China runs world’s top four banks

Lesotho Times - - Business -

AT­LANTA –– Four of the five largest banks in the world are Chi­nese, ac­cord­ing to SNL Fi­nan­cial's latest global bank rank­ings. It's a big change from the past few years when only two Chi­nese banks made the top five.

Bei­jing-based In­dus­trial & Com­mer­cial Bank of China holds the top spot with as­sets val­ued at $3.5 tril­lion. That means the bank is worth more than the en­tire value of the Bri­tish econ­omy.

The only non-chi­nese bank re-

main­ing in the top five is HSBC, which is head­quar­tered in Lon­don. It fell sev­eral spots to po­si­tion No. 4 this year.

The top US bank is Jpmor­gan Chase (JPM), which ranks sixth with $2.6 tril­lion in as­sets. SNL notes that Amer­i­can banks cal­cu­late the value of their as­sets a bit dif­fer­ently from in­ter­na­tional banks be­cause of US reg­u­la­tions, so it's likely that Jpmor­gan would rank higher in a true ap­ples to ap­ples com­par­i­son.

China’s fi­nan­cial sec­tor has been strug­gling in re­cent weeks af­ter a ma­jor melt­down in China's stock

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