China and South Korea continue to dominate the biggest banks in emerging markets, but India is catching up.
China again dominates Global Finance’s ranking of the Biggest Emerging Markets Banks, the Chinese institutions having benefited from decades of strong growth of the nation’s sprawling economy. Chinese banks make up the top 15 institutions in our ranking and hold half the top 50 positions.
Continuing expansion has been a challenge recently however, as Chinese economic growth slowed to 3% in 2022, and forecasts of just over 5% in 2023 are likely to be revised downward. Of those 25 banks, only 11 experienced year-over-year (YoY) growth in their balance sheets.
Middle Eastern banks, bolstered by strength in energy prices, offer a sharp contrast. Al Rajhi Bank, a new entrant at No. 43, is rapidly expanding its franchise as the No. 2 bank in Saudi Arabia, boasting 21% of system assets and average annual balance-sheet growth of 26% over the past three years. Al Rajhi is the kingdom’s leading retail bank, with a 43% share of the domestic retail market in mortgage lending, according to Fitch. In the United Arab Emirates, First Abu Dhabi Bank and Emirates NBD rose two spots to No. 35 and No. 44, respectively. The former saw its balance sheet grow by 11% and the latter by 7.9%.
South Africa’s Standard Bank dropped out of our 2023 ranking as its asset base fell 6% YoY, pushing it below the $177 billion threshold for inclusion. Other notable shifts centered in Brazil, where Itaú Unibanco, Banco do Brasil, Banco Bradesco and Caixa Economica Federal averaged just over 20% YoY balance-sheet growth, boosting each bank’s ranking at least four spots.
As China commands the emerging market roster, our 2023 report also includes a separate ranking of the biggest emerging markets banks ex-China. Taiwan stands out with nine banks in that grouping, starting with CTBC at No. 17. State Bank of India tops the list, and India places eight institutions overall; while South Korea places seven banks and Brazil six. The threshold for inclusion in the ex-China ranking was $104 billion.
50 Biggest Emerging markets Banks 2023
| 50 Biggest Emerging markets Banks 2023 | ||||
| Rank | Company Name | Domicile | Total Assets (USD million) |
Statement Date |
| 1 | Industrial and Commercial Bank of China | China | 5,669,862 | 12/31/22 |
| 2 | China Construction Bank | China | 4,953,037 | 12/31/22 |
| 3 | Agricultural Bank of China | China | 4,880,466 | 12/31/22 |
| 4 | Bank of China | China | 4,161,910 | 12/31/22 |
| 5 | China Development Bank | China | 2,611,377 | 12/31/22 |
| 6 | Bank of Communications | China | 1,859,779 | 12/31/22 |
| 7 | China Merchants Bank | China | 1,458,480 | 12/31/22 |
| 8 | Industrial Bank | China | 1,342,149 | 12/31/22 |
| 9 | Agricultural Development Bank of China | China | 1,300,658 | 12/31/22 |
| 10 | Shanghai Pudong Development Bank | China | 1,246,014 | 12/31/22 |
| 11 | China CITIC Bank | China | 1,229,562 | 12/31/22 |
| 12 | China Minsheng Bank | China | 1,038,602 | 12/31/22 |
| 13 | China Everbright Bank | China | 906,327 | 12/31/22 |
| 14 | Export-Import Bank of China | China | 849,845 | 12/31/22 |
| 15 | Ping An Bank | China | 765,498 | 12/31/22 |
| 16 | State Bank of India | India | 724,730 | 3/31/23 |
| 17 | Hua Xia Bank | China | 558,283 | 12/31/22 |
| 18 | China Guangfa Bank | China | 489,251 | 12/31/22 |
| 19 | Bank of Beijing | China | 484,963 | 12/31/22 |
| 20 | Itau Unibanco | Brazil | 480,172 | 12/31/22 |
| 21 | Bank of Jiangsu | China | 427,624 | 12/31/22 |
| 22 | Bank of Shanghai | China | 413,080 | 12/31/22 |
| 23 | Kookmin Bank | South Korea | 404,429 | 12/31/22 |
| 24 | Banco do Brasil | Brazil | 394,440 | 12/31/22 |
| 25 | Shinhan Bank | South Korea | 389,072 | 12/31/22 |
| 26 | Hana Bank | South Korea | 380,306 | 12/31/22 |
| 27 | China Zheshang Bank | China | 377,164 | 12/31/22 |
| 28 | Woori Bank | South Korea | 347,419 | 12/31/22 |
| 29 | Banco Bradesco | Brazil | 345,910 | 12/31/22 |
| 30 | Industrial Bank of Korea | South Korea | 338,516 | 12/31/22 |
| 31 | Bank of Ningbo | China | 334,569 | 12/31/22 |
| 32 | Qatar National Bank | Qatar | 326,552 | 12/31/22 |
| 33 | Caixa Economica Federal | Brazil | 308,969 | 12/31/22 |
| 34 | NongHyup Bank | South Korea | 303,791 | 12/31/22 |
| 35 | First Abu Dhabi Bank | Uae | 302,249 | 12/31/22 |
| 36 | HDFC Bank | India | 297,691 | 3/31/23 |
| 37 | Bank of Nanjing | China | 295,544 | 12/31/22 |
| 38 | Korea Development Bank | South Korea | 277,506 | 12/31/22 |
| 39 | Saudi National Bank | Saudi Arabia | 251,596 | 12/31/22 |
| 40 | CTBC Financial Holding | Taiwan | 251,416 | 12/31/22 |
| 41 | China Bohai Bank | China | 238,713 | 12/31/22 |
| 42 | Malayan Banking Berhad | Malaysia | 214,191 | 12/31/22 |
| 43 | Al Rajhi Bank | Saudi Arabia | 202,865 | 12/31/22 |
| 44 | Emirates NBD Bank | Uae | 202,023 | 12/31/22 |
| 45 | Bank of Taiwan | Taiwan | 201,018 | 12/31/22 |
| 46 | Banco Santander (Brasil) | Brazil | 198,592 | 12/31/22 |
| 47 | Chongqing Rural Commercial Bank | China | 196,623 | 12/31/22 |
| 48 | ICICI Bank | India | 192,686 | 3/31/23 |
| 49 | Punjab National Bank | India | 177,802 | 3/31/23 |
| 50 | Bank of Baroda | India | 177,404 | 3/31/23 |
