THE BIGGEST EMERGING MARKET BANKS
Global Finance unveils its second annual league table of the biggest emerging market banks ranked by total assets.
By Dan Keeler
As the world’s key emerging markets continue to drive the global economy out of recession, Global Finance unveils its second annual Global Finance EM 200, the definitive list of the biggest banks in the emerging markets. This year’s results show that, a year after the storm broke that many believed would send the emerging markets into a tailspin, the leading banks of the developing world are proving bigger, stronger and more resilient than ever.
In a turbulent global economy, size becomes an increasingly important asset to a financial institution. Michael Tomalin, group chief executive of the National Bank of Abu Dhabi—one of the biggest banks in the Middle East region—says his bank’s size has helped it ensure customers remain confident in his bank’s ability to serve them. “Our strong franchise provides our customers security and liquidity comfort that their money is safe and available whenever they need it,” he says. His bank’s scale has also enabled it to maintain a presence where competitors may have had to cut back. “Being one of the biggest banks…has given us the opportunity to grow where other banks may be in retreat,” Tomalin says.
The biggest banks in any region are in a much better position to snap up smaller rivals as business activity begins to return to normal. László Bencsik, deputy CEO and head of the strategic and financial division of Hungary’s OTP Bank, says he is keeping a close eye on potential acquisition opportunities in Central and Eastern Europe. “We expect a certain level of consolidation as the crisis forces several banking groups to rethink their strategies,” he says. Although CEE was hardest hit of all the emerging markets, Bencsik believes the region will regain its appeal and present some interesting opportunities. “There are strong arguments for continuing to increase our regional presence when the crisis reaches its end. The region will remain attractive strategically as convergence will continue in CEE countries, and these economies and their banking markets will probably grow faster than, for example, the Western European ones,” he adds.
This year’s EM 200 clearly reflects changes taking place among the emerging markets as a whole. China’s banks have tightened their stranglehold on the top of the league, snagging six of the top 10 spots. Brazilian and Russian banks are clearly marching up the table while South Korea’s biggest banks have seen their standings slide over the past year.
Total assets of the top 20 banks have grown by a stunning $1.06 trillion, but almost all of that increase was posted by the top 10, further illustrating China’s astonishing rate of asset growth and acquisition.
Methodology: The basis of all the rankings is the size of total assets, i.e., the balance sheet total. All figures have been converted into US dollars at the rate applicable at the date of that balance sheet. Great care has been taken to ensure the information’s accuracy, but Bankers’ Almanac can accept no responsibility for any losses or damages arising from any errors or omissions. These bank rankings are based on and compiled from balance sheet information held by Bankers’ Almanac on October 8, 2009, and from Global Finance research.
| Rank | Bank Name | Country |
Total Assets ($ billion) |
Balance Sheet Date |
Consolidated Data? |
| 1 | Industrial & Commercial Bank of China | China | 1,430.04 | 12/31/08 | Y |
| 2 | China Construction Bank | China | 1,107.35 | 12/31/08 | Y |
| 3 | Agricultural Bank of China | China | 1,028.05 | 12/31/08 | Y |
| 4 | Bank of China | China | 1,018.86 | 12/31/08 | Y |
| 5 | Bank of Communications* | China | 393.55 | 12/31/08 | N |
| 6 | Banco Itaú | Brazil | 257.40 | 12/31/08 | Y |
| 7 | IChina Merchants Bank* | China | 230.56 | 12/31/08 | N |
| 8 | Sberbank | Russia | 229.10 | 12/31/08 | Y |
| 9 | Banco do Brasil | Brazil | 224.69 | 12/31/08 | Y |
| 10 | Kookmin Bank | South Korea | 198.26 | 12/31/08 | N |
| 11 | Banco Bradesco | Brazil | 195.87 | 12/31/08 | Y |
