The 10 Largest Banks in the World - MagnifyMoney

The 10 Largest Banks in the World

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When it comes to the world’s largest banks by total assets, China dominates the list. Currently ranking as the world’s biggest bank is the Industrial & Commercial Bank of China, followed by three other Chinese bank behemoths. Meanwhile, Japan, the U.K and the U.S. round out the top three countries that boast the world’s biggest banks.

In this article, you’ll find the world’s biggest banks by total assets, according to the S&P Global Market Intelligence annual report, most recently released in April 2020. Here’s how the world’s financial institutions stack up.

S&P’s Top 10 ranking of the largest banks in the world

RankBank nameTotal assetsNationality
1Industrial & Commercial Bank of China$4.32 trillionChina
2China Construction Bank Corp.$3.65 trillionChina
3Agricultural Bank of China$3.57 trillionChina
4Bank of China$3.27 trillionChina
5Mitsubishi UFJ Financial Group$2.99 trillionJapan
6HSBC Holdings$2.71 trillionUnited Kingdom
7JPMorgan Chase & Co.$2.68 trillionUnited States
8Bank of America$2.43 trillionUnited States
9BNP Paribas SA$2.42 trillionFrance
10Crédit Agricole Group$2.25 trillionFrance

1. Industrial & Commercial Bank of China

  • Headquarters: Beijing, China
  • Total assets $4.32 trillion

Industrial & Commercial Bank of China, or ICBC, is one of the Big Four state-owned commercial banks in China. It provides corporate loans, trade financing and wealth management services for businesses, government agencies and financial institutions. The bank also offers personal banking. It issues loans, credit and debit cards to individuals and offers deposits and personal wealth management.

2. China Construction Bank Corp.

  • Headquarters: Beijing, China
  • Total assets $3.65 trillion

China Construction Bank Corp. has hundreds of millions of customers, offering both corporate and personal services like asset management, financing, life insurance, investment banking and pension plans. Some of its major clients are large state-owned enterprises in infrastructure sectors. It operates in more than 30 countries and regions, including the United States.

3. Agricultural Bank of China

  • Headquarters: Beijing, China
  • Total assets: $3.57 trillion

Agricultural Bank of China provides both corporate and retail banking products and services internationally. Apart from its domestic businesses, ABC’s international arm conducts corporate and personal banking, as well as treasury operations and asset management in cities including Hong Kong, Singapore, Tokyo, Sydney, Dubai and New York.

4. Bank of China

  • Headquarters: Beijing, China
  • Total assets: $3.27 trillion

Bank of China is the most internationalized commercial bank in China. It provides a range of financial services including corporate banking, personal banking and financial markets services to customers across 57 countries and regions. This bank is also the oldest and largest Chinese bank in the U.S. — since 1981, BOC has been conducting businesses in New York City, Chicago and Los Angeles.

5. Mitsubishi UFJ Financial Group

  • Headquarters: Tokyo, Japan
  • Total assets: $2.99 trillion

Mitsubishi UFJ Financial Group, like others on the list, provides a wide range of financial services, including corporate banking, personal banking and asset management. It serves customers in more than 50 countries and regions.

6. HSBC Holdings (HSBC)

  • Headquarters: London, United Kingdom
  • Total assets: $2.71 trillion

As one of the world’s leading international banks, HSBC has operations in 64 countries and territories and serves almost 40 million customers. The bank has personal, commercial banking, private and retail banking options, as well as wealth management services. It also provides financial services and products to corporations, governments and institutions.

7. JPMorgan Chase & Co.

  • Headquarters: New York City, United States
  • Total assets: $2.43 trillion

JPMorgan Chase is a global leader in investment banking, commercial banking, financial transaction processing and asset management. It provides financial services for consumers and small businesses.

8. Bank of America

  • Headquarters: Charlotte, North Carolina, United States
  • Total assets: $2.43 trillion

The Charlotte-based bank has about 66 million consumer and small business clients. Bank of America provides banking and financial services such as wealth management, corporate and investment banking for corporations, governments, institutions and individuals in roughly 35 countries.

9. BNP Paribas SA

  • Headquarters: Paris, France
  • Total assets: $2.42 trillion

BNP Paribas SA is a leading bank in the eurozone and a prominent player globally. Retail banking and corporate and institutional banking are BNP’s two main business arms, and its individual clients number over 27 million. Its financial services, including securities services, financing, treasury and financial advisory, reach corporations and institutions in 72 countries in Europe, Africa, the Middle East, Asia and the Americas.

10. Crédit Agricole Group

  • Headquarters: Montrouge, France
  • Total assets: $2.25 trillion

Holding total assets of $2.25 trillion, Crédit Agricole Group is another French banking juggernaut that secured the 10th place among all the largest banks. Crédit Agricole Group is a retail bank. It has 51 million customers, including multinationals, associations, communities and individuals, across at least 47 different countries.