Industrial and Commercial Bank of China, the world's largest lender by market capitalisation, is now the biggest by deposits as well.
The latest symbolic milestone underlines how Chinese banks have emerged relatively unscathed from the global crisis to become the largest and most profitable lenders in the world while western peers they used to try to emulate have been humbled. It also highlights the growing affluence of Chinese citizens, who have historically saved a large portion of their incomes rather than relying on credit.
ICBC's customer deposits reached Rmb8,900bn ($1,300bn) by the end of March after increasing by Rmb950bn from the start of the year, the bank said in a statement yesterday.
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