Chinese banks maintain dominance in 2023 despite economic headwinds [Yahoo! Finance]
S&P Global Inc. (SPGI)
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Source: Yahoo! Finance
This is despite a downturn in the property sector, according to the Global Bank Ranking published by S&P Global Market Intelligence, an annual ranking of the 100 largest banks in the world by total assets. Chinese banks retain 20 positions in the ranking, including the top four. This showcases the continued strength of China's banking sector. Industrial and Commercial Bank of China remains the world's largest bank, with assets of $6.3trn. Agricultural Bank of China surpasses China Construction Bank to claim second place, with 14.5% loan growth in 2023. This is driven by a national strategy to bolster the agricultural sector. It is the only change to the top six spots from a year ago. "Elevated inflation and higher interest rates served as headwinds to global economic growth and the commercial real estate sector. Despite a downturn in the property sector, Chinese banks retained their place as the largest in the world," says Nathan Stovall, director of financial institutions resea
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