Two of China’s largest banking groups have entered a ranking of the world’s largest private banks for the first time on the back of rapid asset growth, despite big falls in assets at most of their international competitors.
Beijing-headquartered ICBC, the second-largest bank globally, and Shenzhen-based China Merchants Bank, one of the country’s biggest commercial lenders, now rank 23rd and 21st respectively in a list of the world’s 25 largest private banks.
China Merchants Bank’s private banking assets surged 66.4 per cent to $192.9bn last year, enabling it to overtake BNY Mellon, the New York-headquartered financial group, French lender Crédit Agricole and Lombard Odier, the Swiss private bank, in the table.
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