Banks have an important role in our life. A bank is a financial institution that accepts deposits from the public and collects demand deposits while simultaneously giving loans. China has the top four largest bank in the world in 2023 by total assets. Here we have compiled a list of Top 10 Biggest Banks in the world in 2023. Let’s see!
The Credit Agricole Group is a French international banking group, and the world’s largest co-operative financial institution. It is the third largest in Europe and the second largest in France and one of the top 10 biggest banks in the world in 2023. Also, it consists of a network of Credit Agricole local banks, 39 Credit Agricole regional banks, and a central institution, Crédit Agricole S.A.
In addition, Credit Agricole is listed on the Euronext Paris first market through an intermediate holding company, Crédit Agricole S.A. The Credit Agricole reached the top of CAC 40, in August 2022. It is considered a systemically important bank by the Financial Stability Board. Also, it was the title sponsor of the Credit Agricole professional road cycling team from 1998 to 2008.
BNP Paribas S.A. is the largest French international banking group. It is one of the largest banks in Europe and the ninth biggest in the world in 2023 with total assets of $2,905 billion. BNP Paribas is headquartered in Boulevard des Italiens, Paris, France and employs over 202,500 employees. The bank operates in 72 countries on five continents.
BNP Paribas was created in 2000 through the merger of Banque Nationale de Paris (BNP) and Paribas, although its corporate identity descends from its foundation as a French national bank in 1848. Additionally, it is one of the four major French international banks along with Credit Agricole, Societe Generale and Groupe BPCE. Also, the group is listed on the first market of Euronext Paris and a constituent of the Euro Stoxx 50 stock market index, while it is also included in the French CAC 40 index.
HSBC Holdings plc is a British multinational investment bank. It is one of the top 10 biggest banks in the world in 2023, second in Europe, with total assets of US$2.953 trillion. Its headquarter is in London, United Kingdom.
In addition, HSBC has its origins in British Hong Kong, and its current form was established in London to function by the Hong Kong and Shanghai Banking Corporation. As a new group holding company in 1991, its name is derived from that company’s initials. The Hong Kong and Shanghai Banking Corporation opened branches in Shanghai in 1865 and was first formally incorporated in 1866.
Additionally, HSBC has approximately 3,900 offices and approximately 38 million customers in 65 countries in Africa, Asia, Oceania, Europe, North America and South America. Also, as of 2014, it was the sixth largest public bank in the world according to the overall measurements of Forbes magazine. It is considered a systemically important bank by the Financial Stability Board.
The Bank of America Corporation is an American multinational investment bank and financial service holding company. The bank was founded in San Francisco, and in 1998, the Nations Bank of Charlotte acquired it and took its present form. Also, this is the second largest banking institute in the United States after JP Morgan Chez, and one of the top 10 biggest banks in the world in 2023. The total property of the Bank of America is $3.16 trillion and its market cap is $276.9 billion. Its headquarters is in Sharlot, North Carolina.
In addition, Bank of America is one of the four major banking institutions in the United States. Also, in direct competition with JP Morgan Chase, Citigroup and Wells Fargo, all American banks work about 10.73% of deposits. Also, its primary financial services revolve around commercial banking, money management and investment banking. More than 200,000 employees work in the bank.
Mitsubishi UFJ Financial Group is Japan’s largest bank holding and financial service company. With the total property of US$ 3.1 trillion it is one of the top 10 biggest banks in the world 2023. Its headquarters is in Chioda, Tokyo, Japan.
MUFG had property worth about 2,459 billion in 2016. Mitsubishi Corporation and Mitsubishi Heavy Industries are one of the “Three Great Houses” of Mitsubishi Group. In Audition, it is Japan’s largest financial group and is the second largest bank holding company in the world by 11 trillion US dollar (JPY 148 trillion) by March 2011. Also, MUFG letters come from Mitsubishi and Japan’s United Financial.
