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Three Chinese banks ranked in the world's top 10 in terms of market capitalization, a report by Boston Consulting Group (BCG) said yesterday, reflecting a landmark shift in the global banking industry.

The Industrial and Commercial Bank of China followed Citigroup as the second-largest bank in the world after its $21.9 billion initial public offering (IPO) last year. Bank of China placed sixth, while China Construction Bank (CCB) moved up five spots to seventh.

"This reflects the tremendous potential these lenders have to emerge as global challengers," said Holger Michaelis, principal of BCG.

He added that Chinese banks aren't only big, they perform well.

Four listed banks CCB, China Merchants Bank, China Minsheng Banking Corp and Bank of Communications had strong shareholder returns last year.

According to Michaelis, three key factors drove the banks' performance.

Strong growth in the Chinese banking market is one.

"The growth opportunity in China for the next five years represents about 30 percent of the entire growth in all Asia-Pacific," he said.

Second, feverish IPO activity and foreign investors looking for a cut of the action has raised interest in Chinese banking stocks.

Positive business conditions including large interest margins and strength in the loan business have also pushed profits up.

However, the recent stock performance hasn't made China's banking sector more competitive, said David C. Michael, BCG's senior vice-president and director.

(China Daily 04/25/2007 page13) 

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