Australian banks don’t add up
S&P Global Market Intelligence have ranked the largest 100 banks in the world by total assets, with only three Australian banks making the cut.
The world's five largest banks are based in Asia, with China-headquartered banks taking the top four spots. Tokyo's Mitsubishi UFJ Financial Group Inc. jumped three spots to fifth place this year, with London-based HSBC falling to number six, and securing Asia's stronghold in global banking.
S&P Global Market Intelligence ranks the positions by converting total assets into US dollars using the exchange rate as of the end of the period measured.
On the Australian front, National Australian Bank (NAB) secured the highest position at 44th in front of Commonwealth Bank (45th) and Australia & New Zealand Banking Group (ANZ) at 48th. NAB is down five places from the last index in August 2015, measured by total assets as of March 2015 for total assets of $670.68 billion.
Commonwealth Bank dropped one position, falling under NAB, with assets totalling $656.64 billion. ANZ held up the rear recording $624.94 billion total assets and dropping down one position from 47th.
Asian banks took a total of 35 positions in the top 100 index, with 16 banks in China, eight Japanese, four South Korean, three Singaporean, two Taiwanese and one Indian bank ranked. Taipei-based bank Chunghwa Post Co. Ltd. entered the index for the first time in 100th position, securing $205.27 billion worth in assets.
The three largest banks continue to be Beijing-based Industrial & Commercial Bank of China Ltd., China Construction Bank Corp. and Agricultural Bank of China Ltd, with total assets as of December 2015 calculated at $3.421 trillion, $2.826 trillion and $2.740 trillion respectively.
AUTHOR
Hope William-Smith
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