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China now has 7 of world’s 10 biggest banks as Beijing’s financial ambitions grow
China’s Big Four banks took the top spots in The Banker’s latest global ranking, with JPMorgan Chase following in fifth place
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China’s “big four” state-run banks are the largest in the world in terms of asset scale, a new report has found, underscoring Beijing’s rising ambitions to build the country into a global financial powerhouse.
The ranking released by The Banker magazine on Wednesday was topped by the four Chinese banks – Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China and Bank of China – with JPMorgan Chase following in fifth place.
In total, Chinese banks made up seven of the top 10 in the ranking, which lists global banks in terms of tier-one capital size. All seven of them are controlled by the Chinese government.
Postal Savings Bank of China broke into the top 10 for the first time, while US giants Bank of America and Citigroup ranked sixth and eighth, respectively.
Chinese banks collectively held US$54.8 trillion in total assets, more than double the US$25 trillion held by US banks in the ranking, data showed.
However, the race is not only about size, as US banks continue to hold the advantage in terms of profitability.
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