Wednesday, July 25, 2007

Industrial & Commercial Bank of China is the World Largest Bank

China is becoming so big in many ways and in a fresh sign of China's financial strength, a leap in the shares of Industrial & Commercial Bank of China yesterday made it the world's biggest bank by market capitalization, overtaking U.S. giant Citigroup Inc.

ICBC's Shanghai-listed A shares climbed 2.68 per cent to 5.75 yuan (76 cents U.S.), giving it a market capitalization of US$254-billion. That exceeded the $251-billion capitalization of Citigroup, previously the world's biggest bank, when its shares closed at $50.73 in New York on Friday. HSBC Holdings was in third place with $215-billion.

The pace is so fast in China, it will be very soon that many large Chinese companies will play a very dominant role in the global economy. Well done China.

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