World’s Biggest Emerging Markets Banks

Chinese banks dominate Global Finance’s top-50 ranking for emerging markets; Brazil maintains second place despite economic pressures


China is even more dominant in our list of the 50 Largest Emerging Markets Banks this year, accounting for nearly half: 23 institutions, up from 22 in 2018, with the entry of Guangzhou Rural Commercial Bank.

The top 14 banks by assets are all Chinese entities, up from 13 last year. With the exception of Export-Import Bank of China, all appear in our Global 50 Biggest Banks list as well. These include state-owned and policy banks, while others are joint-stock commercial banks as well as institutions with rural and city bank classifications. This group experienced solid year-over-year asset growth of 6% on average, boosting Bank of Shanghai, China Zheshang Bank, and Bank of Nanjing two positions each, and kicking up Bank of Ningbo three spots. Chinese banks now account for 80% of the assets of the biggest emerging markets banks, slightly more than last year (78%). China’s outsize share is not surprising given the sustained levels of GDP growth the world’s second-largest economy has maintained year after year, growth which is reflected in the expansion of the country’s banking system.

The seven South Korean banks in our ranking experienced modest 2% growth from 2018, and their positions were largely unchanged. With the addition of Axis Bank, India now contributes four banks to the ranking.

Six Brazilian banks make the cut; this group experienced a decline in assets of 10% on average, reflecting slow domestic growth of 1.1% in 2018 and an expected further deterioration of the outlook to 0.8% in 2019, according to the OECD. Contagion from the ongoing economic deterioration in Argentina and Venezuela will continue to put pressure on growth prospects for these institutions.

Brazil is now the only Latin American country represented among the 50 Biggest Emerging Markets Banks. Banesco Banco, a Venezuelan institution, dropped out this year after placing 37th in 2018. To be eligible for inclusion in our rankings, banks—including the largest—must have at least one agency rating. Because the rating agencies have withdrawn their coverage of Banesco Banco, it was not eligible this year.

Banks from countries in the Gulf Cooperation Council operate with high levels of government ownership and support, and asset growth brought them some upward movement in our rankings. Balance sheet expansion averaged 6% year-over-year for United Arab Emirates-based First Abu Dhabi (up two positions), Emirates NBD (up one spot) and Qatar National Bank (up three positions), while Saudi Arabia-based National Commercial Bank expanded its asset base by 2% and climbed up two spots, to squeeze in at 48th.


WORLD’S BIGGEST EMERGING MARKETS BANKS 2018 —Global Top 50

Rank

Company Name

Country

Assets ($ Mil.)

Statement Date

1

Industrial and Commercial Bank of China

China

4,041,958

31-Dec-2018

2

China Construction Bank

China

3,388,690

31-Dec-2018

3

Agricultural Bank of China

China

3,299,208

31-Dec-2018

4

Bank of China

China

2,989,653

31-Dec-2018

5

China Development Bank

China

2,450,812

31-Dec-2018

6

Bank of Communications

China

1,388,024

31-Dec-2018

7

Industrial Bank

China

985,488

31-Dec-2018

8

China Merchants Bank

China

967,141

31-Dec-2018

9

Shanghai Pudong Development Bank

China

942,509

31-Dec-2018

10

China Minsheng Banking Corp.

China

906,396

31-Dec-2018

11

China CITIC Bank

China

871,935

31-Dec-2018

12

Agricultural Development Bank of China

China

808,118

31-Dec-2016

13

China Everbright Bank

Chin

627,840

31-Dec-2018

14

The Export-Import Bank of China

China

555,998

31-Mar-2018

15

State Bank of India

India

498,875

31-Dec-2018

16

Ping An Bank

China

479,776

31-Dec-2016

17

Sberbank

Russia

470,696

31-Dec-2018

18

Itau Unibanco Holding

Brazil

454,588

31-Dec-2018

19

Hua Xia Bank

China

413,981

31-Dec-2018

20

Bank of Beijing

China

385,301

31-Dec-2018

21

Banco do Brasil

Brazil

381,196

31-Dec-2018

22

China Guangfa Bank

China

366,231

31-Dec-2018

23

Banco Bradesco

Brazil

357,793

31-Dec-2018

24

Caixa Economica Federal

Brazil

318,342

31-Dec-2018

25

Kookmin Bank

South Korea

307,790

31-Dec-2018

26

Shinhan Bank

South Korea

302,700

31-Dec-2018

27

KEB Hana Bank

South Korea

299,509

31-Dec-2018

28

KEB Hana Bank

South Korea

295,217

31-Dec-2018

29

Bank of Shanghai

China

262,269

31-Dec-2018

30

Industrial Bank of Korea

South Korea

2258,191

31-Dec-2018

31

NongHyup Bank

South Korea

252,609

30-Jun-2018

32

China Zheshang Bank

China

246,354

31-Dec-2018

33

Qatar National Bank

Qatar

236,786

31-Dec-2018

34

Korea Development Bank

China

231,942

31-Dec-2018

35

Bank VTB

Russia

211,895

31-Dec-2018

36

Banco Santander (Brasil)

Brazil

207,913

31-Dec-2018

37

BNDES

Brazil

207,146

31-Dec-2016

38

First Abu Dhabi Bank

UAE

202,585

31-Dec-2018

39

Malayan Banking Berhad

Malaysia

194,175

31-Dec-2018

40

CTBC Bank

Taiwan

187,189

31-Dec-2018

41

Bank of Nanjing

China

180,162

31-Dec-2018

42

Bank of Taiwan

Taiwan

164,171

31-Mar-2018

43

HDFC Bank

India

162,667

30-Jun-2018

44

Bank of Ningbo

China

162,471

31-Dec-2018

45

Standard Bank Group

South Africa

147,784

31-Dec-2018

46

ICICI Bank

India

139,431

31-Mar-2018

47

Emirates NBD

UAE

136,216

31-Dec-2018

48

National Commercial Bank

Saudi Arabia

120,904

31-Dec-2018

49

Axis Bank

India

115,799

31-Dec-2018

50

Guangzhou Rural Comm Bank

China

113,751

31-Dec-2018

Asset figures from Fitch, Moody’s, and company reports. Ratings valid as of Aug. 31, 2019.

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