Highlights – This is the world’s largest bank, with so much money in its vaults that counting it would take ages !
The world’s largest bank is located in China. Its name is Industrial and Commercial Bank of China (ICBC). It has assets worth $6.9 trillion (₹612 lakh crore). This is more than nine times larger than India’s largest bank, SBI.
……………………………………………………………………….
World’s largest bank: Whenever we think of the largest bank in India, one name often comes to mind: the State Bank of India (SBI). It reigns supreme in terms of assets, customer base, and market share. But do you know which is the world’s largest bank? Most people might think of a major bank in the US or Europe. However, the truth is that the world’s largest financial institution is located in our neighboring country, China.
This bank is called the Industrial and Commercial Bank of China (ICBC). This bank is so vast that its total assets defy your imagination. It is not just a bank, but a financial ocean whose depth is difficult to measure.
How big is ICBC Bank?
The Industrial and Commercial Bank of China (ICBC) is considered the world’s largest bank based on its total assets. According to recent reports, the total net worth of this Chinese bank is estimated at approximately $6.9 trillion. If we convert this huge amount into Indian rupees, it comes to approximately ₹612.25 lakh crore.
This sum is so vast that it would take ages to count it. This isn’t a matter of just a year or two; ICBC has held the prestigious title of the world’s largest bank since 2012. For more than a decade, no other bank, whether American or European, has been able to dislodge it from its position.
How Big is ICBC Compared to SBI?
State Bank of India (SBI) is very small compared to this bank. Looking at the figures, SBI’s total assets, or net worth, currently stands at around ₹67 lakh crore. This is a huge amount in itself and makes SBI India’s largest state-owned bank.
But when we compare it to ICBC, the real gap becomes apparent. ICBC’s assets exceed ₹612 lakh crore. This means that the Industrial and Commercial Bank of China is more than nine times larger than our SBI in terms of net worth.
How did ICBC Bank open ?
The story of this giant bank is also linked to a significant event in China’s economic history. Its foundation was laid in the late 1970s. In December 1978, the Third Plenary Session of the 11th Central Committee of the Communist Party of China was held. Following this meeting, China decided to open its closed doors and undertake major reforms to the financial system.
At that time, the demand for financial services in China was rapidly changing, and new institutions were needed to support economic activities. Recognizing this need, a historic decision was made in September 1983. It was decided that the People’s Bank of China, which had previously handled all functions, would henceforth serve solely as a central bank (like the Reserve Bank of India in India). Simultaneously, it was decided to establish a completely new, dedicated bank to meet the country’s industrial and commercial banking needs.
Following this decision, preparations were made quickly, and finally, on January 1, 1984, the Industrial and Commercial Bank of China (ICBC) officially began operations.
Not just in China, but globally dominant.
ICBC’s dominance isn’t limited to its immense wealth; its network is equally vast and influential. The bank operates approximately 16,456 branches worldwide. This network provides access to customers in every corner of the world.
16 thousands branches
A significant portion of these, approximately 16,040 branches, are located in China’s domestic market, covering every industrial and rural part of the country. However, there are also 416 overseas branches, reflecting its global ambition and reach. Asia, Europe, North America, Oceania, and South America… there’s hardly a continent where ICBC doesn’t have a strong presence. This makes it a truly international bank.
It’s worth noting that ICBC is a listed entity, listed on the Singapore and Hong Kong stock exchanges. However, the Chinese government holds the largest stake, or majority shareholding.
