Banks play an important role in the economic development of the country. Banks are used because everyone needs a safe place where a person can store his saving and money. Banks was initially started in early times where people used to save their money in the small institutions and later the trend of banks became a wide business. Banks has started various operations for the customers like Loans, saving, insurance. Banks also offer different kinds of loans like car loan, housing loans and education loan. Banks also provide many features like online payment of you bill like electricity bill, telephone bill that helps in saving your time.
Here is the list of top 10 biggest banks in the world :
Commonwealth bank located in Australia. It was founded in 1911 as the goverment bank and in 1991 it was transformed into public bank. Commonwealth bank is the Australia multinational bank and its business is across many countries like USA , United Kingdom, new Zealand , Fiji, Asia. This bank provide various services like banking, financial services like institutional and business banking and retail, insurance, investment, broking services and funds management. The market cap of the bank is $82.62
Citigroup bank is also one of the largest bank in the World and is situated in United States and its headquaters are situated in New York. It was founded on June16, 1812. the bank holds more than 200 million customer accounts across 140 countries and has around 160 offices worldwide. Citigroup bank celebrated its 200th anniversary this year. It mainly provide services like banking and Financial services. The market cap of the bank is $86.67.
8. Itau Unibanco
Itau Unibanco is one of the largest bank of Brazil and its headquarters is situated in Sao Paulo, Brazil. The bank was founded in 2008 and provide both banking and financial services to its customers. It has operations in many parts of the world like USA, Hong Kong, China, Japan, South America, England and in Asia. The market cap of this bank is $88.17.
7. Bank Of China
Bank of china is situated in China. It was founded in 1912 and its headquarters is situated in Beijing. It is owned by Government of the people’s Republic of China. It is one of the oldest banks of China. Its yearly market cap is $128.80. Bank of China has its operations in many countries like Singapore, Canada, New York and Tokyo. It offers many services to the customers like banking and financial services, mortgage banking, private banking, savings, securities, wealth management, asset management and corporate banking.. Li Lihui is the president of Bank Of China.
6. JP Morgan Chase
JP Morgan Chase is one of the largest bank of US. It is a multinational bank of America that deals in retail, investments and securities. It was founded in 2000 and its headquarters are located in New York. It mainly provide service like asset management, private banking, treasury services, private wealth management and securities services. It is also one of the Big Four Banks of US. The yearly market cap of this bank is $140.95.
5. Agricultural Bank of China
Agricultural Bank of China is the international bank of china. It was founded in 1951 and its headquarters is situated in Beijing. It is also one of the “big Four’ of the republic of china. Zhang Yun is the president of this bank. It has its branches in many countries like Tokyo, New York, Sydney, Seoul and in London and has nearly 24,000 branches across the world. The annual market cp of this bank is $141.73.
4. HSBC Holdings
HSBC is one of the multinational bank of UK. It was founded in 1991 by Sir Thomas Sutherland. HSBC has its four group business like Global Banking, Commercial banking and markets, Retail Banking, Wealth Management and Global Private Banking. The annual market cap is $150.90. It has around 75 offices around different countries. The bank headquarters is located in London. HSBC holding is also one of the oldest and largest bank of Hong Kong and was established in 1865.
3. Wells Fargo & Co
Wells Frago & Co is one of the multinational bank of US. It was founded on march18, 1852 in New York and is the second largest bank in home mortgage servicing, deposits and debit cards. The headquarter of the bank is located in San Francisco, California. In 2007 Wells Fargo was the only bank in US to be rated as AAA by S&P. It has more than 9,000 retail branches and 70 millions customers worldwide. The annual market cap of the bank is $160.72.
2. China Construction Bank
This multinational bank has its headquarters located in Beijing, China. In 2011, it was declared as the second largest bank in the world by market capitalization and was declared as 13th largest company in the World. Bank has its offices across different parts of the world like Hong Kong, New York, Singapore, Tokyo, Sydney and also in London. It was founded in 1954 by Wang Hongzhang. Earlier the bank was named as ‘ People’s construction bank of china’. The annual market cap of the bank is $195.85.
1. Industrial & Commercial Bank of China (ICBC)
ICBC is the world largest bank in the world. It was founded in 1984 in Beijing, China. it is the largest bank of the world in the terms of market capitalization and profits. In 2011 it ranked no.11 by its great increase in profits and market cap has made it to ranked no.1 in the list. The annual market cap of the bank is $240.95.