ICBC confirms top billing
(20 April 2009 – China) China’s ICBC, the world’s biggest bank by market capitalisation, has cemented its status as the biggest bank in the world by also reaching top spot in deposits.
ICBC proudly announced its number one status, saying that by March 31 this year the deposits of ICBC exceeded RMB 8.9 trillion (over US$1.3 trillion or A$1.8 trillion).
The Chinese bank has managed the phenomenal deposit base by taking advantage of the massive growth in wealth in China over recent years. In just the first three months of 2009 alone, the bank gained over RMB 950 billion in deposits.
With the inter-bank deposits added, ICBC said that its deposits amount to RMB 9.7825 trillion, or US$1.44 trillion.
This compared with US$1.01 trillion worth of deposits at JPMorgan Chase, which has the largest deposit base in the US, ICBC said.
Last month, ICBC became the world's most profitable bank, while it also leads the world in terms of market capitalisation with a recent value of US$193billion (A$265billion).
The next largest bank in China is the China Construction Bank with a market value of US$137billion, followed by Bank of China which is valued at US$96.2billion.
At present, ICBC indicates that its corporate clients number 3.1 million, and its personal clients 190 million.
The Chinese bank has managed the phenomenal deposit base by taking advantage of the massive growth in wealth in China over recent years. In just the first three months of 2009 alone, the bank gained over RMB 950 billion in deposits.
With the inter-bank deposits added, ICBC said that its deposits amount to RMB 9.7825 trillion, or US$1.44 trillion.
This compared with US$1.01 trillion worth of deposits at JPMorgan Chase, which has the largest deposit base in the US, ICBC said.
Last month, ICBC became the world's most profitable bank, while it also leads the world in terms of market capitalisation with a recent value of US$193billion (A$265billion).
The next largest bank in China is the China Construction Bank with a market value of US$137billion, followed by Bank of China which is valued at US$96.2billion.
At present, ICBC indicates that its corporate clients number 3.1 million, and its personal clients 190 million.
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