China: Three Chinese banks in list of world’s 25 largest

21 February 2008

Beijing, China, 21 Feb – Three Chinese banks are amongst the world’s 25 largest banks by market capitalization in the list drawn up by The Banker magazine, which placed British bank HSBC at the top of the list, according to Chinese state news agency New China.

The Industrial and Commercial bank of China (ICBC) is 15th on the list, the China Construction Bank is 17th and the Bank of China is placed 22nd.

In the biggest acquisition ever made by a Chinese financial sector company, the ICBC recently announced the acquisition of 20 percent of South Africa’s Standard Bank for US$5.46 billion, thus becoming the biggest shareholder in Africa’s most important bank.

Banks set up in large emerging markets, such as Brazil, Russia, India and China continue to benefit from these countries’ rapid economic growth, The Banker said. (macauhub)