Emerging markets banks continue to grow despite currency devaluations.
The assets of the 50 biggest emerging markets banks rose in 2015 by 35%, to $27.2 trillion, even as many emerging markets currencies lost value against the dollar.
The rise in asset size of the biggest 50 was driven by the continuing expansion of Chinese banks, which grew despite a devaluation of the renminbi.
The combined assets of the 20 Chinese banks that are included in Global Finance’s listing of the Biggest 50 Emerging Markets Banks was $21.2 trillion, which is 78% of the total. China Everbright Bank moved up from 15th position to 13th. The biggest non-Chinese bank is State Bank of India, followed by Sberbank of Russia and Banco do Brasil.
Four new banks are included in the biggest 50 in 2016: Venezuela’s Banesco Banco Universal, Emirates NBD, Bank of Ningbo and CIMB of Malaysia. All show significant asset growth compared with last year. The four banks that fall out of the ranking are Garanti Bank, Mega International Commercial Bank, Public Bank (Malaysia) and Korea Exchange Bank, which has merged with Hana Bank.
Several emerging markets currencies lost value against the dollar in 2015. Brazil’s real fell by 31%, Russia’s ruble by 22%, Malaysia’s ringgit by 18% and the Turkish lira by 21%. Banks from these countries show declines in asset size, but in many cases not by as much as the currency devaluation, indicating that the banks continued to grow in terms of their reporting currencies.
The four GCC banks in the Biggest 50—Qatar National Bank, National Commercial Bank, National Bank of Abu Dhabi and Emirates NBD—showed strong growth despite the deterioration in the Gulf economy that resulted from lower oil prices. All four banks’ currencies are pegged to the dollar.
The 2016 ranking of the biggest banks includes 20 from China, seven from South Korea (one fewer than last year), six from Brazil, four from India, four from the GCC and two each from Taiwan, Russia, Turkey and Malaysia. Banks from Russia, Turkey and India fall far short of the ratings needed for inclusion in Global Finance’s Safest Global, Emerging Markets and Commercial Bank lists, despite their significant size within the emerging markets banking system.
Rank |
Group Name |
Country |
Total Assets |
1 |
Industrial and Commercial Bank of China |
China |
3,421,363 |
2 |
China Construction Bank Corporation |
China |
2,826,695 |
3 |
Agricultural Bank of China |
China |
2,740,721 |
4 |
Bank of China |
China |
2,590,402 |
5 |
China Development Bank Corporation |
China |
1,685,954 |
6 |
Bank of Communications |
China |
1,102,266 |
7 |
China Merchants Bank |
China |
843,407 |
8 |
Industrial Bank |
China |
816,280 |
9 |
China CITIC Bank |
China |
789,077 |
10 |
Shanghai Pudong Development Bank |
China |
777,070 |
11 |
China Minsheng Bank |
China |
696,401 |
12 |
Agricultural Development Bank of China |
China |
513,517 |
13 |
China Everbright Bank |
China |
487,978 |
14 |
State Bank of India |
India |
431,391 |
15 |
Export-Import Bank of China |
China |
386,953 |
16 |
Ping An Bank |
China |
386,295 |
17 |
Sberbank |
Russia |
375,051 |
18 |
Banco do Brasil |
Brazil |
355,736 |
19 |
Itau Unibanco Holding |
Brazil |
326,934 |
20 |
Hua Xia Bank |
China |
311,269 |
21 |
Caixa Economica Federal |
Brazil |
308,202 |
22 |
Bank of Beijing |
China |
284,204 |
23 |
China Guangfa Bank |
China |
282,922 |
24 |
Korea Development Bank |
South Korea |
263,959 |
25 |
Banco Bradesco |
Brazil |
262,974 |
Rank |
Group Name |
Country |
Total Assets |
26 |
KEB Hana Bank |
South Korea |
249,385 |
27 |
Woori Bank |
South Korea |
248,920 |
28 |
Kookmin Bank |
South Korea |
247,572 |
29 |
Shinhan Bank |
South Korea |
243,077 |
30 |
Banco Nacional de Desenvolvimento Economico e Social (BNDES) |
Brazil |
238,353 |
31 |
Bank of Shanghai |
China |
220,153* |
32 |
Industrial Bank of Korea |
South Korea |
204,557 |
33 |
Nonghyup Bank |
South Korea |
197,800 |
34 |
VTB Bank |
Russia |
185,629* |
35 |
Maybank |
Malaysia |
165,038 |
36 |
Banco Santander |
Brazil |
155,064 |
37 |
Bank of Taiwan |
Taiwan |
146,068 |
38 |
Qatar National Bank |
Qatar |
147,969 |
39 |
ICICI Bank |
India |
131,981 |
40 |
Banesco Banco Universal |
Venezuela |
125,595 |
41 |
National Commercial Bank |
Saudi Arabia |
119,824 |
42 |
CTBC Bank |
Taiwan |
117,307 |
43 |
Bank of Baroda |
India |
117,266 |
44 |
Turkiye Is Bankasi |
Turkey |
111,848 |
45 |
National Bank of Abu Dhabi |
UAE |
110,705 |
46 |
Emirates NBD |
UAE |
110,704 |
47 |
Bank of Ningbo |
China |
110,334 |
48 |
CIMB |
Malaysia |
107,506 |
49 |
T.C. Ziraat Bankasi |
Turkey |
106,614 |
50 |
Punjab National Bank |
India |
101,614 |