Over the past month, Industrial and Commercial Bank of China claimed – or, more correctly, reclaimed – the honour of being the world’s biggest bank by market capitalisation.
ICBC’s ascent – deposing the US’s Wells Fargo, which briefly held the top spot – is a reflection not of anything the bank did in recent weeks but rather of the shifting tides of investor sentiment. Chinese bank shares have risen about 20 per cent since the end of June, a rally that propelled ICBC to a market value of $230bn, $5bn more than Wells Fargo.
Sentiment can turn just as quickly and strip ICBC of its crown. But for the time being, ICBC’s return to the head of the global bank tables is a good moment to look at what is going right in the Chinese banking sector.
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