Top APAC banks: ICICI makes into the list, Chinese banks maintain monopoly
Last updated on October 26th, 2022 at 10:20 am
According to S&P Global Market Intelligence, the banking sector in Asia Pacific region was dominated by Chinese banks. In 2021 list of top APAC banks, six out of ten banks were based out of China. In this year’s listing, India’s ICICI Bank has made its way into the top 50 banks in APAC region. With this it has joined seasoned Indian banks in the list – SBI (State Bank of India) and HDFC Bank with assets worth of $226 billion.
Top APAC banks
Here is the list of the top 4 APAC banks lists.
SBI – India’s largest bank in assets
SBI has jumped up in the list with two spots, now ranking 22nd. The largest bank in India in terms of assets has now $695 billion in latest ranking.
The private sector Indian bank has also improved its ranking with securing 44th position, from 46th rank last year.
The newest entry into the list is by India’s ICICI Bank. The private sector bank made it to the list at number 50 with assets of $226 billion.
Chinese banks maintain dominance in the list
China based banks continue to maintain their dominance in the list of top banks in Asia Pacific region. In the list of top 50 banks in APAC, 22 are from mainland China. Altogether these banks hold assets worth of $34.52 trillion as of end of year 2021. This is a surge of about 10 per cent from last year.
“China Guangfa Bank Co. Ltd. saw the biggest jump in ranking, climbing to No. 31 from No. 35 in the previous ranking, after its total assets swelled more than 30% year over year to $493.36 billion as of June 30, 2021. On the other hand, Japan’s Fukuoka Financial Group Inc. slipped to No. 48 from No. 43. Malaysia’s Malayan Banking Bhd. and Japan’s Mebuki Financial Group Inc. dropped off the list,” S&P Market Intelligence, an arm of the global rating agency Standard & Poors said.
Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., Agricultural Bank of China Ltd. and Bank of China Ltd. have continued to hold on to their positions as the Asia Pacific region’s largest banks. Their total assets have registered a growth of 10.16 per cent year over year to $19.081 trillion in 2021.