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ICBC is the world's largest bank by assets Image Credit source: gemini

World largest bank: Whenever we talk about the largest bank in India, only one name comes to our tongue, State Bank of India (SBI). It is the king in terms of assets, number of customers and its hold in the market. But do you know which is the largest bank in the world? Most people's guess would probably be based on a big bank in America or Europe. But the truth is that the world's largest financial institution is present in our neighboring country China.

The name of this bank is 'Industrial and Commercial Bank of China' (ICBC). This bank is so huge that the figure of its total assets can challenge even your imagination. It is not just a bank, but a 'financial ocean', the depth of which is difficult to measure.

How big is ICBC Bank?

Industrial and Commercial Bank of China (ICBC) is said to be the world's largest bank by total assets. According to recent reports, the total net worth of this Chinese bank is estimated to be around 6.9 trillion dollars. If we convert this huge amount into Indian rupees, then this figure comes to around Rs 612.25 lakh crore.

This amount is so huge that it would probably take ages to count it. This is not a matter of one or two years; ICBC has held this prestigious title of the world's largest bank since 2012. For more than a decade, no other bank, whether American or European, has been able to shake it from its throne.

How big is ICBC compared to SBI?

State Bank of India (SBI), is very small in front of this bank. If we look at the figures, the total assets or net worth of SBI is currently around Rs 67 lakh crore. This in itself is a huge amount and makes SBI the largest public sector bank in India.

But when we compare it with ICBC, the real gap is revealed. ICBC's assets are more than Rs 612 lakh crore. This simply means that Industrial and Commercial Bank of China is more than 9 times bigger than our SBI in terms of net worth.

How did ICBC Bank open?

The story of this huge bank is also linked to an important event in the economic history of China. Its foundation was laid in the late 70s. In December 1978, the Third Plenary Session of the 11th Central Committee of the Chinese Communist Party was held. After this meeting, China decided to open its closed doors and undertake large-scale reforms in the financial system.

At that time, the demand for financial services in China was changing rapidly and the need for new institutions for economic activities was felt. Understanding this need, a historic decision was taken in September 1983. It was decided that the 'People's Bank of China', which had looked after all the work till now, would in future play only the role of a central bank (like the Reserve Bank of India in India). With this, it was decided to establish a completely new and dedicated bank to meet the industrial and commercial banking needs of the country.

This decision was followed by rapid preparations and finally, on January 1, 1984, the Industrial and Commercial Bank of China (ICBC) officially began its operations.

Dominance is not only in China but all over the world.

ICBC's dominance is not limited to its immense wealth, its network is also equally vast and influential. About 16,456 branches of this bank are working across the world. This network delivers it to its customers in every corner of the world.

A very large part of these, i.e. about 16,040 branches, are in the domestic market of China itself, covering every industrial and rural part of the country. But apart from this, there are also 416 overseas branches, which shows its global ambition and reach. Asia, Europe, North America, Oceania and South America… there is hardly any continent where ICBC does not have a strong presence. This makes it a truly international bank.

Let us tell you that ICBC is a listed entity. That means it is listed on the stock exchanges of Singapore and Hong Kong. However, the largest stake in it, i.e. the major shareholding, is with the Chinese government.