Chinese Bank World's Largest Lender
STEVE INSKEEP, host:
NPR's business news starts with what claims to be the biggest bank in the world.
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INSKEEP: It's not Bank of America, not Citigroup, not JPMorgan Chase. The biggest bank in the world - by its own count, anyway - is the Industrial and Commercial Bank of China. The bank was already the biggest bank by market capitalization; that's the total value of all the stock they have outstanding. Now, it claims to have more deposits than any of its global lending rivals. It's $1.4 trillion in deposits surpasses the 1 trillion held at JPMorgan Chase, the biggest U.S. bank in terms of deposits.
However, the Chinese bank, in making this claim to be the biggest in the world, did not mention the big Japanese bank Japan Post, which has nearly 2 trillion in deposits. And as the Financial Times notes, U.S. banks might be bigger but for a law that prevents them from controlling more than 10 percent of America's total deposits.