ICBC Becomes the Biggest Bank In the World for Deposits
The Industrial and Commercial Bank of China (ICBC), already the largest lender in the world based on market capitalization, recently became the largest bank globally in the terms of volume of deposits, the Financial Times writes.
ICBC has attracted deposits worth 1300 billion U.S. dollars (986 billion euro) to the end of past mounth, outgrowing bank groups JPMorgan Chase (1.000 billion U.S. dollars at the end of 2008) and Mitsubishi UFJ (1290 billion dollars at the end of March).
The gained leading position of ICBC suggests that Chinese banks have escaped relatively from global economic crisis, being among the biggest and most profitable lenders in the world, while Western institutions have been affected by turmoil from the market.