ICBC tops global market capitalisation banking ranking

by Richard Kilner

Story link: ICBC tops global market capitalisation banking ranking

The Industrial and Commercial Bank of China (ICBC) has revealed that for 2009 it was the largest bank in the world in terms of market capitalisation.

As of 31 December 2009 the ICBC had market capitalisation of US$268.982bn, US$70bn more than the second placed bank (China Construction Bank).

It also rose through the worldwide ranking of publicly traded companies up to fourth place.

The market capitalisation list reveals the shifting of banking tectonic plates as financial institutions from the Far East top the rankings.

As well as the ICBC and China Construction Bank, the top five also included Bank of China in fifth, with HSBC in third and JP Morgan Chase in fourth place.

Last April the ICBC became the largest bank in the world according to market share and was named as the Best Bank in China.