China's largest banks continued to expand, while a weakened dollar hampered U.S. banks' rankings against their global peers, according to S&P Global Market Intelligence's latest global bank rankings.
China's "Big Four" state-backed banks — Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., Agricultural Bank of China Ltd. and Bank of China Ltd. — again swept the top four spots, posting a combined $13.637 trillion in assets, up $1.727 trillion since last year's ranking. Interestingly, almost exactly half this growth was due to the yuan strengthening against the U.S. dollar during that time frame.
The top nine banks by assets remained the same year over year, but France's Crédit Agricole Group pushed out U.S.-based Wells Fargo & Co. to take the No. 10 spot.
U.S.
Thirty-four of the 50 largest U.S. banks posted quarter-over-quarter increases in assets at the end of 2017, but three of the "Big Four" — JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. — posted a decline.
The outlier among those four, Wells Fargo & Co., grew its assets to $1.952 trillion, but it has been barred from growing further by the Federal Reserve until the bank meets certain requirements in a cease-and-desist order.
Latin America & the Caribbean
Brazil's Itaú Unibanco Holding SA in 2017 again topped the list as the largest bank in Latin America or the Caribbean, extending its lead over second-place Banco do Brasil SA.
Brazil dominated the rankings, sweeping all five of the top spots and placing 11 banks in the top 50. However, this was down from 12 banks in 2016's ranking as weakness in the Brazilian real against the U.S. dollar, along with sluggish credit growth, influenced results. In total, the 11 Brazilian banks held $1.95 trillion in assets at the end of 2017, 50% more than all of the other top 50 banks combined.
Europe
HSBC Holdings PLC maintained its position as the largest European bank by total assets at the end of 2017 and was the only institution above the €2 trillion mark. Among the top 10 European banks by assets, six posted a year-over-year decline in assets in euro terms.
Middle East & Africa
Qatar National Bank (QPSC) is the largest bank by assets in Africa and the Middle East for the third consecutive year, according to the latest ranking by S&P Global Market Intelligence. The Qatari lender reported $229.01 billion in assets at the end of March 2018, $46.89 billion more than UAE-based First Abu Dhabi Bank PJSC, which placed second.
Asia Pacific
China's four state-owned banking giants — Industrial & Commercial Bank of China Ltd., China Construction Bank Corp., Agricultural Bank of China Ltd. and Bank of China Ltd. — further solidified their position as the biggest banks in the Asia-Pacific region thanks to a strengthening Chinese economy and yuan.
Meanwhile, Japan's largest lenders took fifth through eighth spots in the ranking. Similar to last year, the top 10 banks in the region all hail from China and Japan.
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