Industrial and Commercial Bank of China is world’s third largest by market cap

27 December 2006

Shanghai, China, 27 Dec – The Industrial and Commercial Bank of China (ICBC) has become the third-largest bank in the world by market capitalization, overtaking HSBC (Hong Kong and Shanghai Banking Corporation), the Chinese press reported Tuesday.

The ICBC reached this position after its shares on the Shanghai stock exchange rose by the maximum permitted amount of 9.9 percent Monday, reaching a price of 5.21 yuan per share.

With this rise, the bank has a market capitalization of US$214.2 billion, according to daily newspaper, South China Morning Post.

At the end of trading in London Friday, HSBC’s market capitalization stood at US$208.4 billion, thus making the ICBC the third-largest bank in the world.

In the world list, the ICBC is ranked behind US bank Citigroup (US$268 billion) and Bank of America (US$239 billion). (macauhub)

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