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Wells Fargo deposes China's ICBC as world's biggest bank
Source: AFP |
July 24, 2013, Wednesday
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THE Industrial and Commercial Bank of China has lost its standing as the world's largest bank by market capitalization to US-based Wells Fargo, data showed today, as China's economy slows.
San Francisco-based Wells Fargo & Co is worth US$236 billion, according to the New York Stock Exchange, where it is listed, while Chinese figures show ICBC is now valued at US$223 billion.
ICBC's six-year reign as the world's biggest bank began in July 2007, and its value peaked at US$374 billion in November that year thanks to China's rapid economic expansion, and stood as a symbol of the country's emergence as a global powerhouse.
But it was deposed on July 12 and Wells Fargo has retained top spot since.
The shift comes at a time when the world's second-largest economy is losing steam, and a liquidity crunch last month exposed risks in the banking system, sending financial stocks into a tailspin.
China's economy expanded 7.5 percent year on year in the April-June period, slowing from 7.7 percent in the previous three months.
In June, a shortage of funds on China's interbank market sent the interest rates banks charge to lend to each other to record highs, raising worries over the health of the financial sector.
China last week announced a long-awaited interest rate liberalization, removing a floor on banks' lending rates, but the move sparked worries that narrower interest margins could erode earnings.
Wells Fargo closed down 0.13 percent at US$44.57 yesterday.
San Francisco-based Wells Fargo & Co is worth US$236 billion, according to the New York Stock Exchange, where it is listed, while Chinese figures show ICBC is now valued at US$223 billion.
ICBC's six-year reign as the world's biggest bank began in July 2007, and its value peaked at US$374 billion in November that year thanks to China's rapid economic expansion, and stood as a symbol of the country's emergence as a global powerhouse.
But it was deposed on July 12 and Wells Fargo has retained top spot since.
The shift comes at a time when the world's second-largest economy is losing steam, and a liquidity crunch last month exposed risks in the banking system, sending financial stocks into a tailspin.
China's economy expanded 7.5 percent year on year in the April-June period, slowing from 7.7 percent in the previous three months.
In June, a shortage of funds on China's interbank market sent the interest rates banks charge to lend to each other to record highs, raising worries over the health of the financial sector.
China last week announced a long-awaited interest rate liberalization, removing a floor on banks' lending rates, but the move sparked worries that narrower interest margins could erode earnings.
Wells Fargo closed down 0.13 percent at US$44.57 yesterday.
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