Tuesday, July 24, 2007

Chinese biggy bank

Something to note:
Chinese bank now world's biggest

In a fresh sign of China's financial strength, a leap in the shares of Industrial & Commercial Bank of China (ICBC) on Monday made it the world's biggest bank by market capitalization, overtaking U.S. giant Citigroup.

ICBC's Shanghai-listed A shares surged 2.68 per cent to 5.75 yuan (80 cents Cdn), giving it a market capitalization of $254 billion, according to Reuters calculations. That exceeded the $251 billion capitalization of Citigroup, previously the world's biggest bank, when its shares closed at $50.73 Friday. HSBC Holdings was in third place with $215 billion.


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