{"id":479549,"date":"2021-04-21T08:18:11","date_gmt":"2021-04-21T12:18:11","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/sp-global-market-intelligence-global-bank-ranking-reveals-worlds-largest-banks-unscathed-by-covid-19-pandemic\/"},"modified":"2021-04-21T08:18:11","modified_gmt":"2021-04-21T12:18:11","slug":"sp-global-market-intelligence-global-bank-ranking-reveals-worlds-largest-banks-unscathed-by-covid-19-pandemic","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sp-global-market-intelligence-global-bank-ranking-reveals-worlds-largest-banks-unscathed-by-covid-19-pandemic\/","title":{"rendered":"S&P Global Market Intelligence Global Bank Ranking Reveals World’s Largest Banks Unscathed by COVID-19 Pandemic"},"content":{"rendered":"
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Number of banks in the world which have reported an asset size above $1 trillion has increased from 29 to 39 in 2020<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n NEW YORK<\/span>, April 21, 2021<\/span> \/PRNewswire\/ —\u00a0Largest banks in Asia Pacific<\/span> continue to dominate the world’s biggest banks in 2020, according to the latest Global Bank Ranking published by S&P Global Market Intelligence, an annual ranking of the 100 largest banks in the world in terms of total assets. <\/p>\n

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The top five institutions in the ranking, which include Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., Agricultural Bank of China Ltd., Bank of China Ltd., and Japan’s<\/span> Mitsubishi UFJ Financial Group Inc., remained unchanged from the year before.<\/p>\n

“China’s<\/span> banks benefitted from a much swifter economic recovery from the COVID-19 downturn than experienced by other geographies in 2020,” said Nathan Stovall<\/span>, Principal Analyst at S&P Global Market Intelligence<\/b>. “China’s<\/span> economy returned to pre-pandemic levels by the fourth quarter of last year, while other major developed economies have still not achieved that feat.” <\/p>\n

“The pace of future vaccinations and efforts to control the COVID-19 in 2021 will play a major role in shaping the operating environment for respective banks across the globe. Banks operating in economies that are poised to reopen sooner will have a leg up on other institutions that remain embattled by the pandemic,” Stovall added.<\/p>\n

Driven by strong credit growth, China<\/span> continues to house the greatest number of top 100 banks, with 19 institutions collectively holding assets worth $30.458 trillion<\/span>, representing a 17.66% increase in 2020. The U.S. banks follow, with 12 institutions holding a combined asset size of $15.538 trillion<\/span>. <\/p>\n

Among the most notable movements this year, U.S.-based JPMorgan Chase & Co. reclaimed its place as the world’s sixth-largest financial institution, overtaking U.K.-based HSBC Holdings PLC after reporting a 26% yearly increase in assets by the end of 2020, up to $3.386 trillion<\/span>. <\/p>\n

French BNP Paribas SA advanced two spots to become the world’s No. 7 after posting a 26.8% increase in assets last year. HSBC Holdings PLC, by contrast, dropped to the No. 8 spot with assets of $2.984 trillion<\/span>. <\/p>\n

This year’s ranking includes two newcomers to the list: U.S.-based State Street Corp. which took the No. 94 spot with $314.71 billion<\/span> in assets, and Canadian Desjardins Group<\/span>, which landed on the No. 99 spot with $284.13 billion<\/span> in assets at the end of 2020.<\/p>\n

Regional rankings from the Global Bank Ranking series will also be available in the coming weeks:<\/p>\n