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ICBC is most valuable bank

Industrial & Commercial Bank of China (ICBC) is today the world’s most valuable bank, replacing US bank Wells Fargo. The Chinese bank today has a market cap of $315 billion, 11% more than Wells Fargo. ICBC chairman Jiang Jianqing may be hoping that history doesn’t repeat: his bank’s shares soared to a record high during the Chinese bull market of 2007 then crashed when the bubble burst. China has cut interest rates and lenders’ reserve requirements twice since November. The stock boom in China, partly driven by an increase in investors buying shares on credit, means that the nation’s big state banks account for four of the world’s top six lenders by market value, compared with a year ago, when only ICBC and China Construction Bank Corp. made the list.

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