Banks are often among the biggest companies in the world. They play an important role in expanding the economy and helping many businesses to grow. The world’s largest banks by assets have their own role to play in boosting the economy of their respective countries.
According to the S&P Global Market Intelligence report about world’s largest banks by asset in 2024, Industrial and Commercial Bank of China Ltd tops the list. Chinese megabanks occupy the top four positions. Agricultural Bank of China Ltd overtook China Construction Bank Corp to claim second place.
Let’s take a look at the list of world’s largest banks by assets in 2024:
Industrial and Commercial Bank of China Ltd (Assets: $6,303.44 billion)
Industrial and Commercial Bank of China was established on January 1, 1984. On October 28, 2005, the bank was wholly restructured to a joint-stock limited company. On October 27, 2006, the bank was successfully listed on both Shanghai Stock Exchange and The Stock Exchange of Hong Kong Limited. Seizing the historic opportunities arising from the transformation of domestic economic development mode after the joint-stock reform, the bank strived to overcome the adverse impact of international financial crisis, firmly promoted structural adjustment and development mode transformation, and preliminarily built an intensive and sustainable development path featuring balanced assets and capital, quality and benefits, and cost and efficiency.
Agricultural Bank of China Ltd (Assets: $5,623.12 billion)
The predecessor of the bank was Agricultural Cooperative Bank established in 1951. Since the late 1970s, the bank has evolved from a state-owned specialized bank to a wholly state-owned commercial bank. And then subsequently a state-controlled commercial bank. The bank was restructured into a joint stock limited liability company in January 2009. In July 2010, the bank was listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
As one of the major integrated financial service providers in China, the bank is said to be committed to building an international first-class commercial banking group with featured operations. It aims to build efficient and convenient services, diversified functions, as well as demonstrated value-creation capability. Capitalizing on its comprehensive business portfolio, extensive distribution network and advanced IT platform, the bank provides a diverse portfolio of corporate and retail banking products and services for a broad range of customers. It conducts treasury operations and asset management also. Its business scope also includes, among other things, investment banking, fund management, financial leasing and life insurance.
China Construction Bank Corp (Assets: $5,400.28 billion)
The bank’s history dates back to 1954, when the People’s Construction Bank of China was founded as a wholly state-owned bank under the direction of the ministry of finance of the PRC to administer and disburse government funds for construction and infrastructure related projects under the state economic plan. In 1979, the People’s Construction Bank of China became a financial institution under the direction of the state council and gradually assumed more commercial banking functions.
The People’s Construction Bank of China gradually became a full service commercial bank following the establishment of China Development Bank in 1994. It assumeed its policy lending functions accordingly. In 1996, the People’s Construction Bank of China changed its name to China Construction Bank.
China Construction Bank Corporation was formed as a joint-stock commercial bank in September 2004 as a result of a separation procedure undertaken by her predecessor, China Construction Bank, under the PRC Company Law.
On October 27, 2005, the bank’s H-shares were listed on Hong Kong Stock Exchange, and on September 25, 2007, the bank’s A-shares were listed on Shanghai Stock Exchange.
Bank of China Ltd (Assets: $4,578.28 billion)
Bank of China is the bank with the longest continuous operation among Chinese banks. Formally established in February 1912, the bank served consecutively as the country’s central bank, international exchange bank and specialised international trade bank. After 1949, drawing on its long history as the state-designated specialised foreign exchange and trade bank, the bank became responsible for managing China’s foreign exchange operations and offering international trade settlement, overseas fund transfer and other non-trade foreign exchange services. Restructured into a wholly state-owned commercial bank in 1994, the bank provides various financial services, and has developed into a large commercial bank delivering services in local and foreign currencies and featuring complete business varieties and strong strength.
The bank listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange in 2006, becoming the first Chinese bank to launch an A-share and H-share initial public offering and achieve a dual listing in both markets. The bank was the official banking partner of the Beijing 2008 Summer Olympics and the Beijing 2022 Winter Olympics, thus making it the only bank in China to serve two Olympic Games.
Read more: 10 UAE banks record $12.6 billion in net profits in 2023
JPMorgan Chase & Co (Assets: $3,875.39 billion)
The firm is built on the foundation of more than 1,200 predecessor institutions that have come together over the last 225 years.
Rooted in both innovation and philanthropy, the bank traces its foundation to New York City’s first water company in 1799. Its many well-known heritage firms include J.P. Morgan & Co., The Chase Manhattan Bank, Bank One, Manufacturers Hanover Trust Co., Chemical Bank, The First National Bank of Chicago, National Bank of Detroit, Washington Mutual, The Bear Stearns Companies Inc. and First Republic. Each of these firms, in its time, was closely tied to advancements in finance and the growth of the U.S. and global economies.
Over the years, it has become a financial leader, a home for innovation and a powerful voice in support of global change. The bank provides strategic solutions for the full spectrum of asset classes for individuals, advisors and institutions. Thereby, it helps 80 million individuals, families and businesses grow and thrive through banking, saving, investing and more.
Bank of America Corp (Assets: $3,180.15 billion)
Bank of America is one of the world’s leading financial institutions. It serves individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management. It also serves other financial and risk management products and services. The company provides unmatched convenience in the U.S. It serves approximately 69 million consumer and small business clients with 3,800 retail financial centers, 15,000 ATMs. Also, it serves award-winning digital banking with approximately 58 million verified digital users.
It is a global leader in wealth management, corporate and investment banking. It is trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately four million small business households. It provides this through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the U.S., its territories and more than 35 countries. The bank’s stock trades on the New York Stock Exchange.
HSBC Holdings PLC (Assets: $2,919.84 billion)
HSBC was born from one simple idea – a local bank serving international needs. In March 1865, HSBC opened its doors for business in Hong Kong, helping to finance trade between Europe and Asia. The bank has been supporting its customers for more than 150 years. Today, it serves around 42 million personal, wealth and corporate customers worldwide in 62 countries and territories. The experiences of the past century and a half have formed the character of HSBC. A glance at its history explains why the bank believes in capital strength.
The bank has weathered change in all forms – revolutions, economic crises, new technologies – and adapted to survive. The resulting corporate character enables HSBC to meet the challenges of the 21st century. Moreover, the bank aims to achieve net zero in its operations and supply chain by 2030. Also, in its financing portfolio by 2050. Between now and then, the bank is working with clients to help them reduce their emissions. It is also helping them to scale up low-carbon solutions, as it work to reduce its own. This will be a change over time, as businesses and economies progressively move away from high-carbon activities.
For more news on banking & finance, click here.
