China's ICBC overtakes Citigroup to became world's largest bank
Industrial & Commercial Bank of China on 23rd July 2007 became the world's largest bank by market capitalisation, overtaking U.S. giant Citigroup.
ICBC's Shanghai-listed A shares surged 2.68 percent to 5.75 yuan, giving it a market capitalization of $254 billion, exceeding the $251 billion capitalization of Citigroup.
ICBC, a state-controlled bank operates almost entirely inside China, while Citigroup is one of the world's most sophisticated financial institutions with operations around the globe. Citigroup remains much more profitable than ICBC, with income of $90 billion compared with the Chinese bank's income of $24 billion.
ICBC in October raised a record $22 billion in an initial public offering. Three of China's four largest banks have gone public in the past two years after the government spent $500 billion removing bad loans from the industry.
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