Banks are commercial mirrors to each and every business activity in the world. They play a vital role in various individual and commercial transactions, which includes a variety of financial services such as wealth management. Most banks have taken advantage of the advancement in technology as they make use of more efficient transactions like online wiring and money transfers. However, regardless of this fact, banks do still exist and people continue to frequent them even though most of these things can be through the internet. Here are the top ten largest banks based in Asia.
10. Kookmin Bank
Founded in the year 1963, Kookmin Bank, or more commonly known as KB, is the largest bank in South Korea based on its market capitalization and asset value. By the end of the year 2006, Kookmin Bank planned to take over Korea Exchange Bank, which is owned by the government, in order to facilitate corporate banking and foreign exchange activities. However, the takeover did not push through because of the cancellations made by the other party.
9. Shinhan Bank
Founded in the year 1897, Shinhan Bank is the first bank in South Korea. It was established under the name Hanseong Bank and was then re-established in the year 1982. In its first few years, Shinhan Bank stayed as a small enterprise, with only three branches and 279 employees. Presently, the bank has transformed itself into a large entity, with a total of 1,026 branches and about 10,741 employees.
8. Shanghai Pudong Development Bank
Shanghai Pudong Development Bank, a joint-stock commercial bank, was founded on January 9, 1993 in Shanghai, China. The Bank is known to have issued a 400-million worth of share offering on the Shanghai Stock Exchange, thus, becoming the first ever shareholding commercial bank in China. Today, Shanghai Pudong Development Bank has about 31,000 employees and a net income of approximately $418 million.
7. China Merchants Bank
This bank is one of the biggest financial institutions in China. It was founded in the year 1987 and is owned by corporate legal entities. The bank has expanded to about 500 branches in mainland China and has opened a branch in Hong Kong. Their expansion is a strategic move for international growth. China Merchants Bank has been providing a variety of services such as gold trading, foreign exchange trading, personal banking, corporate loans and the like. As of December 31, 2008, the bank has expanded the business to 44 more branches, 623 sub-branches and 1,567 self-service banks.
6. Bank of Communications
The Bank of Communications, or more commonly known as BoComm, is one of the largest banks in the whole of China. It is among the top 5 leading commercial banks in the country and has about 2,800 branches in more than 80 major cities. The bank has also opened its branches in Singapore, Tokyo, and New York as well as representative offices in Frankfurt and London. It was called ‘The Best Bank in China’ by the Global Finance in the years 1998 and 1999 and in the latest ranking of banks and financial institutions worldwide, the Bank of Communications ranked 94th. As of the year 2002, BoComm has more than 88,000 employees.
5. State Bank of India
State Bank of India is a multinational banking company and is by far the largest bank in India. It is a corporation owned by the government since the year 1955. Over the years, the bank has been through different name changes from the Imperial Bank of India to the Reserve Bank of India. In the year 2008, the government finalized its name to State Bank of India. Presently, the bank has expanded to 13,000 outlets around the world and have about 223,000 staff in total. State Bank of India was proclaimed as one of the most reputed companies in the world based on Forbes Magazine. It is also the only bank that was featured in the top 10 brands of India survey conducted by The Economic Times and Brand Finance in the year 2010.
4. Bank of China
Headquartered in Beijing, China and founded in the year 1912, the bank of China is the third largest bank in the world based on the total number of employees, which is about 389,800. It is also the oldest bank in China and was established by their government with the goal of replacing the Government Bank of Imperial China. As of the year 2009, it has become the fifth largest bank in world based on its market capitalization and also the second largest lender in China.
3. Agricultural Bank of China
The Agricultural Bank of China, also known as the AgBank, is one of the “Big Four” banks in their country. It was founded in the year 1951 and is currently headquartered in Beijing. It has branched out in mainland China, Hong Kong, Seoul, Tokyo, Singapore, Frankfurt, London, and Sydney. AgBank is also considered to be the largest bank in the world based on the total number of employees. AgBank’s total manpower is around 441,000. It also ranked 8th in the list of top 1000 world banks.
2. China Construction Bank
China Construction Bank is the second largest bank in the world based on its market capitalization. It was founded in the year 1954 and is situated in Beijing, China. It is also part of China’s Big Four banks and the 13th largest company in the world. Currently, the bank has about 13,629 domestic branches and it also maintains branches in Hong Kong, Singapore, Seoul, Tokyo, Sydney, Melbourne, Frankfurt, and Johannesburg. It has total assets of $1.64 trillion and employs around 311,000 people.
1. Industrial & Commercial Bank of China
Founded in the year 1984, Industrial & Commercial Bank of China is known as one of the largest banks in the world based on both profit and market capitalization. It is also a member of the Big Four banks of China. It employs around 394,000 people in over 18,000 domestic outlets and around 106 branches overseas. The Industrial & Commercial Bank of China once topped the Forbes Global list of the biggest public companies in the world.
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