China’s four largest state-run banks have claimed the top positions in a new global ranking, according to The Banker magazine. The report, published on Wednesday, places Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and Bank of China at the forefront, with JPMorgan Chase coming in fifth.
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The ranking, which measures banks by tier-one capital size, includes seven Chinese institutions among the top ten, all of which are under government control. Postal Savings Bank of China entered the top ten for the first time, while U.S. banks Bank of America and Citigroup ranked sixth and eighth, respectively.
Data from the report shows that Chinese banks collectively held $54.8 trillion in total assets, more than double the $25 trillion held by U.S. banks in the ranking. However, the analysis notes that U.S. banks maintain an edge in profitability, indicating the competition extends beyond sheer size.
