ICBC tops ranking of Top 1000 World Bank for eighth year
Karachi, July 4th (Gwadar Pro) – On July 1st, The Banker, released the results of this year’s Top 1000 World Bank. According to the ranking from the renowned British magazine, Industrial and Commercial Bank of China (ICBC) tops the list for eight consecutive year.
ICBC is the biggest foreign bank in Pakistan with advanced asset size and profitability. Comparing with all banks in Pakistan, including domestic banks, ICBC ranks 13th in total assets. ICBC holds three branch banks in Islamabad, Karachi, and Lahore. Meanwhile, ICBC is an important cooperative financial institution in the construction of CPEC.
"From being among a clutch of evenly sized Asian emerging markets in 2000, [China] now has capital resources three times the size of Japan’s," analyzed The Banker.
Due to the impacts brought by COVID-19, banks around the world has been hindered severely in 2020. China’s banking sector is also facing the challenges. However, “China’s big four retain their leading positions in the Top 1000, meanwhile, the country’s digital banks are starting to make waves.”
Chinese banks in total make up 29% of the profits and 25% of the assets, amongst banks in the globe.
The Banker stated that, the good news of 2020 – the 50th anniversary of the ranking – is that the global banking industry is broadly in good shape.
“An essential purpose of the Top 1000 remains that of allowing banks engaged in international business – lines of credit, trade finance, payments, securities – to eyeball a counterparty’s figures to gain perspective on who they are dealing with,” announced on The Banker’s website.
(Rikka SHI)
More Articles
Ambassador Hashmi unveils Pakistan’s tourism splendor at museum in Beijing
By Gwadar Pro Nov 30, 2024Uzbekistan Airways first direct flight lands in Lahore
By The APP Nov 30, 2024