Sumitomo Displaces Deutsche as World's Biggest Bank by Asset
Sumitomo Mitsui Banking Corporation is the world’s biggest bank, with total assets of $905,293,000,000, while last year’s leader Deutsche Bank AG, drops to second place, according to the latest Top 3,000 world ranking figures from BANKERSalmanac.com, based on over 3,000 authorised banks in more than 200 countries, ranked by total assets in US dollars. The leap into first position following the merger in April 2001 of Sumitomo and Sakura banks constitutes the biggest shake-up in the Top Ten line-up. Western European banks dominate the survey. Bayerische Hypo-und Vereinsbank AG in particular has performed well and jumped four places up the world ranking table to Number 3. BNP Paribas last year’s Number Two has slid to this year’s Number Four.