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TOP-5 Banks in Asia

Several top banks are in operation within Asia. Big financial institutions can be found within Japan, South Korea, Thailand, Singapore, Taiwan, and Main Lan China. However, in the last decade, the Chinese banking sector has become the dominant force within Asia. Its dominance is due to the large number of people they serve, the size of its total assets, and the quantum of money that flows in and out of its banking institutions.

In no particular order, here are the top 5 banks in Asia.

Industrial & Commercial Bank of China (ICBC)

Industrial & Commercial Bank of China began operation in 1984. This bank is considered the biggest multinational bank on earth. It has a staggering total asset that exceeds $4 trillion. The bank serves over 200 million individuals within China and abroad. In terms of businesses and other entities, the bank serves almost 4 million institutions.

Industrial & Commercial Bank of China has a workforce of almost 500,000 workers, which are located across 16,000 service points within Main Land China and Hong Kong. In addition, the bank has over 300 branches and affiliate financial offices across the globe. Within China, the Industrial & Commercial Bank of China is the dominant force for corporate lending and deposit-taking.

Mitsubishi UFJ Financial Group

Mitsubishi UFJ Financial Group is one of the biggest Asian banks with a total asset of over $3 trillion. The bank came into being after the merger of two giant financial institutions (Osaka-based UFJ Holdings and Mitsubishi Tokyo Financial Group (MTFG)) in Japan. With headquarters in Tokyo, this bank holds a deposit that exceeds $2 trillion, which makes it one of the largest in the world.

China Construction Bank

China Construction Bank is another top financial institution within Asia. Created in 1954, the bank operates as a commercial bank. Initially, the bank was referred to as the People’s Construction Bank of China. The name was changed to what it is today after some policy changes.

China Construction Bank mainly provides corporate financial services, which include trade financing, credit loans, enterprise equity, international financing, and much more. Nonetheless, the bank still offers personal banking services to individuals. China Construction Bank has decent online and electronic banking services. Additionally, individual clients have access to card services and foreign exchange when needed.

Agricultural Bank of China

Agricultural Bank of China is one of the top Asian banks and the first commercial bank within Main Land China. Created in 1951, the bank’s main contribution is the development of the economic sector of rural China. In 1979, the bank was reformed to what it is today. Now, the Agricultural Bank of China provides agricultural financing to both urban and rural clients.

Bank of China

Bank of China was created in 1912 and at one time served as China’s apex bank. In 1949, the bank’s role was changed, and it became a specialist in foreign exchange and international banking services. By 1994, the bank became a complete commercial financial institution. Apart from its branches in mainland China, the Bank of China has branches in Hong Kong.

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