Money Bags: GLOBAL TRADE’S TOP BANKS FOR 2022
To determine the Top Banks for Global Trade 2022, we devised a points system based on the 2021 rankings of The Banker, which has
engaged in “global bank benchmarking since 1970,” Statrys, which was launched in 2018 with the goal of becoming the most accessible and feature-rich payment option for small and medium-sized enterprises, and a third, knowledgeable yet undisclosed source.
If you are wondering why our list includes so many Chinese banks, we’ll let The Banker and its ranking of 1,000 banks worldwide explain.
“There is little evidence of China— the country first hit by COVID-19—suffering any long-term economic damage as a result of the pandemic,” the site reports. “Its banks have actually managed to consolidate their position even further, with ICBC, China Construction Bank, Agricultural Bank of China and Bank of China
holding the top four positions for the fourth year in a row.”
Bank of America, which occupies Global Trade’s top slot as the points leader, and our runner-up JPMorgan Chase, which has been ranked as the top bank in the world by sources we did not rely on this year, can also thank The Banker for reaching as high as they did.
“For the most part, the major U.S. banks have held fast to their positions from the previous year,” The Banker states. “JPMorgan Chase remains in fifth position and is still the highest ranked U.S. bank in the Top 1,000 with $234.8 billion in Tier 1 capital, a 9.5%
year-on-year increase. Bank of America also remains in sixth position.”
Here are Global Trade’s top 10 banks of 2022.
1. Bank of America
Headquarters: Charlotte, North Carolina
From a naming perspective, Bank of America was founded in San Francisco in 1904, but it took its present form when NationsBank of Charlotte acquired it in 1998. BofA is now the second largest banking institution in the U.S., after JPMorgan Chase, and the eighth
largest bank in the world. Commercial banking, wealth management and investment banking are its primary financial services.
2. JPMorgan Chase
Headquarters: New York City
As of Sept. 30, 2021, JPMorgan Chase was the largest bank in the U.S., the largest bank in the world by market capitalization and the globe’s fifth largest in terms of total assets ($3.758 trillion).
While it’s not topping this list, JPMorgan Chase was No. 1 on Global Finance’s World’s Best Bank 2021 while also ranking as the World’s Best Investment Bank and the World’s Best Private Bank.
The institution has a reputation for being a commanding global presence in raising capital, processing payments, and committing to sustainability.
The British multinational banking and financial services organization boasts of an international network that comprises around 7,500 offices in more than 80 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East, and Africa.
4. (tie) ICBC, China Construction Bank, Agricultural Bank of China
Founded: 1984 (ICBC), 1954 (CCB) and 1951 (AgBank)
Headquarters for all three: Beijing
Industrial and Commercial Bank, which is owned by the Chinese government, was ranked as the largest bank in the world in 2017 and 2018. Besides heading The Banker’s Top 1,000 World Banks rankings each year from 2012 to 2019, ICBC was number one on Forbes’ list of the world’s biggest public companies of 2000.
Founded as the People’s Construction Bank of China, the name changed to China Construction Bank in 1996. In 2015, CCB was
the second largest bank in the world by market capitalization and the sixth largest company in the world. AgBank, as the hip kids call it, has 320 million retail customers, 2.7 million corporate clients and nearly 24,000 branches throughout mainland China and the world.
7. (tie) Citibank, Bank of China
Founded: 1998 (Citi) and 1912 (BofC)
Headquarters: New York City (Citi) and Beijing (BofC)
Citigroup, the third largest banking and financial services institution in the U.S., owns Citicorp, which is the holding company for Citibank. Yes, that’s a lot of Citi details, but it’s appropriate when the whole shebang has often been cited as being too big to fail. Citigroup has
more than 200 million customer accounts and does business in more than 160 countries.
In February 2021, Jane Fraser became CEO and the first woman to hold such a position at America’s “Big Four” banks (Citi, JPMorgan Chase, Bank of America and Wells Fargo). The second oldest bank still in existence in China, BofC became the second largest lender in its home country and the ninth biggest bank in the world by market capitalization on Dec. 31, 2019.
By the end of 2020, it was the fourth largest bank in the world by total assets, preceded by the big three China banks occupying No. 4 on our list.
9. BNP Paribas
Founded: 1848 (as BNP)
and 1872 (as Paribas)
The French international banking group, which became BNP Paribas in the year 2000, leads Europe in terms of business and profitability and was the seventh largest international banking group as of October 2021. It has a presence in 65 countries.
10. Santander Bank
Founded in 1902 in Wyomissing, Pennsylvania, as Sovereign Bank, it
is now a wholly owned subsidiary of the Spanish Santander Group. But Santander Bank is based in Boston and principally serves the northeastern United States.
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