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Finance & Economics

Which country has the largest banks? – ranking

Apr 17, 2020

A weakened national currency and an economic slowdown on the back of global trade tensions in 2019 weren’t the obstacles for success

largest banks

Which country has the largest banks? – ranking. Source: pixabay.com

S&P Global Market Intelligence published the annual Global Bank Ranking series, revealing that Chinese institutions keep on dominating the world’s biggest banks for the 5th year in a row.

According to the report, one-fifth of the top 100 banks are headquartered in China and collectively reported $25.8 trillion in assets.

This way, Industrial & Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China remained the 4 largest banks in 2020’s ranking with combined assets of $14.82 trillion, which is up 7.5% compared to 2019.

US bank earnings will come under considerable pressure in 2020 as the significant business disruption resulting from efforts to combat the coronavirus pandemic will push many borrowers to the brink and result in a large increase in credit costs and limit growth. Banks in any geography that face prolonged shutdowns could find themselves in the same camp
Nathan Stovall, Principal Analyst at S&P Global Market Intelligence

Along with that, the US had the second-highest number in the ranking, with 11 banks holding $13.04 trillion in assets.

Indeed, JPMorgan Chase & Co. slipped one spot to No. 7 and continued to be the largest bank in the country. Meanwhile, Bank of America maintained its position as the 8th largest bank worldwide.

According to the ranking, London-based HSBC Holdings climbed one spot to No. 6, overtaking JPMorgan as the largest non-Asian bank.

We’ve reported that SoftBank revealed it is expecting to book a $12.5 billion operating loss by the end of its fiscal year which ends in March 2020. As was explained, that’s a result of a deterioration in the current market environment.

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