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China would claim the gold medal if finances were an Olympic sport. All in all the banks of the world have written down a total of 480 billion USD worth of values since the global economic troubles began, but only a minuscule part of those losses have been taken by Chinese banks. The banks of the Middle Kingdom have consistently refrained from investing in complex credit products and that strategy has now paid off.
Three of the spots on the Top 6 of largest international banks measured by market value now belong to Chinese finance houses, and that in spite of the fact that even Chinese financial shares have gone down in the past months.
At the very top stands the Beijing-based Industrial and Commercial Bank of China, followed by China Construction. Only in third place do we find a Western bank, HSBC. Just two years ago Citigroup reigned supreme, sharing the podium with the Bank of America and UBS. But the global economic crisis has indeed taken its toll, and new boys are taking over the financial block.
Full story in Danish
News category: China
Published on this site: Aug. 5, 2008
Source:borsen.dk
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