MUFG is Japan’s largest financial services company and is one of the biggest subsidiaries of the Mitsubishi Group. The company was formed in 2005 with the merger of Tokyo-based Mitsubishi Tokyo Financial Group (MTFG), and Osaka-based UFJ Holdings. It is headquartered in Chiyoda, Tokyo.
In 2008 MUFG invested US$9 billion in Morgan Stanley (U.S.) as part of its efforts to strengthen investment banking.
MUFG is listed on the Tokyo Stock Exchange and the New York Stock Exchange. It has 2,784 billion total assets and a market capitalisation of US$ 78.4 billion.
6. JPMorgan Chase
JPMorgan Chase is one of the largest investment companies in the world. It was established after a merger agreement between J.P. Morgan & Company and Chase Manhattan Bank in the year 2000, in one of the largest banking mergers to date. The company's oldest predecessor institution, the Bank of the Manhattan Company, was the third oldest banking corporation in the United States having been established on September 1, 1799, by Aaron Burr.
JPMorgan Chase serves nearly half of U.S. households and its HQ is located in New York City, Manhattan. The company is listed on the NYSE and is a component of DJIA, S&P 100 and S&P 500.
Its assets total $2 533 billion and its market capitalisation is $374.1 billion.
7. HSBC Holdings plc
Founded in 1856 in Hong Kong, HSBC is one of the largest banking and financial services organisations in the world, with operations in 66 countries and territories.
The British banking behemoth serves more than 39 million customers and has 235.000 staff. HSBC has a dual primary listing on the Hong Kong Stock Exchange and London Stock Exchange and is a constituent of the Hang Seng Index and the FTSE 100 Index. It has secondary listings on the NYSE, Euronext Paris, and the Bermuda Stock Exchange.
Its assets compounds $2,521 billion and $187 billion of market capitalisation.
HSBC Holdings plc reported profit before tax of $19.9 billion in 2018, up 16 per cent on 2017 while reported revenue rose 5 per cent to $53.8 billion.
The leading banking group in France was established in the year 2000 following a merger between BNP (Banue Nationale de Paris) and Paribas.
Its headquarters are located in Geneva, Paris and London. The bank is actively present in 77 countries. In addition to its retail activities, BNP Paribas has an investment banking arm, recognised as a global leader in derivatives trading, structured finance, and project finance.
The group is listed on the first market of Euronext Paris and a component of the Euro Stoxx 50 stock market index, while it also included in the French CAC 40 index.
Its assets total $2,235 billion and its market Capitalization is $99 billion.
9. Bank of America (BofA)
Bank of America Corporation was founded in 1874 and is based in Charlotte, North Carolina. The company provides banking and financial products and services for individual consumers, small- and middle-market businesses, institutional investors, large corporations, and governments in more than 35 countries.
Over the past decade BofA has paid more than $90 billion in legal fines and settlements and was one of the major banks, which issued a significant amount of mortgage backed securities before 2008, which led to the financial crisis.
Anyhow, according to the latest data, BofA has $2 281 billion assets and its market capitalisation sustains $163 billion. The company is listed on the NYSE and is a S&P 100 and S&P 500 component.
10. Credit Agricole
Sometimes called "la banque verte" (English: the green bank) due to its historical ties to farming, Credit Agricole was established in 1894 specifically to take care of the banking needs of the farmers. The bank now has 52 million customers across 49 different countries and 139,000 employees. Its clients include multinationals, SMEs, farmers, artisans, associations, communities, families and individuals. The company is listed on Euronext Paris' first market and is part of the CAC 40 stock market index. It has a balance of $2 117 billion in assets and a market capitalisation of $ 87 billion.
According to the S&P Global Market Intelligence report, eighteen of the top 100 banks are headquartered in China and collectively reported $23.761 trillion in assets. The U.S. had the next highest number with 11 banks holding $12.196 trillion in assets, followed by Japan with eight banks at $10.534 trillion in assets.