Wells Fargo deposes China's ICBC as world's biggest bank | Bangkok Post: news

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Wells Fargo deposes China's ICBC as world's biggest bank

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The Industrial & Commercial Bank of China, a symbol of the country's financial might, has been deposed as the world's largest bank by market capitalisation by Wells Fargo, data showed Wednesday. 

A customer leaves a Wells Fargo bank branch office on July 12, 2012 in Daly City, California. The Industrial & Commercial Bank of China (ICBC) has lost its standing as the world's largest bank by market capitalisation to US-based Wells Fargo, data showed Wednesday, as China's economy slows.

ICBC's six-year reign as the world's biggest bank began in July 2007, and its value peaked at $374 billion in November that year thanks to China's rapid economic expansion.

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