Chinese megabanks cement nation's economic prowess

Banks in China dominated S&P Global Market Intelligence's top 50 lenders.

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Chinese megabanks continued to be the Asia-Pacific region's biggest lenders by assets last year, and are expected to further boost their capital buffers thanks to the state's $69.6b (CNY500b) capital-injection plan.

Twenty-three banks from Mainland China made it to S&P Global Market Intelligence’s top 50 lenders, allowing China to project financial strength and credibility globally and reinforcing its position as a major economic power.

Eight on the list were Japanese banks, six were from South Korea, and five from Australia. India and Singapore had three banks each, whilst Hong Kong had two. Sixteen banks improved their ranking last year, 14 slipped, and the remainder held their positions.

Industrial and Commercial Bank of China Ltd., Agricultural Bank of China Ltd., China Construction Bank (CCB) Corp., and Bank of China (BOC) Ltd. continued to be the biggest lenders by assets in the region and in the world.

Postal Savings Bank of China Co., Ltd. (PSBC), Bank of Communications Co., Ltd. (BoCom), and China Merchants Bank Co., Ltd. were also amongst the top 10 ranked banks.

Substantial assets