When it comes to banking giants, one institution stands above the rest—the Industrial and Commercial Bank of China (ICBC). As the world’s largest bank by assets, ICBC has transformed from a national financial institution into a global powerhouse, influencing economies and shaping the future of banking. This is the story of how ICBC became the biggest bank in the world.

The Rise of ICBC: A Legacy of Growth

Founded in 1984, ICBC was established as a state-owned bank in China, designed to support the nation’s growing economy. With China’s rapid industrialisation and economic expansion, ICBC seized the opportunity to scale its operations. The bank strategically aligned itself with the government’s vision, providing financial services to infrastructure projects, corporations, and millions of individual customers.

As China embraced globalisation, ICBC expanded its reach beyond domestic borders. By acquiring foreign banks and opening branches worldwide, it positioned itself as a key player in international finance. Today, ICBC operates in over 40 countries, serving millions of clients and handling trillions in assets.

Why Is ICBC the Largest Bank in the World?

ICBC’s rise to the top can be attributed to several factors:

  1. Massive Asset Holdings – ICBC holds over $5.5 trillion in total assets, surpassing all other banks globally.
  2. Strong Government Backing – As a state-owned bank, ICBC enjoys financial stability and policy support from the Chinese government.
  3. Global Expansion – By strategically acquiring stakes in foreign banks and establishing international branches, ICBC has cemented its influence worldwide.
  4. Technological Advancements – The bank has heavily invested in digital banking, AI-driven financial services, and blockchain technology.
  5. Diverse Services – ICBC offers corporate banking, retail banking, investment banking, asset management, and wealth management, catering to a broad customer base.

Latest News and Developments

Ransomware Attack and Regulatory Response

In November 2023, ICBC's U.S. unit experienced a ransomware attack that disrupted certain financial services, including U.S. Treasury market trades. The U.S. Securities and Exchange Commission investigated the incident but opted not to impose a civil fine.

Dividend Yields Attracting Investors

Amid a downturn in Chinese stock values, investors are turning to high dividend-yielding companies. ICBC has offered a dividend yield of 9.4%, making it attractive to investors seeking stable returns.

Capital Injection Plans

In February 2025, reports indicated that China plans to inject at least 400 billion yuan ($55.13 billion) into its largest banks, including ICBC, as part of a broader stimulus package aimed at reviving the economy.

Reduction in U.S. Dollar Deposit Rates

Chinese banks, including ICBC, have reduced interest rates on U.S. dollar deposits following guidance from the People's Bank of China. This move aims to discourage dollar hoarding and stabilize the yuan.

Financial Performance

For more details on ICBC’s financial performance, you can download the ICBC 2024 Interim Results Announcement (here).

ICBC vs. Other Global Banking Giants

While ICBC is the largest bank by assets, it faces competition from other major financial institutions:

  • JPMorgan Chase (USA) – The largest bank in the U.S. and a global leader in investment banking and financial services.
  • China Construction Bank (CCB) – Another Chinese banking giant with a strong domestic and international presence.
  • Bank of America (USA) – A dominant force in retail and corporate banking in the U.S.
  • Agricultural Bank of China (ABC) – A key player in China’s rural banking sector with extensive assets.
  • HSBC (UK) – A major player in Europe and Asia, known for its international banking services.

FAQs About the Biggest Bank in the World

Which is the biggest bank in the world?

The Industrial and Commercial Bank of China (ICBC) is the largest bank globally by total assets.

How big is ICBC compared to other banks?

ICBC has over $5.5 trillion in assets, making it significantly larger than JPMorgan Chase, the biggest U.S. bank.

Who owns ICBC?

ICBC is primarily owned by the Chinese government, making it a state-controlled financial institution.

What services does ICBC offer?

ICBC provides corporate banking, retail banking, investment banking, wealth management, and digital banking services.

Does ICBC operate outside China?

Yes, ICBC has branches in over 40 countries, including the U.S., UK, Canada, and several Asian and European nations.

Is ICBC safe for banking?

As a state-backed bank with a strong financial foundation, ICBC is considered one of the most stable financial institutions globally.

How does ICBC make money?

ICBC generates revenue through interest income, loan services, investment banking, asset management, and international financial services.

Can foreigners open an account with ICBC?

Yes, ICBC offers banking services to international customers, depending on country regulations and branch locations.

What is ICBC’s latest financial performance?

ICBC reported an NPL ratio of 1.36% at the end of 2023, indicating improved asset quality.

Final Thoughts

ICBC’s journey from a national bank to the world’s largest financial institution is a testament to China’s economic rise and strategic financial planning. With its continued expansion, technological advancements, and diversified financial services, ICBC remains a dominant force in global banking. As the financial industry undergoes rapid changes, all eyes are on ICBC to see how it adapts to the future of banking.

For those looking to understand the powerhouses of global finance, ICBC is a prime example of how strategic growth and economic backing can shape the world’s largest bank.