Ranked 79th and 95th largest, respectively.
SNL Financial has released its first ranking of the largest 100 banks in the world based on assets, and two from Singapore made it to the list: DBS Group Holdings Litd. ranked 79th with $319.87b in assets while Oversea-Chinese Banking Corp. Ltd. came in at 95th with $255.74b.
Overall though, banks in China, the United Kingdom, France and Japan dominated the highest rungs of the list, comprising the five largest banks, based on assets.
Beijing-based Industrial & Commercial Bank of China Ltd. ranked as the largest bank in the world as of Sept. 30, followed by London-based HSBC Holdings Plc and France-based Crédit Agricole Group. The fourth largest bank is Paris-based BNP Paribas SA and the fifth largest is Tokyo-based Mitsubishi UFJ Financial Group Inc.
But U.S. banks would be included in the mix if adjusted for the netting of derivatives that is not permitted under IFRS, SNL Financial data showed.
According to the report, SNL ranked the banks based on the assets they report under their respective accounting regimes. Industrial & Commercial Bank of China had $3.062 trillion in assets under IFRS, converted into U.S. dollars, as of Sept. 30.
JPMorgan Chase & Co., which reports under U.S. GAAP, had $2.463 trillion in assets as of Sept. 30, making it the sixth largest bank in the world. However, if JPMorgan followed IFRS accounting principles, it would most likely rank as the largest bank in the world, SNL reckoned.