25.07.07 11:44 Age: 17 yrs

CITI Loses Top Spot to Chinese Bank ICBC

Shanghai, China - July 25, 2007

SHANGHAI (Reuters) -- In a fresh sign of China's financial strength, a leap in the shares of Industrial & Commercial Bank of China "中国工商银行" on Monday made it the world's biggest bank by market capitalization, overtaking U.S. giant Citigroup.



ICBC's Shanghai-listed A shares surged 2.68 percent to 5.75 yuan, giving it a market capitalization of $254 billion, according to Reuters calculations.

That exceeded the $251 billion capitalization of Citigroup, previously the world's biggest bank, when its shares closed at $50.73 in New York on Friday. HSBC Holdings was in third place with $215 billion.

Shares in ICBC, which listed in Shanghai and Hong Kong last October, have gained 15 percent this month on the back of a rally in China's booming stock market as well as strong growth in the bank's own earnings.

(Source: Reuters) - Click here to read more