SBI and HDFC have been featured in recent rankings by S&P Global Market Intelligence. SBI and HDFC are the only Indian banks ranked among the world’s top 100 banks by total assets. SBI held the 43rd
position with assets of $780 billion, while HDFC secured the 73rd position with assets of $464.3 billion.
In the previous ranking, SBI was in 47th place and HDFC was in 74th position. The improvement shows that SBI’s total assets have grown high in comparison to other global banks, making it one of the top 50 largest banks in the world. HDFC also showed a significant jump in ranking after its merger with its parent company, Housing Development Finance Corporation (HDFC Ltd), in July 2023. The merger enhanced the bank’s ability to offer both banking and housing finance services under one roof, which strengthened its global standing.
S&P Global Market Intelligence’s 2023 ranking reveals that China’s 20 banks ranked in the top 100, which shows Chinese banks continue to dominate the global banking sector. Chinese banks which holds the top four position are:
– Industrial and Commercial Bank of China (ICBC) – $6.303 trillion
– Agricultural Bank of China – $5.623 trillion
– China Construction Bank – $5.400 trillion
– Bank of China – $4.578 trillion
U.S banks JPMorgan secured 5th globally and Citigroup secured 12th rank.
Europe’s largest bank, HSBC ranked 7th globally.
Japan’s seven out of eight banks dropped rankings. Only one bank improved, while others did not performed well.
SBI and HDFC bank marked a significant milestone for Indian banks on the global stage. The rise in their rankings shows their strong growth and increasing importance in the global banking sector.