| 12 | State Bank of India | India | 180.88 | 3/31/08 | N |
| 13 | China Citic Bank Corporation* | China | 174.29 | 12/31/08 | N |
| 14 | Woori Bank | South Korea | 172.50 | 12/31/08 | N |
| 15 | Shinhan Bank | South Korea | 161.55 | 12/31/08 | N |
| 16 | China Minsheng Banking Corporation | China | 153.91 | 12/31/08 | N |
| 17 | Industrial Bank | China | 149.63 | 12/31/08 | N |
| 18 | Caixa Econômica Federal | Brazil | 127.55 | 12/31/08 | N |
| 19 | VTB Bank | Russia | 125.85 | 12/31/08 | Y |
| 20 | Shanghai Pudong Development Bank | China | 125.27 | 12/31/07 | N |
| 21 | Korea Development Bank* | South Korea | 125.22 | 12/31/08 | N |
| 22 | Hana Bank | South Korea | 124.93 | 12/31/07 | N |
| 23 | China Everbright Bank | China | 124.85 | 12/31/08 | N |
| 24 | Bank of Taiwan | Taiwan | 109.52 | 12/31/08 | N |
| 25 | Hua Xia Bank* | China | 107.37 | 12/31/08 | N |
| 26 | Standard Bank of South Africa | South Africa | 94.76 | 12/31/08 | N |
| 27 | Banco Santander | Brazil | 88.97 | 12/31/08 | N |
| 28 | BBVA Bancomer | Mexico | 84.42 | 12/31/08 | Y |
| 29 | Guangdong Development Bank | China | 80.03 | 12/31/08 | N |
| 30 | Unibanco | Brazil | 79.83 | 12/31/08 | N |
| 31 | Absa Bank | South Africa | 78.59 | 12/31/08 | Y |
| 32 | Korea Exchange Bank | South Korea | 78.45 | 12/31/08 | N |
| 33 | Emirates NBD | UAE |
76.89 |
12/31/08 | Y |
| 34 | Taiwan Cooperative Bank | Taiwan | 75.79 | 12/31/08 | N |
| 35 | ICICI Bank | India | 75.36 | 3/31/09 | N |
| 36 | FirstRand Bank | South Africa | 71.73 | 6/30/08 | N |
| 37 | IShenzhen Development Bank | China | 69.59 | 12/31/08 | N |
| 38 | Malayan Banking | Malaysia | 67.18 | 6/30/08 | N |
| 39 | Gazprombank | Russia | 62.99 | 12/31/08 | Y |
| 40 | Mega International Commercial Bank | Taiwan | 62.48 | 12/31/08 | N |
| 41 | Land Bank of Taiwan | Taiwan | 62.37 | 12/31/08 | N |
| 42 | Bank of Beijing | China | 61.12 | 12/31/08 | N |
| 43 | Standard Chartered First Bank Korea* | South Korea | 60.14 | 12/31/08 | Y |
| 44 | National Commercial Bank** | Saudi Arabia | 59.15 | 12/31/08 | N |
| 45 | Nedbank | South Africa | 58.50 | 12/31/08 | Y |
| 46 | Bank Melli Iran** | Iran | 58.00 | 12/31/07 | N |
| 47 | Banco Itaú BBA | Brazil | 56.16 | 12/31/08 | N |
| 48 | Banamex | Mexico | 54.51 | 12/31/07 | Y |
| 49 | Bank of Shanghai | China | 53.90 | 12/31/08 | N |
| 50 | First Commercial Bank | Taiwan | 53.80 | 12/31/08 | N |
| 51 | Hua Nan Commercial Bank* | Taiwan | 51.20 | 12/31/08 | N |
| 52 | Banco Santander (Mexico) | Mexico | 51.18 | 12/31/08 | Y |
| 53 | OTP Bank | Hungary | 49.09 | 12/31/08 | Y |
| 54 | Punjab National Bank | India | 49.06 | 3/31/09 | N |
| 55 | HSBC Bank Brasil—Banco Múltiplo | Brazil | 48.73 | 12/31/08 | N |
| 56 | Public Bank | Malaysia | 48.08 | 12/31/07 | N |
| 57 | Bangkok Bank Public | Thailand | 47.74 | 12/31/08 | N |
| 58 | Samba Financial Group** | Saudi Arabia | 47.68 | 12/31/07 | N |
| 59 | Citibank Korea | South Korea | 47.50 | 12/31/08 | N |
| 60 | Bank of Baroda | India | 46.00 | 3/31/08 | N |
| 61 | Chinatrust Commercial Bank* | Taiwan | 45.75 | 12/31/08 | N |
| 62 | Arab Bank | Jordan | 45.63 | 12/31/08 | Y |
| 63 | National Bank of Abu Dhabi | UAE | 44.83 | 12/31/08 | Y |
| 64 | Bank of India | India | 44.80 | 3/31/09 | N |
| 65 | Ceska Sporitelna | Czech Republic | 44.73 | 12/31/08 | Y |
| 66 | Bank Polska Kasa Opieki | Poland | 44.06 | 12/31/08 | Y |
| 67 | Al Rajhi Bank | Saudi Arabia | 43.95 | 12/31/08 | Y |
| 68 | PKO Bank Polski Spolka Akcyjna | Poland | 43.83 | 12/31/08 | N |
| 69 | Canara Bank | India |
43.64 |
3/31/09 | N |
| 70 | National Bank of Kuwait | Kuwait | 43.30 | 12/31/08 | Y |
| 71 | Bank Saderat Iran | Iran | 42.93 | 3/20/08 | Y |
| 72 | Ceskoslovenska Obchodni Banka | Czech Republic | 42.77 | 12/31/08 | Y |
| 73 | Bank Mellat | Iran | 42.72 | 3/20/08 | N |
| 74 | Chang Hwa Commercial Bank* | Taiwan | 42.61 | 12/31/08 | N |
| 75 | Riyad Bank | Saudi Arabia | 42.54 | 12/31/08 | Y |
| 76 | CIMB Bank* | Malaysia | 42.31 | 12/31/08 | N |
| 77 | Banco Mercantil del Norte | Mexico | 41.93 | 12/31/08 | Y |
| 78 | Qatar National Bank | Qatar | 41.73 |
