List of Banks

 

 

According to Forbes, the top five names in the list of banks across the world are HSBC Holdings, Banco Santander, ICBC, JP Morgan Chase and Mitsubishi UFJ Financial. Forbes has published this list based on total assets for the year 2009. Being impacted by the global financial crisis, these banks are undertaking both short-term and long-term measures to sustain their operations.[br]

List of Banks – Top 10 Banks in the World

Forbes published its list of the world’s top ten banks for the year 2009. The first five among these were:

HSBC Holdings: With a tagline of being “the world’s local bank,” HSBC is the largest bank in the world in terms of assets. Forbes lists this bank as the sixth largest company in the world. The bank is popular for its risk averse and conservative approach in its business operations. The bank offers comprehensive banking and financial services.

Banco Santander: This bank focuses on international retail banking through its more than 14,000 branches. Banco Santander’s strengths include prudent risk management, geographical diversification and capital efficiency. Its business model aims at offering high value to its customers, shareholders and employees.

Industrial and Commerce Bank of China Ltd (ICBC): It is one of the largest state-owned commercial banks in China. The company is focusing on growing its operations in international markets. The bank won 131 awards during 2008 including “Best Bank in Asia.”[br]

JP Morgan Chase: Having operations in 60 countries, JP Morgan Chase is one of the oldest banks in the world. Its hedge fund is the second largest in the United States. The bank received $25 million from the US Treasury Department through the Asset Relief Program (TARP). The relief program is aimed at the US banks that have troubled assets associated with residential mortgages.

Mitsubishi UFJ Financial Group: Part of the Mitsubishi Group, this is the largest financial group in Japan following the merger of Mitsubishi Tokyo Financial Group (MTFG) and Osaka-based UFJ Holdings. The company is executing its medium term plan which is to counter the global economic crisis. The measures include promotion of business transformation, optimization of revenue structure and strict cost control.

The list of top banks changes every year, as many banks are in a state of transition. Most large banks in the world are taking counter measures in order to curb the unfavorable conditions of the global financial crisis. However, all these banks are striving to expand their global operations, despite the global financial crisis.