In the fast-paced and ever-evolving world of finance, banks play a crucial role as pillars of stability and facilitators of economic growth. As we delve into the financial landscape of 2023, it becomes apparent that the banking industry has continued to thrive, demonstrating resilience and adaptability in the face of unprecedented challenges.
This article takes a closer look at the top 20 banks companies of 2023, ranked by revenue, and celebrates their significant contributions to the global economy. These banking giants have not only weathered storms but have emerged stronger, catering to the needs of individuals, businesses, and governments alike.
With technology and innovation revolutionizing the financial services sector, the top 20 banks companies have embraced digital transformation to enhance customer experiences and optimize operational efficiency. By providing a vast array of financial products and services, these institutions empower customers with the tools to achieve their financial goals.
From retail banking to investment management, these industry leaders are at the forefront of driving economic progress and financial inclusion worldwide. As they navigate regulatory complexities and manage risks, they continue to inspire trust and confidence in their stakeholders.
1. Industrial and Commercial Bank of China ($164.5B)
The Industrial and Commercial Bank of China (ICBC) was established on January 1, 1984. On October 28, 2005, it was restructured into a joint-stock limited company. Subsequently, on October 27, 2006, ICBC was successfully listed on both the Shanghai Stock Exchange and The Stock Exchange of Hong Kong Limited.
2. Agricultural Bank of China ($141.3B)
Agricultural Bank of China (ABC), or AgBank, is a leading member of China's "Big Four" banks. Established on July 10, 1951, ABC is headquartered in Beijing's Dongcheng District and operates an extensive network of branches across mainland China, Hong Kong, London, Tokyo, New York, Frankfurt, Sydney, Seoul, and Singapore. As a prominent financial institution, ABC serves a wide range of customers with its diverse and comprehensive banking services.
3. Bank of China Limited ($100B)
Bank of China, including BOC Hong Kong, BOC International, BOCG Insurance, and other financial institutions, offers a comprehensive range of high-quality financial services to global individual and corporate customers. With a rich history dating back to 1912 and approved by DR. Sun Yat-sen, Bank of China has played significant roles as a central bank, international exchange bank, and specialized foreign trade bank. Today, it stands as a state-controlled joint stock commercial bank, holding a prominent position as the most internationalized commercial bank in China. With over 10,000 domestic and 600 overseas operations, Bank of China strives to become a leading international bank, delivering growth and excellence worldwide.
4. Royal Bank of Canada ($87.4B)
The Royal Bank of Canada (RBC) is a renowned global financial institution renowned for its purpose-driven and principles-led approach. With a workforce exceeding 94,000 employees, RBC thrives on their creativity and insights to actualize its vision, values, and strategy, thereby fostering the prosperity of clients and communities. As Canada's largest bank and one of the world's largest based on market capitalization, RBC boasts a diversified business model emphasizing innovation and delivering exceptional client experiences to over 17 million clients across Canada, the U.S., and 27 other countries.
5. Toronto-Dominion Bank ($75B)
The Toronto-Dominion Bank and its subsidiaries, collectively known as TD Bank Group (TD), rank as the sixth largest bank in North America by branches, serving approximately 22 million customers across key financial centers globally. With over 85,000 employees, TD boasts the strongest team in banking, dedicated to delivering legendary customer experiences as part of its commitment to being the Better Bank. To learn more about TD and why it is a great place to work, visit their Careers page.
6. ING Group ($58B)
ING is a pioneer in digital banking, renowned as one of the most innovative banks globally. With a clear purpose rooted in the belief in people's potential, ING empowers individuals and businesses to realize their visions for a better future without judgment, coaching, or directives. The bank promises to make banking frictionless by removing barriers to progress and instilling confidence in financial decisions. As a global bank, ING recognizes its significant opportunity and responsibility to drive positive change. It plays a crucial role by financing transformative projects, sharing knowledge, and innovating. Sustainability is integral to ING's operations, influencing its choices as a lender, partner, and service provider.
7. Bank of Montreal ($50B)
BMOB M O is a prominent North American bank with a clear mission: to Boldly Grow the Good in business and life. This purpose shapes the bank's strategy, fuels its ambitions, and underscores its commitments to fostering progress. BMOB M O is dedicated to promoting a thriving economy, ensuring a sustainable future, and creating an inclusive society.
8. Capital One ($49B)
Capital One is transforming banking for good. Founded on the principle that no one should be excluded from the financial system, Capital One is committed to fostering a world where everyone has an equal opportunity to prosper.
