These are the world’s largest banks. CGD is in 179th place

  • ECO News
  • 2 July 2020

The world's largest banks are located in China, with four banks at the top of "The Banker" ranking. They are followed by American banks. CGD is the largest Portuguese bank, ranked 179th on the list.

The Banker magazine published this Wednesday the list of the 1,000 largest banks in the world. The largest are Chinese, followed by Americans, according to the Financial Times publication. However, there are also Portuguese banks in the ranking. The first Portuguese bank on the list is Caixa Geral de Depósitos (CGD), ranked 179th.

The ranking is measured in terms of Tier 1 capital, one of the most vital indicators of a bank’s soundness.

In this perspective, it is the Chinese ICBC that presents the highest amount: 380 billion dollars (about 337 million euros). Following are three more banks from China: China Construction Bank, Agricultural Bank of China and Bank of China.

The top 10 also includes four US banks: JP Morgan Chase (5th place), Bank of America (6th), Wells Fargo (7th) and Citigroup (8th). Closing this ranking are the British HSBC and the Japanese Mitsubishi UFJ.

As for the Portuguese presence in the list, Caixa Geral de Depósitos (CGD) was ranked 179th in the world, registering a Tier 1 capital of 8,572 million dollars.

“The classification achieved confirms the robust capital position of Caixa, with a Capital Tier 1 of 8.6 billion, an increase of 5.95% compared to 2018,” the public bank said in a statement.