Features : The World’s Biggest Banks


Global Finance ranks the world’s 50 biggest banks, as measured by total assets.

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This year has been an interesting time to be a central banker. With the US dollar taking a tumble against almost all other currencies, the worlds central bankers have had to take a long hard look at their exposure to the dollar. As Global Finance went to press, signs were emerging that the central bankers were fighting shy of US treasuriessomething that observers have long predicted would happen (see Milestone). The worlds reserve currency has been through some choppy times with the Bush administration officially endorsing the former administrations strong dollar policy while quietly letting the currency slide.

They have also had to keep a keen eye on oil prices, which went on a wild ride through the summer. In many countries, the increased oil prices caused a spike in inflation, leaving bankers to decide if they should act to trim inflation and risk over-reacting. In the end, many seemed to be shrugging off the potential impact of rising oil prices, provoking some consternation among observers.

Its likely that they were looking at the general economic conditions, both in their own countries and across the world, and concluding that they should hold their fire. Most central bankers have benefited from the gentleand generalimprovement in the worlds major economies. Certainly few have had any major crises to deal with and, being a competent bunch, theyve mostly handled the minor upheavals of the past year without too much fuss.

While most have maintained fairly consistent performance since last year, a few central bankers stand out for their improved handling of their countries economies. One is Switzerlands Jean-Pierre Roth, who finally seems to have grasped the nettle and taken control at the central bank. His grade leaps from a D to a B in recognition of his startling turnaround. Canadas David Dodge inches up half a grade as he, too, seems to be getting the measure of the job after a fitful start. Another central banker who flunked out last year is Alan Greenspan. This year he scrapes a C on the basis that hes done a reasonable job in what remain difficult circumstances. Expect to see Greenspans grade improve next year, though, as his most recent performances have been more reminiscent of the market guru of old.

Again this year, the general level of competence among the worlds central bankers seems to have increased noticeably. That can only be a good thing for the worlds economies.

The Worlds safest Banks 2004

Rank

Name


Country


Fiscal Year

Total Assets in $B
1 Mizuho Financial Group Japan
3/2004 1,285.7
2 Citigroup
United States 12/2003
1,264.0
3 UBS
Switzerland 3/2004
1,120.6
4 HSBC
United Kingdom
12/2003
1,034.2
5 Deutsche Bank Germany
3/2004
1,014.8
6 Crdit Agricole France
12/2003
992.7
7= BNP Paribas France
12/2003
988.9
7= Mitsubishi Tokyo Financial Group Japan
3/2004
988.9
9 ING Groep Netherlands
3/2004
983.5
10 Sumitomo Mitsui Financial Group Japan
3/2004
950.5
11 Royal Bank of Scotland Group
United Kingdom
12/2003 806.2
12 Credit Suisse Group
Switzerland
12/2003
777.9
13 Barclays Bank
United Kingdom 12/2003
776.7
14 JPMorgan Chase
United States
12/2003 770.9
15 UFJ Holdings Japan
3/2004
762.1
16 Bank of America
United States
12/2003
736.4
17 HBOS
United Kingdom
12/2003
728.9
18 ABN AMRO Netherlands
12/2003
707.8
19 Socit Gnrale
France
12/2003 681.2
20 Fortis Belgium
Belgium
12/2003 653.5
21 Industrial & Commercial Bank of China
China
12/2003
637.8
22 Morgan Stanley
United States
2/2004
602.8
23 Dresdner Bank
Germany
12/2003
602.5
24 Bayerische Hypo-und Vereinsbank
Germany
3/2004
597.6
25 Rabobank Group
Netherlands
12/2003
509.4
26 Norinchukin Bank
Japan
3/2004
506.7
27 Merrill Lynch
United States
3/2004
494.5
28 Commerzbank
Germany
3/2004
481.7
29 Groupe Caisse d’Epargne
France
12/2003
480.8
30 Groupe Caisse des Dpts
France
12/2003
480.0
31 Bank of China
China
12/2003
464.2
32 Dexia
Belgium 12/2003
441.4
33 Banco Santander Central Hispano
Spain 3/2004
437.5
34 China Construction Bank
China
12/2003
429.4
35 DZ Bank
Germany
12/2003
406.7
36
Goldman Sachs Group
United States
11/2003
403.8
37
Sakura Bank
Japan
3/2001
402.6
38
Landesbank Baden-Wuerttemberg
Germany
12/2003
395.0
39
Wells Fargo
United States
12/2003
387.8
40
Bayerische Landesbank
Germany
12/2003
380.0
41
KfW Group
Germany
12/2003
379.7
42
Resona Holdings
Japan
3/2004
366.3
43
Lloyds TSB Bank
United Kingdom
12/2003
363.6
44
Agricultural Bank of China
China
12/2002
359.6
45
Banco Bilbao Vizcaya Argentaria
Spain
12/2003
356.9
46
NRW Bank
Germany
12/2002
356.8
47
Nordea Bank
Sweden
12/2003
331.1
48
Almanij
Belgium
12/2003
327.9
49
Banca Intesa
Italy
3/2004
327.4
50
WestLB
Germany
12/2003
321.6

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