It's been a rough few years with ups and downs in the financial sectors but some banks have weathered the storms to stay on top. The S&P Global Market Intelligence report ranks financial institutions based on the reported assets to determine their overall status and level of wealth. Here are the 20 richest banks in the world according to the April 2020 report.
20. Postal Savings bank of China Co., Ltd. Total Assets in Billions: $1,467.31
According to Wikipedia, Postal Savings Bank of China Co., Ltd, also referred to as PSBC is the 20th richest bank in the world today. The bank is a commercial retail institution that was established in 2007. The headquarters of the Postal Savings Bank of China Co., Ltd is in Beijing. The institution offers basic financial services for rural and low-income customers as well as small to medium businesses. The branches are distributed throughout the entire country of China with just under 40,000 branches.
19. Groupe BPCE Total Assets in Billions: $1,501.59
Groupe BPCE was established in 2009 when BFBP and CNCE merged. It is a French banking group with over 8,200 branches distributed throughout the country of France with a customer base of approximately 40,000. Groupe BPCE operates under a variety of its subsidiary financial institutions offering a broad spectrum of financial services to enterprises of all sizes, professionals, individuals, and institutions. It serves customers within the nation of France as well as international clientele.
18. Barclay's Total Assets in Billions: $1,510.14
Barclays PLC is a multinational universal bank that was established in London, England in the United Kingdom. There are two main divisions of Barclays which include Barclays International, and Barclays UK. The Barclays Execution Services company provides support for the Barclays International division. It is the 18th richest bank in the world in assets.
17. Societe Generale S.A. Total Assets in Billions: $1,522.05
Societe Generale S.A. is a multinational investment bank that is headquartered in Paris, France. The institution provides a variety of financial services both nationally and internationally including corporate and investment banking, asset management, securities services, private banking, global transaction banking, and international retail banking.
16. Banco Santander, S.A. Total Assets in Billions: $1,702.61
Banco Santander, S.A. is the sixteenth richest bank in the world today. The headquarters is located in Madrid and Santander Spain. It is actively involved in European banking operations but has expanded its services to provide them throughout South and North America with a presence in all global financial centers. Banco Santander, S.A. has recently opened offices in Asia.
15. Mizuho Financial Group, Inc. Total Assets in Billions: $1,874.89
Mizuho Financial Group, Inc. is often referred to as Mizuho. It is a banking holding company that has grown to become the 15th richest bank in the world. It is a Japanese bank that has its headquarters in the Otemchi district of Chiyoda, Tokyo, Japan. It is a stable and systemic bank that is ranked as being high in importance to the economy of Japan.
14. Wells Fargo & Company Total Assets in Billions: $1,927.26
Wells Fargo & Company is a multinational financial services institution that originated in the United States. The headquarters for the corporate division is located in San Francisco, California. Its operational headquarters are housed in Manhattan, New York with various branches distributed throughout the entire United States. There are also multiple branches in various locations overseas. Wells Fargo provides a broad spectrum of financial services for individuals, businesses, and corporations ranging from basic banking services to lending and financing programs.
13. Sumitomo Mitsui Financial Group, Inc. Total Assets in Billions: $2,139
According to FXSSI, The Sumitomo Mitsui Financial Group is the thirteenth richest bank in the world for 2021. The bank is headquartered in Chiyoda-Ku, Tokyo, Japan. It provides a range of banking services under its subsidiary financial institutions under the Banking Act of Japan. The group provides global financial services in a variety of banking fields including basic banking services, securities, leasing, credit cards, and consumer financial products.
12. Japan Post Bank Co., Ltd. Total Assets in Billions: $2,140
The Japan Post Bank is a Japanese corporation that is held by Japan Post Holdings. It is a financial institution in which the Japanese government holds a majority stake, therefore, control of the bank and its operations. The headquarters for Japan Post Bank Co., Ltd is in Tokyo, Japan.
11. Citigroup, Inc. Total Assets in Billions: $2,234
Citigroup, Inc. is an American investment bank in the multinational category. The headquarters for the institution is located in New York City, New York. Citicorp merged with Traveler's Group, which was a large financial conglomerate. The merger took place in 1998 and the result was the establishment of Citigroup, Inc, an investment bank and financial services corporation. Citigroup is the parent company that owns the Citibank holding company called Citicorp, along with a variety of different international subsidiary institutions. Citigroup, Inc. is the eleventh richest bank in the world as of June of 2021.
10. Credit Agricole Total Assets in Billions: $2,386
Credit Agricole is a French financial institution that is headquartered in Paris, France. This is one of the richest banks in the world that started as a bank that catered to the farming industry. It remains to this day an important institution in the history of banking as it was the biggest cooperative financial institution in the world. Credit Agricole Group is comprised of a network of local banks with just under 40 regional banks as well as its central institution called the Credit Agricole S.A. The banking group expanded its services in 1990 and became a full-service banking group on an international level.
