S&P Global Market Intelligence Global Bank Ranking: Chinese Banks Maintain Dominance in 2023 Despite Economic Headwinds
NEW YORK, May 8, 2024 /PRNewswire/ -- Chinese banks maintained their dominance in the global largest lender rankings of 2023 despite a downturn in the property sector, according to the Global Bank Ranking published by S&P Global Market Intelligence, an annual ranking of the 100 largest banks in the world by total assets.
- Chinese banks kept 20 positions in the ranking, including the top four, showcasing the continued strength of China's banking sector.
- Industrial and Commercial Bank of China Ltd. remained the world's largest bank, with assets of $6.3 trillion.
- "Elevated inflation and higher interest rates served as headwinds to global economic growth and the commercial real estate sector.
- Despite a downturn in the property sector, Chinese banks retained their place as the largest in the world," said Nathan Stovall, director of financial institutions research at S&P Global Market Intelligence.