This is a bank in the world that has so much treasure in its vaults that it can take years to count! The world's largest bank is located in China, known as the Industrial and Commercial Bank of China (ICBC). The total asset base of this bank is $6.9 trillion, i.e. approximately ₹612 lakh crore. This figure is so huge that it is almost nine times more than India's largest bank, State Bank of India (SBI).
Which is the biggest bank in the world?
When we talk about India's largest bank, SBI's name comes first. It is the king bank of the country in terms of assets, number of customers and market share. But if asked which is the biggest bank in the world, most people would guess a big bank in America or Europe.
In fact, this title is held by China's ICBC. It is a financial institution whose scale and influence are unique in the world. It is not just a bank but an institution like a financial ocean, the depth of which is difficult to measure.
How big is ICBC?
The Industrial and Commercial Bank of China (ICBC) is considered the world's largest bank by total assets. According to the latest figures, his net worth is $6.9 trillion (₹612.25 lakh crore). This amount is so large that it can take years to calculate it. ICBC has continuously held the title of the world's largest bank since 2012, and so far no American or European bank has been able to challenge it.
Compared to SBI
State Bank of India (SBI), India's largest state-owned bank, currently has total assets of around ₹67 lakh crore. This is also a huge amount, but when compared to ICBC, it becomes clear how massively ahead the Chinese bank is.
ICBC's assets are about nine times higher than SBI's. Given this difference in net worth, it can be said that ICBC has a power globally that few organizations can compare to.
How did ICBC start?
ICBC was established during a historic period of China's economic reform. The third session of the 11th Central Committee of the Communist Party of China was held in December 1978, in which the country decided to adopt economic reforms and liberal policies. During that time, the need for new institutions for financial services was increasing.
It was therefore decided in September 1983 that the People's Bank of China would function only as a central bank (as RBI does in India), while a new bank would be set up to cater to industrial and commercial banking needs. Following this decision, preparations went apace and on 1 January 1984 ICBC officially began its operations.
Learn about global dominance
ICBC has a strong presence not only in China, but all over the world. The bank has approximately 16,456 branches worldwide, of which 16,040 are in China and 416 overseas branches. These branches are operating in continents like Asia, Europe, North America, Oceania and South America. This vast network makes ICBC a truly global bank. It is listed on the Singapore and Hong Kong stock exchanges, while the Chinese government is its largest shareholder.
Big news for government employees, talking about pension and gratuity
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