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Indian private bank ICICI was India's third bank to enter the list of Top 50 banks in the Asia Pacific (APAC) region alongside State Bank of India and HDFC. A few months ago, these three banks were considered the three most systemically important banks in India.
Asia-Pacific is the region around the western Pacific Ocean and includes all countries from Mongolia to Afghanistan, Australia in the South, and all-island countries to the east of Australia.
SBI, India's largest bank by assets, stood at the 22nd place with assets worth $695 billion while HDFC was in 44th place with assets worth around $279 billion & ICICI came in at the 50th place with $226 billion. These three banks together operate assets worth $1.2 trillion.
HDFC to sell its stakes in HDFC capital to ADIA, read more.
“Banks in the Asia-Pacific face uncertainties from the Russia-Ukraine conflict and divergent monetary policies in the region. The rising pace of inflation, fueled by higher commodity prices, has pressured the region's central banks to follow the US Federal Reserve and end ultra-loose monetary policies. Still, many central banks, especially in China, see the need to support their economies as they continue to face the drag from the Covid-19 pandemic,” observed S&P Global Market Intelligence.
Although India has 3 banks in the rankings, only one Indian bank is in the Top 25.
Chinese Banks dominate these rankings as 22 mainland Chinese banks are featured in the list. These 22 banks together manage assets worth $34.52 trillion, up 10% from last year. Of these, Industrial & Commercial Bank of China Ltd, China Construction Bank Corp, Agricultural Bank of China Ltd and Bank of China Ltd. kept their positions as the region's largest banks with assets worth $19.08 trillion.
Japan has 8 banks in the rankings, South Korea has 6 and Australia has 4. Banks from Taiwan, Hong Kong, and Singapore also made it into the rankings.
However, Indian banks have higher positions on the list by market capitalization, HDFC being 7th, ICICI at 14th, and SBI at 17th. The stock of ICICI currently trades around Rs 758 per share.
Article by Aman Agarwal.
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