Chinese bank tops world ranking

RT News – China’s ICBC bank has been ranked as the world’s largest, overtaking two American finance giants. Russian banks have the second highest growth rate according to a survey by The Banker.  The Industrial and Commercial Bank of China (ICBC) has moved from third to first place in the magazine’s annual list of the top 1,000 banks. The Chinese bank saw its capital grow by 15 percent to $160.6bn. China now has 4 banks in the top 10 and 96 in the Top 1,000. Last year’s winner, the Bank of America, fell back to the third while JP Morgan stayed as the second. At fourth HSBC is the only British bank in the top 10 thanks to significant earnings from its Asian operations.  Read Article

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