9. SMBC Group ($41B)
SMBC Group is a top-tier global financial organization headquartered in Tokyo, boasting a 400-year history. The Group provides a diverse array of financial services, including banking, leasing, securities, credit cards, and consumer finance. With more than 150 offices and 86,000 employees across nearly 40 countries, SMBC Group has a significant global presence. Sumitomo Mitsui Financial Group, Inc. (SMFG), the holding company of SMBC Group, ranks among the three largest banking groups in Japan. SMFG's shares are traded on the Tokyo and Nagoya stock exchanges, and its ADRs are listed on the New York Stock Exchange (NYSE: SMFG).
10. NatWest Group ($30.7B)
The company's strategy focuses on business growth through anticipating and meeting customers' needs. Utilizing data and technology, the company aims to streamline customer interactions, while maintaining discipline in cost management, investment, and capital allocation. These efforts are aimed at delivering sustainable long-term value for shareholders.
11. Shanghai Pudong Development Bank ($25B)
Shanghai Pudong Development Bank Co., Ltd. (SPD Bank), received approval from the People’s Bank of China to engage in financial operations on August 28, 1992, and commenced business on January 9, 1993. Headquartered in Shanghai, this nationwide joint-stock commercial bank was listed on the Shanghai Stock Exchange in 1999 (Stock Code: 600000). SPD Bank's registered capital is now RMB 29.352 billion. Known for its exceptional performance and esteemed integrity, SPD Bank continues to be a highly regarded listed company in China's securities market.
12. China Everbright Bank ($20.5B)
China Everbright Bank (CEB), established in August 1992 and headquartered in Beijing, is a national joint-stock commercial bank approved by the State Council of China and the People’s Bank of China. CEB was listed on the Shanghai Stock Exchange in August 2010 (stock code 601818) and on the Hong Kong Exchanges and Clearing Limited in December 2013 (stock code 6818).
13. Postal Savings Bank of China ($20B)
The postal savings business in China began in 1919, boasting a history of over a century. In March 2007, following the reform of the previous postal savings management system, Postal Savings Bank of China Limited was officially established. The Bank transitioned into a joint stock limited liability company in January 2012. It went public, listing on the Hong Kong Stock Exchange in September 2016, and later on the Shanghai Stock Exchange in December 2019.
14. Mizuho ($20B)
This financial institution stands out from the crowd, largely due to its exceptional team. Valuing diversity, every individual is respected for their unique contributions. The company boasts a culture characterized by purpose, passion, and compassion.
15. Commonwealth Bank ($17.9B)
As Australia's premier financial services provider, the company offers a comprehensive range of services including retail, premium, business, and institutional banking, along with funds management, superannuation, insurance, investment, and sharebroking products and services. With a vast network of over 52,000 employees and more than 800,000 shareholders, they aim to assist all Australians in building and managing their finances effectively.
16. UniCredit ($15B)
UniCredit is committed to empowering communities to advance. With a focus on delivering value to all stakeholders across Europe, the company aims to unlock the potential within each individual and community it serves.
17. Huaxia Bank ($13B)
Under the leadership of Mr. Deng Xiaoping and amidst the deepening Reform and Opening-up, Hua Xia Bank commenced operations in Beijing. Following a restructuring in March 1995, it evolved into a nationwide joint-stock commercial bank. In September 2003, Hua Xia Bank went public on the Shanghai Stock Exchange (Stock Ticker: 600015), becoming the fifth listed Chinese bank. In October 2005, the bank signed strategic cooperation agreements with Deutsche Bank, marking a significant move towards enhanced management and internationalization. Further strengthening its capital base for future development, Hua Xia Bank issued additional shares to target investors in October 2008.
18. Qatar National Bank ($10.3B)
Since its establishment in 1964, QNB Group has steadily grown to become the largest bank in Qatar and the leading financial institution in the Middle East and Africa (MEA) region. As part of its vision to become a premier bank in the Middle East, Africa, and Southeast Asia, the Group continues to expand its network. Recently, the Group opened its first branch in Hong Kong, marking its entry into highly competitive markets. Proudly serving as the Official Middle East and Africa Supporter of the FIFA World Cup 2022™, QNB Group, through its subsidiaries and associate companies, operates in over 30 countries across three continents, offering a comprehensive range of advanced products and services. Maintaining its position as the highest-rated bank in Qatar and one of the highest-rated banks globally, QNB Group has garnered numerous awards from leading international financial publications, highlighting its excellence and commitment to delivering exceptional services.
19. United Overseas Bank ($8B)
UOB stands as one of the world's leading banks, earning a 'Aa1' rating from Moody's Investors Service and 'AA-' ratings from both S&P Global and Fitch Ratings. Its expansive global network spans 500 branches and offices across 19 countries in Asia Pacific, Europe, and North America.
20. Macquarie Group ($4.4B)
Macquarie is a prominent global financial services group, with a presence in 34 markets. The company operates across various sectors including asset management, retail and business banking, wealth management, leasing and asset financing, market access, commodity trading, renewables development, specialist advice, access to capital, and principal investment.
