ISLAMABAD, July 5 (DNA): Industrial and Commercial Bank of China (ICBC) has recently emerged as biggest foreign bank in Pakistan with advanced asset size and profitability, China Economic Net (CEN) reported on Sunday.
According to this year’s list of 1000 World’s top banks released by the renowned British magazine, comparing with all banks in Pakistan, including domestic banks, ICBC ranks 13th in total assets.
ICBC holds three branch banks in Islamabad, Karachi, and Lahore. Meanwhile, ICBC is an important cooperative financial institution in the construction of China-Pakistan Economic Corridor (CPEC).
“From being among a clutch of evenly sized Asian emerging markets in 2000, [China] now has capital resources three times the size of Japan’s,” analyzed The Banker.
Due to the impacts brought by COVID-19, banks around the world has been hindered severely in 2020. China’s banking sector is also facing the challenges.
However, “China’s big four retain their leading positions in the Top 1000, meanwhile, the country’s digital banks are starting to make waves.”Chinese banks in total make up 29% of the profits and 25% of the assets, amongst banks in the globe., the report added.