{"id":7016,"date":"2013-07-24T09:24:54","date_gmt":"2013-07-24T09:24:54","guid":{"rendered":"http:\/\/disnaija.com\/nigeria-news\/us-based-wells-fargo-now-worlds-biggest-bank\/"},"modified":"2013-07-24T09:24:54","modified_gmt":"2013-07-24T09:24:54","slug":"us-based-wells-fargo-now-worlds-biggest-bank","status":"publish","type":"post","link":"https:\/\/disnaija.com\/us-based-wells-fargo-now-worlds-biggest-bank\/","title":{"rendered":"US based Wells Fargo now world\u2019s biggest bank"},"content":{"rendered":"
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The Industrial & Commercial Bank of China (ICBC) has lost its standing as the world’s largest bank by market capitalisation to US-based Wells Fargo, data showed Wednesday, as China’s economy slows.<\/p>\n

San Francisco-based Wells Fargo & Co. is worth $ 236 billion, according to the New York Stock Exchange, where it is listed, while Chinese figures show ICBC is now valued at $ 223 billion.<\/p>\n

ICBC’s six-year reign as the world’s biggest bank began in July 2007, and its value peaked at $ 374 billion in November that year thanks to China’s rapid economic expansion, and stood as a symbol of the country’s emergence as a global powerhouse.<\/p>\n

But it was deposed on July 12 and Wells Fargo has retained top spot since.<\/p>\n

The shift comes at a time when the world’s second largest economy is losing steam, and a liquidity crunch last month exposed risks in the banking system, sending financial stocks into a tailspin.<\/p>\n

China’s economy expanded 7.5 percent year-on-year in the April-June period, slowing from 7.7 percent in the previous three months.<\/p>\n

In June, a shortage of funds on China’s interbank market sent the interest rates banks charge to lend to each other to record highs, raising worries over the health of the financial sector.<\/p>\n

China last week announced a long-awaited interest rate liberalisation, removing a floor on banks’ lending rates, but the move sparked worries that narrower interest margins could erode earnings.<\/p>\n

As of midday Wednesday, ICBC was down 0.51 percent at 3.91 yuan in Shanghai and 0.20 percent lower at HK$ 5.09 in Hong Kong.<\/p>\n

Wells Fargo closed down 0.13 percent at $ 44.57 on Tuesday.<\/p>\n

– Dow Jones Newswires contributed to this story –<\/p>\n

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