9. The Bank of America Corporation Total Assets in Billions: $2,738
The ninth richest bank in the world for 2021 is the Bank of America. In 1998, NationsBank acquired BankAmerica, and the purchase is what formed the Bank of America. The result was the Bank of America Corporation. It is a multinational investment bank and financial services holding company. Originally launched in San Francisco, California, the corporate headquarters are located in Charlotte, North Carolina. The Bank of America Corporation is ranked as the second richest bank in the United States. It provides a broad range of financial services for corporate, businesses, and enterprises of all sizes, and also basic banking services and lending programs for individuals. BOA also provides wealth management and investment banking services.
8. BNP Paribas S.A. Total Assets in Billions: $2,946
BNP Paribas S.A. is an international banking group with its headquarters in France. It originated in the year 1848 as a French national bank. It has evolved through a variety of changes throughout the past century, forming BNP Paribas after a merger of Banque Nationale de Paris and Paribas that took place in the year 2000. It is the eighth richest bank in the world today but is the richest bank in all of Europe by assets.
7. JP Morgan Chase & Co. Total Assets in Trillions: $2.68
According to Magnify Money, JP Morgan Chase & Co. is the seventh richest bank in the world for 2021. The institution originated in the United States of America as a multinational investment bank. In addition, it is also categorized as a financial services holding company. JP Morgan Chase is incorporated in the state of Delaware with its headquarters located in New York City, New York.
6. HSBC Holdings Total Assets in Trillions: $2.71
HSBC Holdings is a British investment bank and financial services holding company that is classified as a multinational institution. It is the sixth-richest bank in the world by assets. HSBC is Europe's second-biggest bank. The institution started as an institution in British Hong Kong when the Hongkong and Shanghai Banking Corporation formed a new group holding company. The institution was founded in 1991 with its headquarters in London, England. The full legal name of the institution was considered to be too long and it was shortened to the initials that make up its present name. On an interesting note, The Hongkong and Shanghai Banking Corporation first incorporated in 1966 with branches in Shanghai and other parts of the world. It is an old institution that has undergone a great deal of modernization. It is a name that is familiar to people from most parts of the world as it maintains a presence in most global financial markets, offering credit cards and other financial services.
5. Mitsubishi UFJ Financial Group, Inc. Total Assets in Trillions: #2.99
Mitsubishi UFJ F is financial services and bank holding company that has its origins in the country of Japan. It is the fifth richest bank in the world today with an asset base of $2.99 trillion. The group has its headquarters in Chiyoda, Tokyo, Japan.
4. The Bank of China Total Assets in Trillions: $3.27
The Bank of China is the fourth richest bank in the world. The institution is a state-owned commercial bank and is one of the four largest in the nation. The Bank of China is the parent company of Bank of China with connections in administration and management, however, the two entities remain legally separated. The two institutions do however co-operate in matters of BOC insurance marketing as well as for the securities services that they both provide for their customers.
3. The Agricultural Bank of China Total Assets in Trillions: $3.57
The Agricultural Bank of China is the third-largest banking institution in the world. It has a value of $3.57 trillion in assets. The bank is also known as ABC and sometimes referred to as AgBank. It is a member of the People's Republic of China's Big Four banks. AgBank's headquarters are located in the Dongcheng District of Beijing. The bank has been in operation since July of 1951. It provides financial services through its multiple branches that are distributed throughout Hong Kong, Seoul, Singapore, Sydney, New York, London, and Tokyo. The Agricultura Bank of China is an international financial service provider that serves all of mainland China with domestic business products, as well as personal and corporate banking services, treasury operations, and asset management. It also has branches in Dubai.
2. The China Construction Bank Corp. Total Assets in Trillions: $3.65
The China Construction Bank Corp is the second richest bank in the world. The headquarters for this super-wealthy financial institution is in Beijing, China. The bank serves a client base of hundreds of millions of people throughout China and other parts of the world. It offers a broad range of financial services for personal banking for individuals and corporate accounts. It also provides financing, asset management, investment banking, life insurance, and pension plans. China Construction Bank provides services in over thirty countries and regions throughout the world. Many of its clients are enterprises in the infrastructure sectors that are state-owned.
1. Industrial & Commercial Bank of China Total Assets in Trillions: $4.32
The Industrial and Commercial Bank of China is the richest in the world as of 2021. ICBC is one of the banks grouped as one of the "big four" financial institutions in China. It is a commercial bank that is state-owned. Industrial and Commercial Bank of China has its headquarters in Beijing. It is often called ICBC because the legal name of the institution is so long. The bank provides its customers with a broad range of financial services. Some of the services include wealth management services, trade financing, corporate loans, personal banking for individuals, credit and debit cards, the issuance of loans, deposits, and personal wealth management, and it serves individuals, government agencies, financial institutions, and government agencies. Industrial and Commercial Bank of China holds the number one position as the richest bank in the world.
Written by Liz Flynn
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