China banking heavyweights ranked top four in Asia Pacific

Business | 28 Apr 2017 6:22 pm

For the third consecutive year, China's Big Four — Industrial & Commercial Bank of China, China Construction Bank Corp., Agricultural Bank of China, and Bank of China — have been named the largest banks in Asia Pacific by assets, according to the latest ranking by S&P Global Market Intelligence.

ICBC tops the ranks with US$3.47 trillion in assets, while CCB ranks second with US$3.01 trillion in assets.

AgBank is third with US$2.81 trillion in assets and Bank of China is forth with assets of US$2.60 trillion.

Japan's four largest lenders — Mitsubishi UFJ Financial Group Inc., Japan Post Bank Co. Ltd., Mizuho Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. — took the fifth through eighth positions again this year, reporting a combined US$7.792 trillion in assets.

Three new banks entered the top 50 this year: China-based China Zheshang Bank Co, and Bank of Nanjing, and Japan-based Concordia Financial Group, replacing Taiwan's CTBC Financial Holding Co. Ltd., India's ICICI Bank Ltd. and Australia's Macquarie Group.

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