MUFG - Asia Pacific banks continue reign as top 5 banks in the world S&P says

The largest banks in the Asia Pacific region continue to dominate the top five spots in S&P Global Market Intelligence's annual ranking of the 100 largest banks in the world in terms of total assets.The top four are based in China — Industrial & Commercial Bank of China (IDCBY), China Construction Bank Corp. (CICHY), Agricultural Bank of China (ACGBY), and Bank of China (BACHF).Japan's Mitsubishi UFJ Financial Group (MUFG) rounds out the top five. All five places were unchanged vs. the 2019 list."China's banks benefitted from a much swifter economic recovery from the COVID-19 downturn than experienced by other geographies in 2020," said Nathan Stovall, Principal Analyst at S&P Global Market Intelligence."China's economy returned to pre-pandemic levels by the fourth quarter of last year, while other major developed economies have still not achieved that feat," he added.U.S.-based JPMorgan Chase (JPM) moved up to reclaim its spot as the sixth-largest financial institution — overtaking

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Asia Pacific banks continue reign as top 5 banks in the world, S&P says