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The 21st century has seen China assume an increasingly large position in global finance. In fact, the biggest four banks in the world (by asset size) are Chinese, according to the 2019 annual rankings by S&P Global Market Intelligence: the Industrial & Commercial Bank of China, the China Construction Bank, the Bank of China and the Agricultural Bank of China. All four now individually have more than $3 trillion in assets and their collective worth is 1.07% higher compared to the previous year, according to S&P (the growth would have been even higher if not for the currency-rate impact of the yuan's decline).1
China’s banking system has undergone major changes in the last two decades, allowing financial institutions to operate significantly more like their counterparts in the West. However, financial operations are still controlled tightly by the government—specifically, through the nation's central bank, the People’s Bank of China (PBOC). Not only is PBOC responsible for the planning and implementation of China’s monetary policy, but it also maintains all of the banking sector’s clearing, payment and settlement systems, in addition to overseeing the State Administration of Foreign Exchange, or SAFE, that establishes foreign exchange policies. Although they trade on public stock exchanges, each of the Big Four banks remains wholly or predominantly state-owned and headquartered in Beijing.
Here, we provide snapshot profiles of each of the four largest banks in China—and the world. All figures are accurate as of Jan. 5, 2020.
The four largest banks in the world are all Chinese.
China's Big Four banks, in order of asset size, are the Industrial & Commercial Bank of China, the China Construction Bank, the Agricultural Bank of China, and the Bank of China.1
Occupying the number one spot is the Industrial & Commercial Bank of China (ICBC). It is the largest multinational bank company in the world as measured by total assets—over $4 trillion as of 20191 —though it's no slouch in other areas either, employing roughly 449,000 people.2 The bank was established in 1984 as a limited company and, as the name implies, specializes in business loans to manufacturers, retailers, power companies, and other businesses.3
In 2006, ICBC had what was at the time the world’s largest initial public offering (IPO) with a value of over $21 billion. It was the first company to ever be listed simultaneously on the Hong Kong Stock Exchange and the Shanghai Stock Exchange.4 5
ICBC has more than 400 overseas subsidiaries.6 Chief among them is the branch it opened in Kuwait in 2014, the first and only Chinese bank there. It is the fourth branch of the bank in the Middle East, which also has branches in Abu Dhabi, Doha, and Dubai.7 The opening of this branch served to advance the bank’s service network in the Middle East and is considered a significant accomplishment in the bank’s strategy to expand operations internationally.
The China Construction Bank (CCB) has $3.38 billion in assets as of 2019.1 It operates nearly 15,000 branches as of 2018,8 with established subsidiaries in Luxembourg (which serves as the bank’s European headquarters), South Africa, South Korea, the United States, and Australia.9
The bank, one of China's oldest, was founded in 1954 as the People’s Construction Bank of China, changing its name in 199610. Bank of America obtained a 9% stake in the bank in 2005, facilitating the bank's continuing rapid growth for the next several years (BOA sold its final stake in 2013).11
The combined asset value of China's Big Four banks in 2019, according to S&P Global Market Intelligence.1
The Agricultural Bank of China (ABC), sometimes known as AgBank, was founded in 1951.12 As its name implies, it originally specialized in financing enterprises in rural China, but more recently it has diversified into corporate and consumer banking services and products—everything from currency trading to credit cards. The bank has over 300 million retail customers, nearly three million corporate clients and almost 25,000 branches around the world, including just about every major city: London, New York, Sydney, Singapore, Seoul, and Tokyo.13 In terms of lending, ABC is the world’s third-largest provider.
ABC holds $3.29 trillion in assets and employs a similar number of employees to ICBC—464,000 to 449,000.14.15 When it went public in 2010, the last of the Big Four to do so, it broke ICBC's record as the world's largest IPO to date, racking up $22.1 billion.16
Established in 1912 to replace the Imperial Bank of China, the Bank of China (BOC) is the native oldest bank still in existence on the mainland.17 In 2009, the bank was recognized as the second-largest loan provider in China, a position it continues to hold. Its total assets number $3.092 trillion.1 Its activities include corporate banking, personal banking, investment banking, and insurance. Though no longer the central bank, It is also licensed to issue banknotes in two of China's Special Administrative Regions.
