Chinese banks account for four of the five largest banks in the world, after weakening currencies pushed both French and Japanese companies out of the top five, says SNL Financial.
According to SNL Financial’s latest global bank rankings, the largest bank in the world is Beijing-based Industrial and Commercial Bank of China, with assets totalling US$3.452 trillion.
Australian banks ranked further down the list, with NAB taking out 39th position with US$732.47 billion in total assets.
The Commonwealth Bank remained at 44th position, with US$696.79 billion worth of assets.
ANZ, with US$657.21 billion, received a revised ranking this year dropping two places to 47th position. Westpac also fell from 46th to 50th on the list, with US$608.21 billion in total assets.
SNL attributes the changes in rankings since 2014 to fluctuations in the institutions’ currencies against the US dollar.
The ranking is formulated by converting the banks’ total assets into US dollars using the exchange rate at the end of the period measured. According to SNL, banks were ranked by their assets for the quarter ending 31 March.
London-based HSBC Holdings remains the only non-Chinese bank within the top five, coming in at fourth place with US$2.758 trillion in assets.
MyState’s profit has elevated by 5.4 per cent for the half year, with the company anticipating the launch of its new funds platform will p...
Investors should be carefully considering rapid climate-based divestments, with point-in-time decisions causing unintended consequences for ...
BlueScope profits have taken a massive hit off the back of weaker steel prices, and warned that their China business will be “heavily impa...