The financial services sector today is dominated by Chinese banks. With four of them on top 10 lists (and all 4 placed very high), the Chinese capital is quickly expanding all over the world. Backed up by an ever increasing economy at home and stimulated by the Chinese government which is more than eager to support its companies abroad with diplomatic measures, this will be the trend in the coming years as well. The Big Four of the Chinese banking sector (ICBC, China Construction Bank, Agricultural Bank of China and Bank of China )have become a household name in financial markets worldwide and the fact that all 4 are state-owned doesn’t seem to bother even the most hardcore capitalism proponents if they stand to make some money dealing with them.
Chinese are followed by the Americans, also with four big names on the list of largest financial services. Warren Buffet is there, naturally, together with JP Morgan Chase, Citigroup and Wels Fargo. The last two spots are taken by Europeans, one from the United Kingdom and Germany each. The honor of the Old continent is being defended by HSBC and Allianz.
It seems that the Asian banks have completely turned the tide. The combined sales, profits, assets and market value of China Big Four by far outweigh the rest of the largest financial companies on the list. In assets alone they have over $11 trillion, and what is even more significant, a large chunk of it comes from foreign investments. Naysayer will state that the rise of Chinese banks is only due to the 2008 financial crisis, but they neglect the fact that Chinese banks were also affected by the tsunami that rocked the very core of the financial world, albeit not as hard as their American colleagues. Be that as it may, Chinese banking sector have cemented their leading global position in foreseeable future. Let’s see how the list looks like in detail.