The BOC is considered the most international of all China’s banks, as it has a branch in every inhabited continent in the world. It operates in 57 countries, including Canada, the United States, and throughout the United Kingdom.18 In 2010, the BOC branch in New York offered renminbi products to Americans, the first major Chinese bank to make such Chinese currency investments available in the U.S.19
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
S&P Global. "The World's 100 Largest Banks." Accessed June 11, 2020.
Forbes. "ICBC." Accessed June 11, 2020.
Industrial & Commercial Bank of China. "ICBC History (1984 - 2014)." Accessed June 11, 2020.
ICBC. "FAQs." Accessed June 11, 2020.
U.S. Securities & Exchange Commission. "Industrial & Commercial Bank of China." Accessed June 11, 2020.
ICBC. "ICBC Sets Up Kuwait Branch." Accessed June 11, 2020.
Dun & Bradstreet. "China Construction Bank Corporation." Accessed June 11, 2020.
China Construction Bank. "Personal & Corporate." Accessed June 11, 2020.
China Construction Bank. "History." Accessed June 11, 2020.
Agricultural Bank of China. "Company Overview." Accessed June 11, 2020.
Agricultural Bank of China. "Competitive Strengths." Accessed June 11, 2020.
Forbes. "ICBC." Accessed June 11, 2020.
Bloomberg. "Agricultural Bank of China Ltd." Accessed June 11, 2020.
Financial Times. "AgBank IPO Officially the World's Biggest." Accessed June 11, 2020.
Bank of China. "History of Bank of China." Accessed June 11, 2020.
Bank of China. "Bank of China Introduction." Accessed June 11, 2020.
John R. Graham, Scott B. Smart, Christopher Adam, and Brindha Gunasingham. "Introduction to Corporate Finance," Page 601. Cengage AU, 2016.
The offers that appear in this table are from partnerships from which Investopedia receives compensation.
The SAFE Investment Company is the Hong Kong branch of the Chinese sovereign wealth fund.
The CNY, or the Chinese yuan renminbi, is the general term for the currency of the People's Republic of China.
The China Credit Information Service (CCIS) offers credit rating services throughout Taiwan and the Chinese mainland.
A swap network is a reciprocal credit line established between central banks for the purposes of increasing liquidity and managing interest rates.
The Bank for Cooperatives was a government-sponsored bank that provided credit to the agricultural sector. In 1989, eleven of the 13 Banks for Cooperatives merged to form CoBank.
The People's Bank of China is the central bank of the People's Republic of China and is located in Beijing.
Investopedia is part of the Dotdash publishing family.
team10Last Updated: July 18, 2020Banking, Blog, Corporate2 Comments
As China’s economy grows rapidly – so is their banking industry.
It is growing globally as it works to take the top spot in the global economy.
Chinese banks are significantly growing both domestically and internationally– no wonder it constitutes the largest global banking sector in the world. As we are all aware, China has the highest number of exports, so it established numerous banks to make money remittance to China easier. As of 2016, China has over 4,398 different banking institutions domestically.
Basically, the country’s bank industry has made phenomenal strides into contributing to the growth of its economy by making the inflow and outflow of money more efficient, by providing funds to businessmen to start or expand businesses, and by providing home and student loans to help citizens fulfill a career or dream.
Below are China’s big 5 banks – all of which are among the largest banks in the world.
23,661 domestic branch outlets, 13 overseas branches and 4 overseas representative offices
10,674 branches and outlets & 545 overseas institutions
3,270 banking outlets and 65 overseas banking outlets
14,985 banking stores & 251 overseas entities
Industrial and Commercial Bank of China
16,732 physical outlets &
419 overseas institutions
ABC or AgBank is one of China’s “big four” banks that was founded in 1951. It was ranked top 3 among the world’s biggest banks in 2017, and it’s one of the country’s five top lenders. The bank’s main principle is to seek progress while maintaining stability and promote supply-side structural reform to support national economic development. Adhering to this principle, ABC regarded green credit as major direction for business development and structural adjustment.
