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A Chinese bank has come top in The Banker’s Top 1000 World Banks ranking for the first time ever. ICBC (Industrial and Commercial Bank of China) has moved from third to first place on the back of a 15% increase in capital. Last year’s winner Bank of America fell back to third while JP Morgan stayed second.
ICBC’s stellar performance marks a new high in the growing strength of the Chinese banks. China’s second largest bank China Construction Bank (CCB) also grew its capital by 15% and dislodged Citigroup from fifth place. The UK’s only bank in the top 10 is fourth-placed HSBC, which gains significant earnings from its Asian operations.