Top 10 Asian Banks for BusinessBank.pro Magazine Editor
Banks in Asia are quit different compared to other continents. The enormous variability in the Asian market sector is a major factor in why banks and financial institutions are unable to support small and medium banks. They need banks to help them more throughout their entire journey. Small and medium-sized banking is no longer restricted to the traditional loan and deposit product portfolio, and this encompasses functional and value-added banking goods and services. We shall look at the topmost business banks in Asia that can help you grow your company.
1. Industrial and Commercial Bank of China
Despite the slowing growth of the Chinese banking sector, ICBC has managed to report significant profits. It ran the danger of letting its scale interfere with its risk management because it had the highest market value of any commercial bank in the whole globe. However, it has managed to escape this catch and lowered its non-performing loan ratio from 0.94% to 0.87%. Additionally, its capital is improving at an adequacy of an 11% rise in client deposits, and a 13% rise in net earnings. With the purchase of an 80% ownership in the Bank of East Asia in America. And also a second 80% investment in Standard Bank Argentina, China’s largest credit card issuer and bond underwriter has aspirations to grow abroad.
In 30 countries, including 13 Asian markets, Standard Chartered Bank conducts operations in the retail and wealth management sectors. It is the head of consumer, private, and business banking in Asia. The company has had a significant increase in profitability, with a return on tangible equity that has increased by more than 60% and an increase in economic value-add that has multiplied by four.
2. Standard Chartered Bank
Additionally, Standard Chartered successfully launched Priority Private customers, grew the foreign banking sector, and advanced a hybrid online-offline wealth model that resulted in increased manager-client communication. A new generation of mobile banking software with innovative features including online account creation, a mobile mutual fund, and a foreign exchange platform was released in 2022. In addition, the bank opened two digital banks in Singapore and Hong Kong and is growing its business in Indonesia.
3. Bank of China
As China’s central bank, The Bank of China was established in 1912 by the Republican administration. After the Bank of Communications, it has been the second-oldest bank in China still in operation. It evolved into a national professional commercial and foreign exchange bank following the founding of the People’s Republic in 1949. The newly established People’s Bank of China maintained its initial designation as the country’s central bank.
It is a systemically significant bank. Additionally, the ninth-largest bank in the world by market capitalization value. It was the fourth-largest bank in the world by total assets as of the end of 2020.
4. United Overseas Bank
In 1935, Wee Kheng Chiang established a company in Singapore. It has more than 500 branches spread over 19 different countries. The United Overseas Bank offers financial services in addition to the field of investment banking. In Singapore alone, the bank has 68 branches in addition to its main office. United Overseas Bank employs over 24,853 people in total.
5. Bank Central Asia
Indonesia’s banking industry is expanding as a result of the country’s economy’s comparatively rapid expansion. By being choosy in its business decisions, Bank Central Asia raised its profits by 8.3% last year. Despite not growing as quickly as some of its rivals, BCA has a non-performing loan rate of about 0.4%, which is substantially lower than the national sector average. This emphasis on quality over quantity hasn’t prevented them from growing their transaction banking business by 19.4% and their mortgage lending by 49.1%, respectively. By maintaining a variety of revenue sources, BCA will be able to continue to develop even when the banking industry and the economy’s growth begin to stagnate.
As the fourth-largest bank by assets in South East Asia, Maybank is a member of one of the top banking companies in Asia. For people, companies, and organizations, Maybank offers a broad range of goods and services, including consumer and commercial banking, financial planning, Islamic banking, stock broking, insurance, takaful, and asset management. Clients have access to a wide range of options within ASEAN and beyond thanks to Maybank’s worldwide business reach.
One of the Maybank Group’s biggest international activities is in Singapore. We have created a sizable position in the retail, wholesale, and international banking industries since the opening of our first branch at South Bridge Road in 1960.
7. OCBC Bank
OCBC Bank is a Singapore-based commercial bank that was founded in 1932. The bank and its affiliates provide a wide range of commercial banking, specialized financial, and wealth management services. This includes treasury, insurance, asset management, consumer, business purposes investment, private, and transactions banking. Singapore, Malaysia, Indonesia, and Greater China are the bank’s main markets. OCBC Bank’s wholly-owned subsidiary Bank of Singapore offers private banking services, while its insurance company, Great Eastern Holdings, offers banking services. The bank offers financing through debt products, including loans, for secondary transactions, mergers and acquisitions, initial offerings of shares, and public investments.
8. Siam Commercial Bank
Siam Commercial Bank has been aggressively expanding its consumer banking activities in Thailand, boosting its net profit by 35% to $ 4 billion in 2022. Through the sale of some worse-performing loans, it was able to boost collections and cut the nonperforming loan ratio from 2.6% to 2.1%. Siam has been able to boost car loans by 46% because of having the largest retail network and loan portfolio in Thailand. It has made the decision to advance data technologies and customer service technologies, similar to many other banks in the area. It also owns SCB Asset Management, the second-largest asset management company in Thailand.
9. Bangkok Bank
With over $75 billion in assets, Bangkok Bank is one of Southeast Asia’s major regional banks and the largest commercial bank in Thailand. There are around 1,200 branches that it runs. Chin Sophonpanich, a member of the ethnic Chinese community, founded the bank in 1944, operating out of two storefronts in Bangkok’s Chinatown.
Since opening its first foreign office in Hong Kong in 1954, the bank has been growing its international presence. Then came branches in Singapore and Tokyo. At the moment, Bangkok Bank has about 30 branches spread over more than 10 nations and areas. It is particularly well-known in China, where it has branches in significant cities including Shanghai and Beijing.
10. DBS Bank
DBS Bank has more than 24,000 employees, 250 branches, and 1100 ATMs spread over 50 different locations, making it the largest bank in Southeast Asia by assets. The international bank and finance business DBS Bank was founded in Singapore in 1968. The institution, which offers a variety of services including private banking, business banking, and consumer banking, is regarded as the safest bank in all of Asia.
As in other regions, Asia’s principal banking strategy is to reduce the number of nonperforming loans in its portfolio. In light of the situation that a high non-performing rate has caused, this is a prudent move. Some banks prefer to concentrate on their most lucrative business units, while others want to diversify to lessen the overall impact of a downturn in a particular industry. Most critically, every Asian bank is working to stabilize its operations for long-term viability.
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