BOC was founded in 1912 and was one of the oldest banks in China. From 1912 to 1949, the Bank served consecutively as the country’s central bank, international exchange bank and specialized international trade bank. Fulfilling its commitment to serving the public and developing China’s financial services sector, the Bank rose to a leading position in the Chinese financial industry and developed a good standing in the international financial community, despite many hardships and setbacks. In 2017, BOC was ranked as the 4th largest bank by assets in the world.
BoComm was establish in 1908 and was also one of the oldest banks in China – just a few years older than BOC. It was one of the first banks to have issued banknotes and became one of the major financial service providers in China. BoComm covers commercial banks, securities, trusts, financial leasing, fund management, insurance, and offshore financial services. In 2017, it was listed as the 34th world’s biggest public company and 24th on the list of the World’s biggest banks by Forbes.
CCB is one of the “big four” banks in China and the country’s second largest lender by assets that was founded in 1954.
In 2017, CCB was ranked 2nd in the World’s Top 1000 Banks by the UK magazine. As of 2017, the bank has over 14,985 banking stores & 251 overseas entities. This year, it has opened a branch in Shanghai managed by robots run by pure technology including facial recognition (FR), artificial intelligent (AI) and virtual reality (VR).
Industrial and Commercial Bank of China
ICBC is the world’s number 1 largest and richest bank by total assets (26 Trillion RMB). It’s a state-owned commercial bank that was founded in January 1, 1984. ICBC is listed as number one on the World’s Biggest Public Companies by Forbes and has surpassed Wells Fargo to become the world’s most valuable banking brand.
Other than the big 5 state-owned banks, there are more banks that dominate the country including the following:
PSBC is one of China’s leading large retail banks and one of the country’s biggest lender which was founded in 2007. Today, it has over 40,000 outlets and over 500 million retail customers. In 2017, PSBC was ranked 19th among the World’s biggest banks by Forbes.
IBC is a national joint-stock commercial bank that was founded on 1988 and headquartered in Fuzhou, Fujian Province. Today it has 119 branches and 1787 sub-branches in the major cities across China. Recently, ICBC wins the Élan Award, the “Oscar” in the Global Card Manufacturing Industry. In 2017, it ranked 14th among the list of world’s biggest bank by Forbes.
CMB was established in 1987 in in Shekou District of Shenzhen. Today it has over 1800 branches, including 5 overseas branches and 3 overseas rep-offices. In 2016, CMB was awarded “Bank of the Year” by the Banker magazine.
China CITIC Bank is a commercial bank in China that was established in 1987. The bank is part of the CITIC Group Corporation – China’s largest conglomerate and a constituent of the Hang Seng Index. Today, CNCBI has 33 branches in Hong Kong, as well as branches and presence in Beijing, Shanghai, Shenzhen and Macau. CNCBI also has overseas branches in New York, Los Angeles and Singapore.
CMBC is a commercial bank mainly owned by non-state-owned enterprises which was founded on January 1996 in Beijing China. It has nearly 3,000 branches, sub-branches and outlets, and around 58 thousand employees. In 2016, it ranked 14th on Forbes’ 25 largest companies in China and 65th globally.
SPD Bank is a commercial bank that was founded in August 28, 1992 and started operating in the year 1993. Now, it operates a network of 42 branches and over 1,800 banking outlets inside and outside China. This year, 2018, the bank was ranked 13th in the Top 500 Banking Brands list released by the British magazine The Banker.
CEB is a national joint-stock commercial bank that was established in August 1992 in Beijing, China. The bank has 1,196 branches and outlets covering 129 economic center cities across the country. Among its many awards are: “Gold Asset Management Bank of the Year” by Financial Money and “Best Private Bank” of the Year by National Business Daily.
PAB is a nationwide joint-stock commercial bank headquartered in Shenzhen which was founded in June 1995. Today it has over 58 branches and 1,037 outlets across China. Customer acquisition, intelligent master account, customer base, products, channels, IT and structure – these are the bank’s 7 key strategies. It focuses mainly on providing loans to small and medium enterprises.
