Tuesday, February 05, 2008

A new world order

Oh how the mighty have fallen. According to a Bloomberg report, Chinese banks have toppled Citi from the top of the league tables based on market value.

Citi, which had long occupied the top position based on market cap, has been superseded by Industrial & Commercial Bank of China (ICBC), China Construction Bank and Bank of China. The three biggest Chinese banks are valued at $608 billion, says Bloomberg, compared to $496 billion for Bank of America, JPMorgan Chase and Citi.

ICBC leads the tables with a market value of $277 billion, $82 billion more than Bank of America, which is in second place, followed by HSBC in third place ahead of China Construction Bank and Wells Fargo, according to Bloomberg data. Citi is now in seventh position. Yet, it was only five years ago that 13 American banks featured in the top 20 banks by market cap.

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