Top 10 Largest Banks by Market Capitalisation Revealed

Ikenna ChurchillFebruary 21, 20242 Mins read126

The world’s largest banks by market capitalisation exemplify the dynamic nature of the global banking sector, with top positions held by institutions from the United States, China, India, and the United Kingdom.

With trillions in assets under management, the global banking industry exerts significant influence. Bank-holding companies, which oversee multiple banks without engaging directly in banking activities, play a pivotal role in enhancing stability and competitiveness by offering a diversified range of financial services within a single entity. Many of the largest banks worldwide operate under such holding companies, bolstering their resilience and global market dominance.

Adapting to evolving market conditions and technological advancements, these banks are poised to maintain their impact on the global economy and shape the financial landscape for the foreseeable future.

Here are the top ten largest banks in the world ranked by market capitalisation as of February 20:

JPMorgan Chase:

Based in New York, USA, JPMorgan Chase leads as the world’s largest bank with a market capitalisation of $517.37 billion. Renowned for its diversified financial services, including investment banking and retail banking, JPMorgan Chase stands as a global financial powerhouse.

Bank of America: Headquartered in North Carolina,

USA, Bank of America holds the second spot with $268.60 billion. With a strong presence in consumer banking and wealth management, Bank of America plays a crucial role in the American and global financial systems.

Industrial and Commercial Bank of China Limited

(ICBC): ICBC, based in Beijing, China, ranks third on the list with $246.59 billion. As the largest bank in China, ICBC’s influence extends beyond national borders, contributing significantly to the country’s economic growth and stability.

Agricultural Bank of China:

Another major player from Beijing, the Agricultural Bank of China secures the fourth position with a market capitalisation of $196.58 billion. Specialising in agricultural and rural financial services, the bank plays an integral role in supporting China’s diverse economic sectors.

Wells Fargo:

Headquartered in California, USA, Wells Fargo holds the fifth position with a market capitalization of $186.63 billion. With an extensive network of branches and diversified financial services, Wells Fargo has been a key player in the American banking sector for decades.

Bank of China:

Back in Beijing, China, the Bank of China ranks sixth globally with a market capitalisation of $164.88 billion. Known for its international presence and expertise in foreign exchange services, the bank facilitates global trade and finance.

HSBC:

Operating from London, UK, HSBC secures the seventh position with a market capitalisation of $155.98 billion. As one of the world’s largest and most influential banks, HSBC’s global network contributes significantly to international finance and trade.

China Construction Bank:

Returning to Beijing, China Construction Bank claims the eighth spot with capitalisation at $154.88 billion. With a focus on corporate banking and financial services, the bank supports China’s economic development and global trade initiatives.

HDFC Bank:

Based in Mumbai, India, HDFC Bank ranks ninth globally with market capitalisation at $142.95 billion. As one of India’s leading private sector banks, HDFC Bank has demonstrated remarkable growth and resilience.

Morgan Stanley:

Headquartered in New York, USA, Morgan Stanley rounds off the top ten with market capitalisation at $141.66 billion. Known for its investment banking and wealth management services, Morgan Stanley plays a significant role in shaping global financial markets.