Kausar Fatima lists huge financial institutions
Large Banks – Commercial banks are now rated as the most essential stakeholders in the economic cycle of any economy. They have developed their financial potential to a level that there role is vastly appreciated and recognised by economic planners not only of states but also of international financial scenario. The biggest of banks are the repository of huge funds that make them crucial players on any economic stage and their reach has almost become legendary.
Industrial and Commercial Bank of China (ICBC), Beijing
The Industrial and Commercial Bank of China Limited is the largest bank in China and the world. Founded on 1 January, 1984, this young, 70% government-owned institution owes its rise to the country’s rapid growth. In 2017, the bank accounted for 12% of China’s bank credit, much of it issued to large companies in the construction and transportation sectors. In recent years, the ICBC has worked to diversify its business by focusing on retail and international customers. Its total assets are known to be $5,107.54 billion
China Construction Bank of China (CCB), Beijing
Founded as the People’s Construction Bank of China on 1 October, 1954, in Beijing, to facilitate government trading, CCB converted to a commercial bank and became the China Construction Bank Corporation in 1996. As of 2021, it operates no fewer than 200 overseas entities in 31 countries. This year, the CCB announced its intention to pursue new people centred financial initiatives and implement three key strategies involving rental housing, inclusive financing, and financial technology. The total assets of the bank are $4,309.08 billion
Agricultural Bank of China (ABC), Beijing
Founded in Beijing on 10 July, 1951, two years after the end of the Chinese Revolution, the Agricultural Bank of China set out to support collective farms, peasants, and workers. This state-owned bank diversified its activities in the 1990s, however, and began offering loans to non-agricultural businesses and individuals. The ABC also made headlines in 2007 as the victim of the largest bank robbery in China’s history after one of its employees managed to embezzle US$6.6 million. The Bank has total assets of $4,167.06 billion.
Bank of China (BOC), Beijing
The Bank of China was created in 1912 to replace the Imperial Bank of China as the nation’s central bank. The Central Bank of China then took over in 1928. When the People’s Republic of China was established in 1949, the Bank of China became the only institution, of the four major state-owned banks, to specialise in foreign exchange operations. In addition, the Bank of China is the country’s most international bank, with branches all over the world. The total assets of the bank are $3,737.81 billion.
Mitsubishi UFJ Financial Group (MUFG), Tokyo
Having a total assets of $3,407.80 billion, the Mitsubishi UFJ Financial Group was formed on 1 October, 2005, from the merger of Japan’s two largest banks, Mitsubishi Tokyo Financial Group Inc. and UFJ Holding Inc., but the origins of the merged banks date to 1656. MUFG, whose slogan reads, “Your trust, your future, our commitment,” boasts an extensive international network that extends into over 50 countries and regions.
JPMorgan Chase, New York
The bank has total assets of $3,386.07 billion and it founded in December 2000 from the merger of Chase Manhattan Bank and J.P. Morgan, the holding company JPMorgan Chase is the largest bank in the United States today. Its origins date to 1799, when its predecessor, The Manhattan Company, was founded. Since the 2000s, several scandals have put JPMorgan Chase in the news. Among others, the company had to pay US$17 billion in compensation and fines after the subprime crisis as well as US$920 million for manipulating prices in the precious metal and Treasury bill markets. The Weekender