The Asia Pacific region (APAC) covers the largest global sector both in terms of geographic area and population. As well, it includes the two major countries that have displayed the fastest rate of economic growth over the past two decades, India and China. Consequently, the largest banks in Asia Pacific region also rank amongst the largest in the world.
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20 countries and territories are counted in the Asia Pacific region and taking the top 500 banks, they account for a combined $58.4 trillion in assets, $30.4 trillion in net loans, $40.5 trillion in deposits and $416 billion in net profit. Industrial and Commercial Bank of China remained the largest bank in the region.
Chinese banks continue to dominate the list, with their total assets accounting for just more than 50% of the combined assets of the Asia Pacific bloc. The total number of Japanese banks has declined recently, with the drop partially attributable to regional bank mergers in Japan.
The following table shows the total number of banks per country that rank within the 100 top banks in Asia Pacific.
- Australia – 5
- China – 32
- Hong Kong – 6
- India – 8
- Indonesia – 1
- Japan – 15
- Macau – 1
- Malaysia – 3
- New Zealand – 1
- Singapore – 3
- South Korea – 7
- Taiwan – 9
- Thailand – 5
One way to compare the best banks in Asia Pacific is by market capitalization (with the condition that not all banks are listed for public trading, particularly in China where central ownership of the banks is the norm.
Largest Banks in Asia Pacific
|Rank||Name||Country||Total $ Assets||Net income $million|
|1||Industrial and Comm. Bank of China||China||4.027.442||105880|
|2||China Construction Bank Corporation||China||3.376.520||92169|
|3||Agricultural Bank of China||China||3.287.359||85040|
|4||Bank of China||China||3.092.207||70041|
|5||Mitsubishi UFJ Financial Group||Japan||2.807.859||36107|
|6||JAPAN POST BANK Japan 1885878 n.a.||Japan||1.885.878||n.a.|
|7||Sumitomo Mitsui Financial Group Japan 1837913 26718||Japan||1.837.913||26718|
|8||Mizuho Financial Group||Japan||1.812.041||18631|
|9||Bank of Communications||China||1.385.808||30000|
|10||Postal Savings Bank of China||China||1.383.633||37984|
|12||China Merchants Bank||China||980.812||36088|
|14||Shanghai Pudong Development Bank||China||914.493||24960|
|15||China CITIC Bank Corporation||China||882.085||24014|
|16||China Minsheng Banking Corporation||China||871.632||22415|
|17||Commonwealth Bank of Australia||Australia||721.276||18728|
|18||ANZ Banking Group||Australia||682.319||14659|
|19||Westpac Banking Corporation||Australia||636.693||16021|
|20||China Everbright Bank||China||633.545||16050|
|21||National Australia Bank||Australia||583.793||13383|
|22||State Bank of India||India||561.228||18492|
|24||Ping An Bank||China||497.055||16974|
|25||KB Financial Group South||Korea||430.800||11387|
|26||Shinhan Financial Group South||Korea||412.846||9912|
|28||Hua Xia Bank||China||389.749||10526|
|29||Bank of China (Hong Kong)||Hong Kong||377.063||6956|
|30||Bank of Beijing||China||374.088||8079|
|31||Hana Financial Group South||Korea||345.842||7975|
|32||China Guangfa Bank||China||343.262||8641|
|34||Woori Financial Group South||Korea||305.814||6808|
|35||Bank of Shanghai China||china||294.833||6410|
|36||United Overseas Bank||Singapore||284.870||6769|
|37||Bank of Jiangsu||China||280.010||5123|
|38||Industrial Bank of Korea South||Korea||260.058||6347|
|39||NongHyup Bank South||Korea||254.436||5555|
|40||China Zheshang Bank||China||239.425||5674|
|41||Hang Seng Bank||Hong Kong||200.642||5289|
|42||Maybank Malaysia 195138 5497||Malaysia||195.138||5497|
|43||Fukuoka Financial Group||Japan||188.068||1792|
|45||Bank of Nanjing||China||180.768||3989|
|47||Concordia Financial Group||Japan||170.987||2014|
|48||Bank of Taiwan||Taiwan||164.852||1605|
|49||Bank of Ningbo||China||162.325||4208|
|50||Mebuki Financial Group||Japan||156.778||1814|
|52||China Bohai Bank||China||150.407||3375|
|53||Standard Chartered (Hong Kong)||Hong Kong||150.196||3724|
|55||Chongqing Rural Commercial Bank||China||138.217||3800|
|57||Bank of Hangzhou||China||133.919||2484|
|59||CIMB Group Holdings||Malaysia||129.147||3947|
|60||Beijing Rural Commercial Bank||China||128.114||2843|
|61||Shanghai Rural Commercial Bank||China||121.220||2936|
|63||Hokuhoku Financial Group||Japan||118.996||n.a.|
|64||Bank of Baroda||India||118.304||4094|
|66||Xiamen International Bank||China||117.206||1926|
|67||Ind. and Comm. Bank of China (Asia)||Hong Kong||114.108||1925|
|68||Punjab National Bank||India||113.916||3657|
|69||Guangzhou Rural Commercial Bank||China||110.980||3005|
|70||Taiwan Cooperative Bank||Taiwan||107.500||1451|
|71||Bank of East Asia||Hong Kong||107.191||2259|
|73||ANZ Bank New Zealand||New Zealand||105.509||2824|
|74||Mega International Commercial Bank||Taiwan||104.462||1710|
|77||Siam Commercial Bank||Thailand||98.603||4276|
|78||Land Bank of Taiwan||Taiwan||98.172||983|
|81||Bank of Tianjin||China||95.866||1766|
|83||Nishi-Nippon Financial Holdings||Japan||94.297||1091|
|84||Kyushu Financial Group||Japan||94.257||1352|
