The top 10 largest banks in the world are contributing to a very fast-growing financial services industry in 2020. BizVibe’s analysis shows that the financial services industry is expected to reach $26.5 trillion, growing at a rate of 6% in the next few years. China currently operates the four largest banks in the world and is expected to keep growing at a stellar rate leading the industry in the growth of total assets and. US banks remain near the top among the largest banks in the world by revenue.+
This fact sheet is to assist business professionals, investors, and people in general that are interested in gaining insights into the global financial industry including:
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Who are the top 10 largest banks in the world? The following is a list of largest banks in the world ranked by factoring both total assets and annual revenue.
What is the largest bank in the world? Number 1 on BizVibe’s list of the top 10 largest banks in the world in 2020 is Industrial & Commercial Bank of China, a multinational Chinese banking company. Abbreviated as ICBC, the company is a state-owned enterprise founded 36 years ago in Beijing. ICBC specializes in 3 main types of services: banking, financial services, and investment services.
Industrial & Commercial Bank of China is the largest bank in the world by assets with USD 3.62 trillion in total assets. ICBC is the fourth largest bank in the world going by total revenue at USD 134.8 billion.
2nd on BizVibe’s list of the largest banks in the world is also from China. China Construction Bank Corporation — abbreviated as CCB — the company is one of the “big four” banks in China. CCB was founded 66 years ago in Beijing and currently operates branches in Barcelona, Frankfurt, Luxembourg, Hong Kong, Johannesburg, New York City, Seoul, Singapore, Tokyo, Melbourne, Kuala Lumpur, Sydney and Auckland, and has a wholly-owned subsidiary in London.
China Construction Bank is the 2nd largest bank in the world ranked by total by assets at USD 2.94 trillion.
Coming in 3rd on the list of the largest banks in the world is also from China and another one of the big four banks in China. Agricultural Bank of China is 3rd on BizVibe’s list of the largest banks in the world in 2020. ABC has a total asset value of USD 2.82 trillion, making it the 3rd largest bank in the world by assets. Agricultural Bank of China was founded 69 years ago back in 1951 and is primarily owned by Central Huijin and the Ministry of Finance.
In terms of revenue, ABC brought in $87.6 billion in 2018 and continues stellar annual revenues. In 2010, the Agricultural Bank of China went public and its IPO was the largest on record at the time, surpassed since by Alibaba.
Bank of China is ranked 4th on BizVibe’s list of the top 10 largest banks in the world in 2020. Bank of China was founded back in 1912 and is known for dealing with small farmers and large wholesale agricultural companies.
Bank of China is also one of the big four state-owned commercial banks in China and ranks 4th in the world in asset value with a total value of assets worth USD 2.82 trillion.
HSBC Holdings plc is the largest bank in Europe. HSBC is a multinational investment bank and a financial services holding company operating in over 80 countries with over1800 locations in the UK alone. HSBC is the first non-China based bank in this list.
JPMorgan Chase is an American multinational investment banking company and 6th on BizVibe’s list of the top 10 largest banks in the world. Headquartered in New York City and founded back in 1799 initially as Bank of the Manhattan Company, the company has the third largest hedge fund ion the world. In terms of market cap, the company has the largest market cap in the world.
JPMorgan Chase has total assets of USD 2.45 trillion and their annual revenue last year was 115.627 billion. JPMorgan Chase is one of the big four banks in America, along with Bank of America, Citigroup, and Wells Fargo.
BNP Paribas is an international banking group based out of France. By total assets and revenue, BNP ranks 7th on this list. BNP Paribas was founded 172 years ago with its current headquarters in Boulevard des Italiens, Paris, France. The bank’s current presence is on 5 different continents and serves more than 30 million customers worldwide. Following the 2008 financial crisis, BNP Paribas was considered one of the five largest banks in the world.
BNB Paribas’ annual revenue last year was USD 48.9 billion and total assets are USD 2.4 trillion.
Mitsubishi UFJ Financial Group, abbreviated as MUFG, is a Japanese holding company in the financial services sector. MUFG was founded in 2005 with its current headquarters in Yurakucho, Chiyoda, Tokyo, Japan. MUFG’s total assets are USD 2.8 trillion — making the MUFG of the largest banks in the world by assets.
With headquarters in Charlotte, North Carolina, U.S., Bank of America is one of the largest banks in the world by assets and revenue. Founded in 1998, Bank of America operates central hubs in New York City, London, Hong Kong, Minneapolis, and Toronto, but was founded in San Francisco. Bank of America specializes in a multitude of services and has total assets of USD 2.15 trillion and total revenue of USD 91.24 billion.
Crédit Agricole Group is the world’s largest cooperative financial institution. The company was founded 125 years ago and has current headquarters in Montrouge, France. Crédit Agricole Group has total assets of USD 1.91 trillion and total revenues of USD 33.5 billion making it one of the largest banks in the world by assets and revenue.
This is BizVibe’s list of the top 10 largest banks in the world by assets and revenue in 2020. These companies are changing the way businesses are innovating in the financial services industry.
Rank | Bank | Assets |
1 | Industrial & Commercial Bank of China | $3.62 trillion |
2 | China Construction Bank Corporation | $2.94 trillion |
3 | Agricultural Bank of China | $2.82 trillion |
4 | Bank of China | $2.82 trillion |
5 | Mitsubishi UFJ Financial Group | $2.8 trillion |
6 | HSBC Holdings | $2.57 trillion |
7 | JPMorgan Chase | $2.45 trillion |
8 | BNP Paribas | $2.4 trillion |
9 | Bank of America | $2.15 trillion |
10 | Crédit Agricole Group | $1.91 trillion |
The top 10 largest banks in the world by assets in 2020 is led by the big four banks in China Industrial & Commercial Bank of China, China Construction Bank Corporation, Agricultural Bank of China, and Bank of China.
Rank | Bank | Revenue |
1 | Industrial & Commercial Bank of China | $134.8 billion |
2 | JPMorgan Chase | $115.627 billion |
3 | China Construction Bank Corporation | $92.1 billion |
4 | Bank of America | $91.24 billion |
5 | Agricultural Bank of China | $87.6 billion |
6 | Bank of China | $73.23 billion |
7 | HSBC Holdings | $56.1 billion |
8 | BNP Paribas | $48.9 billion |
9 | Mitsubishi UFJ Financial Group | $41.7 billion |
10 | Crédit Agricole Group | $33.5 billion |
The top 10 largest banks in the world by revenue in 2020 is led by Industrial & Commercial Bank of China, JPMorgan Chase, China Construction Bank Corporation, and China Construction Bank Corporation. Americans perform at a stellar rate in annual revenues.
2020 and, the future of the services industry looks promising as the top 10 largest banks in the world continue to grow their total assets and annual revenue. Expect the industry to keep growing and the key players to play a vital role in its growth.
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