Another China Record: ICBC Overtakes Bank of America as 2nd Largest Bank by Market Value

With a market capitalization of over $250 billion, China's Industrial and Commercial Bank of China (ICBC) overtook Bank of America (BAC) on the last trading day of the year on Friday to become the second biggest bank in the world by market value, behind Citigroup. 

Shanghai-traded shares of ICBC,  which raised $22 billion in the world's biggest initial public offering on October 26., rose 6%, to give the bank as market capitalization of $251.1 billion, ahead of Bank of America's market value of $239.76 billion on Friday close in New York. 

  • ICBC's shares have soared more than 70% on the domestic stock exchange since its IPO, as investors bet its huge customer base will drive profit growth in the world's fastest-growing major economy. ICBC has 153 million customers, 10 million more than the people who live in Russia.

  • The bank advances almost one in every six dollars loaned in China, where it employs more than 355,000 staff operating 18,000 branches.

  • Earlier, a 10% surge in the company's mainland share price on Christmas Day had taken it ahead of HSBC in the rankings, valuing the bank at $214.2 billion, compared to HSBC's market capitalization of $208.4 billion. 

Only Citigroup (NYSE:C) , valued at $274 billion, remains ahead of the Chinese bank.

TOP U.S. LISTED MONEY CENTER BANKS BY MARKET CAP - Fri 12/29/06 Close 

Company Symbol Price ($) Market Cap ($) P/E
Citigroup Inc. C 55.70 273.69B 11.99
Bank of America Corp. (DE) BAC 53.39 239.76B 12.29
JP Morgan Chase & Co. JPM 48.30 167.55B 13.67
Wells Fargo & Co. WFC 35.56 120.05B 14.69
Wachovia Corp. WB 56.95 90.05B 12.60
Royal Bank of Canada RY 47.65 60.97B 15.44

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