China now holds 27 of the top 50 spots, while Taiwan’s newly merged TS Financial enters at No. 43.
In our ranking of the largest emerging-market banks, Chinese institutions are once again highly represented. Balance sheet expansion continues, but the Chinese government’s policy priorities have driven growth through lending to state-owned enterprises, infrastructure projects, and targeted financing for strategic industries, rather than broad-based credit growth. In the consumer segment, diminished consumer confidence and ongoing real estate issues have dampened loan demand.
Nevertheless, China now has 27 banks in the top 50, up from 25, with the addition of Evergrowing Bank at No. 49 and Shanghai Rural Commercial Bank at No. 50. Evergrowing Bank is a new institution in our universe of eligible banks this year, as Moody’s and S&P initiated coverage in 2026. With over $47 trillion in aggregate assets, Chinese banks now account for more than 85% of banking system assets in our largest emerging-market ranking, up slightly from 84% last year.
In Taiwan, Taishin Financial Holding merged with the larger domestic group Shin Kong Financial Holding in 2025, and the combined entity was renamed TS Financial; with combined assets of $279 billion, this institution enters our ranking at No. 43. With this development and the addition of two new Chinese banks, Banco Santander (Brazil) and the Indian banks Punjab National Bank and Bank of Baroda were pushed off the list this year.
