Banks are the backbone of the economy and they also help in maintaining liquidity. Each country has a Reserve Bank or the Central bank which regulates other banks. There had been cases where banks collapsed as they defaulted on their liabilities and in such a case, the banks had a major impact on the economy. There are some of the great banks which can never collapse and these banks are also the backbone of the world economy. Here is a list of top 10 banks in the world as in April 2017, which is based on the balance sheets of the year 2016:
1. Industrial and Commercial Bank of China Limited
The leader on the list of top 10 banks in the world is Industrial and Commercial Bank of China Limited, which was on no 1 in the last financial year too. The assets of the bank are estimated to be $ 3.62 Trillion, while the revenue is $ 134.8 billion.
2. China Construction Bank Corporation
Another bank based in China stands at no 2 in the list, with estimated assets $ 2.94 trillion, is the China Construction Bank Corporation. The bank has moved up from the sixth position last few year to the second position.
3. Agricultural Bank of China Limited
Agricultural Bank of China is another bank from China to be included in the top 10 list, which has jumped up quite a few places in our list. The estimated assets of the bank are $ 2.85 trillion and revenue is $ 26.7 billion.
4. Bank of China Limited
The next name to be included in the list of top 10 banks in the world is Bank of China Limited, which has come to occupy the fourth spot in our list. It has assets worth $ 2.63trillion and revenue of $ 3billion.
5. HSBC Holding
The bank has offices in over 80 countries and it basically focuses on premium banking and the banking for high net worth individuals. The total assets with HSBC are of $ 2.57 trillion and it provides the best investment services to its clients.
6. JPMorgan Chase & Co.
The JPMorgan is an American bank and the headquarters of the bank is in New York. The bank provides investment services and it has a total asset of about $2.45 trillion. The bank has a huge business in the United Kingdom as well.
7. BNP Paribas SA
Featuring next on the list of top 10 banks in the world is BNP Paribas SA, France, which has fallen to its position on no 7 as in the last few year. The net assets of the bank are measured at $ 2.4trillion and sales are $ 120 million.
8. Mitsubishi UFJ Financial Group
This is one of the Japanese Bank which provides banking services to private as well as business clients. The bank also offers real estate banking and the total assets that Mitsubishi UFJ Financial Group has is $2.456 trillion. The standalone asset of the banks are about $ 2.9 trillion
9. Bank of America (BAC)
Bank of America offers personal banking as well as banking to all types of corporations. The bank has more than 5000 retail outlets and the total assets with the bank are 2.15 trillion. The bank has been recently added to our list.
10. Credit Agricole SA
The next bank to feature on this list is a leading French bank called Credit Agricole SA, which has fallen to no 10. The estimated assets of the bank are $ 1.91 trillion and it is also on the Forbes list of the world’s top 20 most sustainable companies.
Some other leading banks in the world are Bank of New York Mellon, USA, and The Royal Bank of Scotland, UK, Societe Generale, France and BPCE, France.