|85||First Commercial Bank||Taiwanx||93.484||1521|
|86||Yamaguchi Financial Group||Japan||92.989||1012|
|87||Cathay United Bank||Taiwan||92.907||1998|
|88||Bank of India||India||91.056||2693|
|90||Bank Rakyat Indonesia||Indonesia||89.919||6646|
|92||BNK Financial Group South||Korea||88.743||2497|
|93||Taipei Fubon Commercial Bank||Taiwan||88.570||1499|
|94||North Pacific Bank||Japan||88.077||844|
|95||Bank of Kyoto||Japan||87.223||975|
|97||Hua Nan Commercial Bank||Taiwan||85.669||1333|
|98||Krung Thai Bank||Thailand||84.739||3626|
|99||Government Savings Bank||Thailand||83.680||2401|
|100||100 Bank of China - Macau Branch||Macau||83.430||2526|
|Rank||Name||Country||Total $ Assets||Net income $million|
Trying to predict the ranking of the top banks in Asia Pacific 2021 is complicated by the effects of the Covid-19 pandemic. This is especially the case for China because the actual degree of spread and effects is largely unknown. In all probability, the overall rankings will stay close to the above tables, since there are global effects that will affect each country equally. Having said that, there are strong indications that Australia and New Zealand have both performed exceptionally well with minimal infections and hospitalizations, so an uptick in their banks would not be unexpected.
The top banks in the Asia Pacific region vary depending on the criteria used to rank them. Here are some of the largest and most well-known banks in the region, based on factors such as total assets, market capitalization, and number of branches:
- Industrial and Commercial Bank of China (ICBC) – China’s largest bank by assets and market capitalization, with branches and subsidiaries in over 40 countries.
- China Construction Bank – China’s second-largest bank by assets, with a strong focus on corporate banking and a presence in over 20 countries.
- Agricultural Bank of China – China’s third-largest bank by assets, with a focus on serving rural and agricultural customers and a presence in over 30 countries.
- Bank of China – China’s fourth-largest bank by assets, with a strong focus on international banking and a presence in over 50 countries.
- Mitsubishi UFJ Financial Group (MUFG) – Japan’s largest financial group, with a strong presence in commercial and investment banking and a presence in over 50 countries.
- China Development Bank – A policy bank in China with a focus on development finance and a presence in over 80 countries.
- Japan Post Bank – A postal savings bank in Japan with a strong retail banking presence and a large network of branches.
- DBS Group – A leading bank in Singapore with a focus on consumer and corporate banking and a presence in over 18 countries.
- HSBC – A multinational bank with a strong presence in Asia and a focus on retail, commercial, and investment banking.
- Bank Negara Indonesia (BNI) – Indonesia’s largest bank by assets, with a strong focus on corporate and retail banking and a presence in over 20 countries.
These are just a few examples of the top banks in the Asia Pacific region. There are many other large and influential banks in the region, each with its own unique focus and market presence.
The banking industry in the Asia Pacific region
The banking industry in the Asia Pacific region is diverse and rapidly evolving, with a wide range of banks serving the needs of consumers and businesses in different countries and sectors.
Some of the key trends and developments in the Asia Pacific banking industry include:
- Rapid growth: The Asia Pacific region has seen rapid economic growth in recent years, which has fueled demand for banking services and contributed to the expansion of the banking industry.
- Digital transformation: Many banks in the Asia Pacific region have embraced digital technologies to improve customer experience and streamline operations. This has included the adoption of mobile banking, online banking, and other digital channels.
- Regulation: The banking industry in the Asia Pacific region is subject to various regulations designed to protect consumers and ensure the stability of the financial system. These regulations can vary from country to country and may be influenced by international standards and practices.
- Competition: The Asia Pacific region is home to a wide range of banks, including global multinationals, regional players, and local banks. This has led to intense competition within the industry, as banks seek to attract and retain customers through innovative products, services, and pricing.
- Emerging markets: Many countries in the Asia Pacific region, particularly in Southeast Asia, are considered emerging markets, with growing populations and increasing demand for financial services. This has attracted the attention of foreign banks looking to enter these markets and tap into the growing potential.
Overall, the banking industry in the Asia Pacific region is dynamic and constantly evolving, with a wide range of banks competing for market share and serving the needs of customers in different countries and sectors.
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