Chinese lenders shrug off global banking turmoil, gaining in value to top S&P regional market cap league table
- Six of the eight Chinese banks to make the top 20 list compiled by S&P Global Market Intelligence enjoyed a quarterly increase in market value
- They are less exposed to the international banking sector, which was rocked in recent weeks by the collapse of several lenders
Industrial and Commercial Bank of China topped the table, having gained 3.9 per cent to US$221.27 billion, China Construction Bank rose 4.22 per cent to clinch second place on US$164.19 billion, while Agriculture Bank of China and Bank of China added more than 7 per cent each to round out the top four on US$155.93 billion and US$135.77 billion respectively, according to the rankings released on Friday.
China Merchants Bank managed to hold on to fifth spot despite shedding 8.23 per cent to US$126.37 billion.
02:30
Thousands of jobs at risk after UBS’ US$3.2 billion takeover of Credit Suisse
The international banking sector has been rocked in recent weeks by the collapse of Silicon Valley Bank and Signature Bank in the US and the rescue of Switzerland’s troubled Credit Suisse.
