Banking sector is the backbone of the economy of the world. Nation’s economic growth can be truly estimated by the working and credit rating of the banks operating in that country. There are hundreds of banks working all over the globe. Many of them have been ratified by the Global Finance Survey as the trustworthy banks with good credit rating and consumer satisfaction along with the huge capital and assets. We have also come up with the list of banks that are the top ten largest banks of world. On them, you can trust blindly for your financial transactions and deposits. Let us briefly describe the name and nature of these top 10 largest banks in the world.
10. The Commonwealth Bank
It was founded in 1911 and begins its operation in early 1912 with offering of services regarding savings and general banking purposes. It is reported that the common wealth bank of Australia has a total capital of worth $84.32 billion. Starting with simple aim and low capital, the common wealth bank of Australia has now reached to the peak of banking sector and is considered as the greatest banks of the world.
9. CitiGroup
Citi group of America is a corporate bank and has the largest banking network throughout the world. Optimum customer satisfaction and best consumer banking in the world made citigroup to extent its services to more than 140 different countries of the world. Citi group banking services currently recoded total market capitalization of worth 86.67 Billion Dollars. Since 1998, citi group is the largest known bank in the history.
8. Itau UniBanco Bank Brazil
Surprised? Yeah, it is Brazilian Bank that has been included in the category of the ten largest banks of the world. Itau UniBanco Bank Brazil has no competition in the south of the world as it is the only largest bank in the south part of the world. Furthermore, the banking is playing a leading role in the development of Brazil with capitalization of nearly 88.18 Billion Dollars.
7. Bank of China
Since there is no capitalism in the China, so the central bank of China named athe the bank of China is also one of the largest banks of the world. Now, it is the banks that issues currency notes in line to the communist ideology of the China. The total market capitalization of Bank of China is 128.8 Billion Dollars.
6. JP Morgan Chase
Here comes United States of America again. In the hierarchy of the 10 largest banks of the world, JP Morgan Chase assumed the 6th position. This bank was established in 1799 and since then has been rendered as one of the largest and trustworthy banks of the world. This bank has also played a vital part in the economic depression of 1930’s. this bank is still playing an important part in the U.S economy with huge monetary assets and financial capital.
5. Agricultural Bank of China
China has been truly called as the sleeping giant. Agricultural bank of China was established in 1951 and started its operation in the same year. It is also state owned bank with huge capital values and aimed at supporting the Chinese farmer so that the agrarian economy may flourish. Services of this bank is exceptionally well with total capitalization value of 141.72 Billion Dollars.
4. HSBC Holdings
HSBC is the name no one can deny. Every person who has a little knowledge about the banking sector at least knows the name of HSBC holdings Bank. It is U.K bank and is the backbone of England’s economy. This bank is also operating in many countries and delivering its services to millions of people across the globe. Total market capitalization of 150.90 Billion Dollars.
3. Wells Fargo & Co
This financial institution is another product of the American economy. Wells Fargo & Co. bank is one of the most reliable, stable and economically sound bank in the America. It has been supporting the American economy since its inception. The total market capitalization for Wells Fargo and Co bank is 160.72 Billion Dollars.
2. China Construction Bank
Sleeping giant China again comes up at 2nd position due to its China Construction Bank. This bank is icon for the Chinese economy. Like other banks, it is also State owned and aimed at promoting the development of economy along with the growth of people in economic terms. This bank has also been declared as the 12th biggest and largest corporate in the world with its total market capitalization of 195.85 Billion Dollars.
1. Industrial and Commercial Bank of China
State owned banking system of China assumed the first position in the list of top ten largest banks of the world. The industrial and Commercial bank of China was established in 1984 and has been making progress with exceptional pace. In the last year, the increase in bank’s assets was recorded to 2 Trillion Dollars. It is the largest bank in China and undoubtedly in the whole world with the total market capitalization of 240.95 Billion Dollars.