Hua Xia Bank is a nationwide joint stock commercial bank established in Beijing China in the year 1992.It offers deposit accounts, foreign currency deposit, currency trading, international banking and financing such as working capital loan and guarantee loan. The bank was listed 255th among The World’s Biggest Public Companies by Forbes. In 2017, its assets amounted to $340.9 B and earned a profit of $3B. Today it has 33 tier-1 branches, 23 tier-2 branches, 12 cross-city sub-branches and 437 outlets in 68 major cities.
CGB is one of the earliest-incorporated joint-stock commercial banks in China that was established in July 1988. As of 2017, the bank has 43 Tier-1 branches and 843 business outlets across the country. The bank has covered over 300,000 corporate customers, 34.22 million individual customers, 57.11 million credit card customers and 24.27 million mobile banking customers. Among its many awards are: Best Individual E-banking in 2017 by China Financial Certification Authority and Best Transaction Banking Service Award by Global Finance.
Bank of Beijing is a Sino-foreign joint stock commercial bank that was established in 1996. Today it has over 600 branches located in over 10 domestic major cities. At its first quarter of 2018, its total assets amounted to 2.39 trillion Yuan and already reaped a 5.811 billion Yuan profit. Bank of Beijing has 4 pillars: Corporate Banking Business, Retail Banking Business, Treasury Business, and Other Business.
Bank of Shanghai is a joint-stock commercial bank formed by state-owned shares in December 1995. Currently, It has over 315 branches and over 10,000 employees. The bank covers principal business segments such as Corporate Banking, Retail Banking, and Treasury Business. Among its many awards are “Best Development Award of Syndicated Loan Business” by China Banking Association and “Best Member of Forward Exchange and Swap” by China Foreign Exchange Trade System.
HSBC is one of the first foreign banks that has incorporated in China in April 2007. It’s a Hongkong based bank that was founded in 1865 to finance trade between Asia and the West. Today it has over 3,900 offices in 67 countries, 170 outlets of which are in China. For consecutive years, HSBC was awarded as the “Best Foreign (Commercial) Bank in China” by FinanceAsia.
BEA is another Hong Kong based leading financial services group that was incorporated in 1918. Today, the BEA Group operates one of the most extensive networks of any foreign bank on the Mainland, with outlets in 44 cities nationwide.
SCB is a leading International bank founded in1969 in London, England. In China, SCB has incorporated its first branch in Shanghai. Along with HSBC, CSB incorporated in China in April 2007. Standard Chartered has one of the largest foreign bank networks in China – with 17 branches, 42 subbranches and 1 Village Bank.
HSB is another Hongkong-based banking and financial services company founded in 1933. HSB was established in China in May 2007, now it has a network of 46 branches and sub branches in China. Among its many milestones in China, Hang Seng recently announced the launch of Mobile Video Teller Machine, becoming the first foreign bank to launch this service.
Citibank is one of the leading multinational banks in the world that was founded in 1812 in New York City. Citibank is the first American bank established in China, it is pretty well-known for its credit cards, loans, investment and insurance policies. Along with the previously mentioned banks, Citibank has incorporated locally in China in 2007. Today it has more than 47 bank outlets in thirteen cities across China (Beijing, Changsha, Chengdu, Chongqing, Dalian, Guangzhou, Guiyang, Hangzhou, Nanjing, Shanghai, Shenzhen, Tianjin, Wuxi. China’s banking industry is growing rapidly both in domestic and in abroad. In fact, 4 out 5 largest banks in the World are all from China. International banking and e-commerce is taking the world by storm and these large banks are certainly in the game!
Do you plan on opening a bank account in China? Read our blogpost on how to open an account in China!
Here are some questions sent in by our readers. If you have one of your own, please comment below.
Hi Ronnie, that would be a very interesting data to hold. However, we do not have those information, much less, for the past 5 years.
There are international entities that do provide data on rankings of banks, but not exclusive to the banks in China.
What we can try to do is to keep on updating this post for new data.
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Hi,Ronnie
I just wanted to find out about establishment of a Bank.I’am in South Africa and I got an idea of establishing a bank,can you give tips about this dream!
As a foreigner who just moved to Shanghai, what’s the best international bank for foreigners in China? Which one makes it easier to obtain a credit card for example, which is something practically impossible at a Chinese loc
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