China's the world's second-largest economy and the world's largest banking industry -in terms of assets. The size of its banking system owes to its status as the world's largest exporter. The need to enable money transfers to China is another factor. Her state-owned banks are among the largest in the world. Here're the top five banks in terms of strength, services offered, and awards received:
Industrial & Commercial Bank of China (ICBC): On The Asian Banker's strength list, which ranks banks based on the basis of their balance sheets, ICBC is ranked seventh among Asian Pacific banks. ICBC is a specialist commercial bank that was declared the world's largest bank by assets in 2017 and 2018; it ranked high on Forbes' list as the largest global public company in 2019. They were ranked top in The Banker's Top 1000 World Banks from 2012 to 2019. In other countries, the bank has almost 400 subsidiaries.
With a market capitalization of more than $21 billion, ICBC was the world's largest IPO at the time. It was the first firm whose shares were traded on both the Hong Kong and Shanghai stock exchanges. Their most recent net income was around CNY 300 billion, and their assets are valued at China over CNY 27 trillion. ICBC offers a variety of services to both people and businesses, with a particular emphasis on business loans to manufacturers, power companies, retailers, and other industries. ICBC was voted Finance Asia's Best Bank in China in 2019 and has received several other accolades.
Bank of China (BOC): BOC is the second oldest bank in mainland China and ranks tenth among Asian Pacific banks on The Asian Banker strength list. It was established in 1912 to take the position of the Imperial Bank of China. It is one of the four major state-owned banks in China. Its most recent recorded net income was above CNY 190 billion, and their assets exceeded CNY 21 trillion. At the end of 2017, it was the world's fourth-largest bank in terms of assets. BOC is a significant loan provider in the country, offering a wide range of services to both people and companies. In addition, the BOC is permitted to issue banknotes in two Chinese Special Administrative Regions. With operations in 57 countries, it is the most global of China's banks. They were the first large bank in the United States to accept renminbi (Chinese money) assets. BOC has earned several awards, including Best RMB Clearing Bank by The Asian Banker and Best FIG Issuer by Global Capital China.
Agricultural Bank of China (ABC bank): ABC Bank is the world's third-largest lender, with around 25,000 outlets globally. It was founded in 1951. Their most recent net income was above CNY 202 billion, and their assets exceeded CNY 22 trillion. ABC bank began as a specialty bank lending to small businesses in rural China, but it now offers a wide range of consumer and corporate services. They serve 300 million consumers and 3 million commercial clients. They also have a Treasury Operations division that deals with money market or repurchase transactions, debt instrument investments, and derivative holdings. ABC has won several awards, including corporate social responsibility, company culture development, and assistance to small and medium-sized enterprises.
China Construction Bank (CCB): CCB is ranked sixth in the Asian Banker strength rating among Asian Pacific banks. CCB had substantial growth in the early 2000s and was the world's second-largest bank by market capitalization in 2015. Their most recent net income was above CNY 255 billion, and their assets exceeded CNY 23 trillion. More than 15,000 branches and subsidiaries in Luxembourg, South Africa, South Korea, the United States, and Australia offer various consumer and commercial services. They've won several awards, including Asia Money's Best Domestic Bank in China, Global Finance's Best Corporate Lending, and Global Finance's Best Mortgage Loans Bank.
Bank of Communications: Bank of Communications Co., Ltd., established in 1908, is one of China's oldest banks and one of the country's first note-issuing institutions. In June 2005, BoCom was listed on the Hong Kong Stock Exchange and listed on the Shanghai Stock Exchange in 2007.
For the 12th year in a row, BoCom was recognized a "Fortune Global 500" corporation in 2020, ranking 162 in terms of operational revenue and 11th in terms of Tier 1 Capita. Today, the Bank of Communications is one of China's top five leading commercial banks, with over 2,800 branches in 80 major cities.