The banks are responsible through their own activities and nature to obtain financial and economic resources through multiple numbers of instruments created for above-mentioned purposes via bonds, deposits or obligations. In an alternate responsibility, banks share the duty of facilitating the access of their clients to the economic resources through banking tools such as loans and mortgages, in return for interest or commissions agreed upon in each operation.
When it comes to banks, there are a few of them which blow the other banking institutions out of the park with respect to the sheer amount of current assets and value in the financial world. Without further ado, let’s have a look at the wealthiest banks in the world as of 2019.
1. The Industrial and Commercial Bank of China (ICBC)
Having its foundations laid in 1984, ICBC has outgrown and outperformed all banks in the world to be the world’s richest bank, solely in terms of assets. The current asset count is an astonishing 3.47 trillion, which mainly comes from the bank heavily investing in industry, whereas the credit is majorly provided to retail and manufacturing sectors. With its effective working policies and constant profit rise in every passing quarter, this bank shows no signs of stopping in the near future.
2. The China Construction Bank Corporation (CCB)
One of the oldest banks in China, in terms of impact on the financial market, CCB ranks second in both the Chinese circuit, as well as the second position in the world market. With the value of assets currently standing at an approximate 3.02 trillion dollars, this bank shows that proper planning and effective implementation can lead to unparalleled results. Its investments are mainly in the field of constructions as can be seen in the name itself.
3. The Agricultural Bank of China (AG BANK)
The trend of having Chinese banks on the list of the richest banks in the world doesn’t stop just yet as the AG BANK takes the third place on our list. It has 444,000 employees in over 10 major cities in the world and has a rough asset value of 2.75 trillion dollars. Despite facing a few robberies over the last decade or so, it is still one of the most reputed and safest banks in the world, thereby being able to continue financing the big guns across the world.
4. The Mitsubishi UFJ Financial Group (Mitsubishi)
Having an asset value of 2.63 trillion dollars, Mitsubishi is Japan’s representation in this list. It is a part of the Mitsubishi Corporation and provides a variety of services such as trust banking, commercial banking, international financial services, and assets management. Considering the fact that this foundation was only formed in 2005, it is quite a whopping rise to the top.
5. The Bank of China
If anybody needs a proof of the fact which one of US and China has a larger economy, then look no further than this list, as yet another Chinese bank, The Bank of China, enters the group. The asset base has a value of around 2.61 trillion dollars despite the fact that it is now being owned by the government and public sectors, which shows that the impact has not changed on the financial market.
6. J.P. Morgan Chase
The services provided by this bank are asset management, private banking, securities services and commercial help to the reputed firms in the world. It has an asset worth of 2.50 trillion dollars and is considered to be one of the two “too big to fail” banks in the world.
7. HSBC Holdings PLC
With over 450 branches and 235,000 employees all across the world, HSBC occupies the 7th spot on the list with a value of worth 2.37 trillion dollars. Customers have access to the global marketing structure via it’s commercial, private and global banking schemes. Initially starting off in 1865 in Hong Kong, now it has its headquarters in London.
8. BNP Paribas
BNP Paribas has one of the biggest networks in the world as it operates in 75 countries and has employees in excess of 190,000. The bank mainly deals with retail banking operations and has a worth of 2.19 trillion dollars. Its major circuit is in Europe, as it handles most of France, Belgium, Italy and Luxembourg’s trade and banking.
9. Bank of America
BAC is the largest bank holding financial institution in the USA when it comes to assets with it being valued at around 2.18 trillion dollars. The company has maintained a relationship with almost all the Fortune 500 companies in the world, as it serves as their banking partner, thereby earning a spot in this elite list of banks. It is a part of the Dow Jones Industrial Average and is also listed in the NYSE.
10. Wells Fargo
The bank, which has overcome all its controversies, Wells Fargo has sneaked into this list at the 10th spot with a value of 1.93 trillion dollars. It is one of the largest retail banks in the United States having about 9000 retail branches in the country and a rough employee strength of 270,000 people who all work day and night to keep the bank floating and remain on the list of the most reputed banks in the entire world.