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 Because the rating agencies have withdrawn their coverage of Banesco Banco, it was not eligible this year.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.

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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.