China’s four megabanks have dominated The Banker’s Top 1000 yet again, easily remaining in front as the world’s largest banks by Tier 1 capital. Top-placed Industrial and Commercial Bank of China has surpassed the half-a-trillion dollars in Tier 1 capital landmark, a first in the ranking. And with Bank of Communications joining the top 10, half of the largest banks in the world are now Chinese.
For the country’s biggest banks, the impact of the pandemic seems to have barely left a mark. In addition, digital-only banks have thrived under lockdowns as China, like other nations, embraced digital technology at an accelerated pace. WeBank and MYBank have both seen strong results in 2021. And fellow online financial institution, XW Bank, saw the highest return on assets of the 155 banks which appear in the ranking.
