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 Chinese bank tops global 1,000 ranking for first time

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Chinese bank tops global 1,000 ranking for first time Vide
PostSubject: Chinese bank tops global 1,000 ranking for first time   Chinese bank tops global 1,000 ranking for first time Icon_minitimeSun Jun 30, 2013 10:12 pm
A Chinese bank has topped a list of the world's top 1,000 banks for the first time, according to a survey.

Chinese bank tops global 1,000 ranking for first time _60134700_135718611

ICBC moved up from third, switching places with last year's winner, Bank of America. JP Morgan remained second.

The closely watched annual report by The Banker is based on a firm's Tier 1 capital, a key measurement of a bank's strength.

The UK bank sector as a whole ranked 10th, behind France, Brazil and Russia, and down from second in 2008.

The Industrial and Commercial Bank of China (ICBC) moved into pole position on the back of a 15% increase in capital to $160.6bn.

China Construction Bank, the country's second largest, also grew its capital by 15%, to $137.6bn, and dislodged Citigroup from fifth place.

The UK's only bank in the top 10 is fourth-placed HSBC, with capital of $151bn, which gains significant earnings from its Asian operations.

China now has 96 banks in the top 1000 ranking and holds four places in the top 10.

http://www.bbc.co.uk/news/business-23122491
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