China has been marching up The Banker’s Top 1000 World Banks ranking and now a bank from the country has finally reached the top spot. Industrial and Commercial Bank of China (ICBC) is the world’s number one bank in terms of Tier 1 capital, which rose 14.72% to $160.65bn in 2012.
This top ranking represents the culmination of a steady climb by ICBC. In The Banker's 2010 Top 1000 ranking, ICBC was seventh, and in 2011 it edged up to sixth. Last year ICBC finished in third place, knocking HSBC from third to fourth place in the process. Now ICBC has overtaken JPMorgan Chase, which held second place from last year, and has swapped places with Bank of America, which is now third in the global rankings.