JPMorgan Chase is an American multinational investment bank and financial services holding company. Its headquarter is in New York City. JPMorgan Chase is incorporated in Delaware. As of 2023, JPMorgan Chase is the largest bank in the United States and the fifth largest bank in the world in terms of total assets, with a net worth of US$3,743 billion.
In addition, it is one of the four largest banks in the US, along with Bank of America, Citigroup and Wells Fargo. JPMorgan is the largest lender to the fossil fuel industry in the world as of 2022. JPMorgan Chase is considered a universal bank and a custodian bank. Additionally, the JPMorgan brand is used by the investment banking, asset management, private banking, private wealth management and treasury services divisions.
In September 2022, JPMorgan Chase entered the UK retail banking market by launching an app-based current account under the Chase brand. This is the company’s first retail banking operation outside the United States.
The Bank of China (BOC) is the fourth of the four largest state-owned commercial banks in China. It is also the fourth largest bank in the world in terms of total assets. Total assets are $4,206 billion and market cap is $133.6 billion.
Furthermore, Bank of China is legally separate from its subsidiary Bank of China (Hong Kong), although they maintain close ties in management and administration and cooperate in many areas, including resale of BOC’s insurance and securities services. Its headquarter is in Xicheng District of Beijing.
The Bank of China was established in 1912 by the Republican government to replace the Daking Bank. As well, it is the second oldest bank in mainland China still in existence (after the Bank of Communications, established in 1908). From its inception until 1942, it issued banknotes on behalf of the government with the “Big Four” banks of that period – the Farmers’ Bank of China, the Bank of Communications and the Central Bank of the Republic of China.
The Agricultural Bank of China (ABC) is one of the largest 4 banks in the People’s Republic of China. It is the third biggest bank in the top 10 biggest banks in the world 2023, with total assets of USD 4,575 billion. ABC was founded on 10 July 1951 and is headquartered in Dongcheng District of Beijing. It has branches in mainland China, Hong Kong, London, Tokyo, New York, Frankfurt, Sydney, Seoul and Singapore.
In addition, ABC has 320 million retail customers, 2.7 million corporate customers, and approximately 24,000 branches. It is China’s third largest lender by assets. ABC went public in mid-2010, bringing the world’s largest initial public offering (IPO) at the time, overtaking Saudi Aramco. In 2011, it was ranked eighth among the top 1000 World Banks. As of 2015, it was ranked third on Forbes’ 13th annual Global 2000 list, and in 2022 it ranks third. It is considered a systemically important bank by the Financial Stability Board.
China Construction Bank Corporation (CCB) is one of the four largest banks in the People’s Republic of China. In 2023, CCB is the second largest bank in the world by total assets and the sixth largest company in the world. The bank has about 13,629 domestic branches.
In addition, it maintains overseas branches in Barcelona, Frankfurt, Luxembourg, Hong Kong, Johannesburg, New York City, Seoul, Singapore, Tokyo, Melbourne, Kuala Lumpur, Santiago de Chile, Sydney and Auckland, and wholly owned subsidiaries in London. Also, it is considered a systemically important bank by the Financial Stability Board, with total assets reaching US$1.35 trillion in 2009. CCB is headquartered in Beijing’s Xicheng district, making it the second biggest bank in the world 2023 by total assets.
Industrial and Commercial Bank of China Limited (ICBC) is the biggest bank in the world 2023 by total assets. It is a multinational largest Chinese banking company. Whose total assets are $5.5 trillion.
ICBC being a state-owned commercial bank, was established on 1 January 1984 as a limited company. With capital provided by China’s Ministry of Finance, the bank’s Tier 1 capital in 2013 was the largest of a thousand global banks, the first bank headquartered in China to achieve this distinction in modern history.
In addition, ICBC ranked first in the Banker’s Top 1000 World Banks ranking every year from 2012 to 2022, and was also ranked first in the Forbes Global 2000 list of the world’s largest public companies in 2019. It is considered a systemically important bank by the Financial Stability Board.