S&P Global Market Intelligence global bank ranking: Chinese banks maintain dominance in 2023 despite economic headwinds

Chinese banks maintained their dominance in the global largest lender rankings of 2023 despite a downturn in the property sector, according to the Global Bank Ranking published by S&P Global Market Intelligence, an annual ranking of the 100 largest banks in the world by total assets.

Chinese banks kept 20 positions in the ranking, including the top four, showcasing the continued strength of China’s banking sector. Industrial and Commercial Bank of China Ltd. remained the world’s largest bank, with assets of $6.3 trillion. Agricultural Bank of China Ltd. surpassed China Construction Bank Corp. to claim second place, with 14.5 percent loan growth in 2023, driven by a national strategy to bolster the agricultural sector. It was the only change to the top six spots from a year ago.

“Elevated inflation and higher interest rates served as headwinds to global economic growth and the commercial real estate sector. Despite a downturn in the property sector, Chinese ba