HSBC Is The World’s Biggest Bank
Bankwatch recently reported that The Banker magazine has named HSBC the world’s biggest bank this year. HSBC replaces Bank of America that features on the 5th spot this year. The Banker ranks 1000 banks according to the holdings of their tier-one capital. This consists of a bank’s core capital, which is made up of equity, accumulated reserves and earnings that have not been paid out as dividends. Interestingly, RBS jumped five places from number eight to number three. To read more and to get your own copy of the rankings, click here. In addition to this laurel, HSBC has also topped the Forbes 2000 list of the world’s largest companies, making it the first non-US company to do so since the launch of these rankings in 2004.