The tectonic plates of global banking have been shifting noticeably ever since the financial crisis began in 2008, but The Banker’s Top 1000 World Banks ranking this year shows the change in its starkest form. For the first time ever, a Chinese bank, ICBC, sits atop the rankings. With Tier 1 capital of $160.65bn, it is not quite the largest bank ever – Bank of America still holds that title, with $163.63bn in the 2011 ranking. Losses and preference share buybacks have shrunk that figure to $155.46bn in this year’s ranking, third behind JPMorgan.
Beyond that, what little movement there is among the top 25 banks is almost entirely associated with China’s growth. China Construction Bank moves up one place to fifth, while Bank of Communications becomes the fifth Chinese bank to enter the top 25, driving out Dutch ING Bank.
