Biggest Emerging Markets Banks 2023 (2024)

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November 10, 2023

China and South Korea continue to dominate the biggest banks in emerging markets, but India is catching up.

China again dominates Global Finance’s ranking of the Biggest Emerging Markets Banks, the Chinese institutions having benefited from decades of strong growth of the nation’s sprawling economy. Chinese banks make up the top 15 institutions in our ranking and hold half the top 50 positions.

Continuing expansion has been a challenge recently however, as Chinese economic growth slowed to 3% in 2022, and forecasts of just over 5% in 2023 are likely to be revised downward. Of those 25 banks, only 11 experienced year-over-year (YoY) growth in their balance sheets.

Middle Eastern banks, bolstered by strength in energy prices, offer a sharp contrast. Al Rajhi Bank, a new entrant at No. 43, is rapidly expanding its franchise as the No. 2 bank in Saudi Arabia, boasting 21% of system assets and average annual balance-sheet growth of 26% over the past three years. Al Rajhi is the kingdom’s leading retail bank, with a 43% share of the domestic retail market in mortgage lending, according to Fitch. In the United Arab Emirates, First Abu Dhabi Bank and Emirates NBD rose two spots to No. 35 and No. 44, respectively. The former saw its balance sheet grow by 11% and the latter by 7.9%.

South Africa’s Standard Bank dropped out of our 2023 ranking as its asset base fell 6% YoY, pushing it below the $177 billion threshold for inclusion. Other notable shifts centered in Brazil, where Itaú Unibanco, Banco do Brasil, Banco Bradesco and Caixa Economica Federal averaged just over 20% YoY balance-sheet growth, boosting each bank’s ranking at least four spots.

As China commands the emerging market roster, our 2023 report also includes a separate ranking of the biggest emerging markets banks ex-China. Taiwan stands out with nine banks in that grouping, starting with CTBC at No. 17. State Bank of India tops the list, and India places eight institutions overall; while South Korea places seven banks and Brazil six. The threshold for inclusion in the ex-China ranking was $104 billion.

50 Biggest Emerging markets Banks 2023

50 Biggest Emerging markets Banks 2023
Rank	Company Name	Domicile	Total Assets (USD million)	Statement Date
1	Industrial and Commercial Bank of China	China	5,669,862	12/31/22
2	China Construction Bank	China	4,953,037	12/31/22
3	Agricultural Bank of China	China	4,880,466	12/31/22
4	Bank of China	China	4,161,910	12/31/22
5	China Development Bank	China	2,611,377	12/31/22
6	Bank of Communications	China	1,859,779	12/31/22
7	China Merchants Bank	China	1,458,480	12/31/22
8	Industrial Bank	China	1,342,149	12/31/22
9	Agricultural Development Bank of China	China	1,300,658	12/31/22
10	Shanghai Pudong Development Bank	China	1,246,014	12/31/22
11	China CITIC Bank	China	1,229,562	12/31/22
12	China Minsheng Bank	China	1,038,602	12/31/22
13	China Everbright Bank	China	906,327	12/31/22
14	Export-Import Bank of China	China	849,845	12/31/22
15	Ping An Bank	China	765,498	12/31/22
16	State Bank of India	India	724,730	3/31/23
17	Hua Xia Bank	China	558,283	12/31/22
18	China Guangfa Bank	China	489,251	12/31/22
19	Bank of Beijing	China	484,963	12/31/22
20	Itau Unibanco	Brazil	480,172	12/31/22
21	Bank of Jiangsu	China	427,624	12/31/22
22	Bank of Shanghai	China	413,080	12/31/22
23	Kookmin Bank	South Korea	404,429	12/31/22
24	Banco do Brasil	Brazil	394,440	12/31/22
25	Shinhan Bank	South Korea	389,072	12/31/22
26	Hana Bank	South Korea	380,306	12/31/22
27	China Zheshang Bank	China	377,164	12/31/22
28	Woori Bank	South Korea	347,419	12/31/22
29	Banco Bradesco	Brazil	345,910	12/31/22
30	Industrial Bank of Korea	South Korea	338,516	12/31/22
31	Bank of Ningbo	China	334,569	12/31/22
32	Qatar National Bank	Qatar	326,552	12/31/22
33	Caixa Economica Federal	Brazil	308,969	12/31/22
34	NongHyup Bank	South Korea	303,791	12/31/22
35	First Abu Dhabi Bank	Uae	302,249	12/31/22
36	HDFC Bank	India	297,691	3/31/23
37	Bank of Nanjing	China	295,544	12/31/22
38	Korea Development Bank	South Korea	277,506	12/31/22
39	Saudi National Bank	Saudi Arabia	251,596	12/31/22
40	CTBC Financial Holding	Taiwan	251,416	12/31/22
41	China Bohai Bank	China	238,713	12/31/22
42	Malayan Banking Berhad	Malaysia	214,191	12/31/22
43	Al Rajhi Bank	Saudi Arabia	202,865	12/31/22
44	Emirates NBD Bank	Uae	202,023	12/31/22
45	Bank of Taiwan	Taiwan	201,018	12/31/22
46	Banco Santander (Brasil)	Brazil	198,592	12/31/22
47	Chongqing Rural Commercial Bank	China	196,623	12/31/22
48	ICICI Bank	India	192,686	3/31/23
49	Punjab National Bank	India	177,802	3/31/23
50	Bank of Baroda	India	177,404	3/31/23