Banking News
- ICBC is world's second-biggest bank
Date: 2-Jan-2007 Sources: (Shenzhen Daily)
INDUSTRIAL and Commercial Bank of China Ltd. (ICBC) overtook Bank of America Corp. Friday to become the second-biggest bank in the world by market value, the Financial Times reported on its Web site Friday.
Shanghai-traded shares of ICBC, which listed in October in the world's biggest initial public offering, rose 5.98 percent Friday to 6.20 (US$0.79). ICBC's shares in Hong Kong fell back about 2 percent Friday but were still 10 percent higher on the week. As a result, ICBC's market capitalization rose to US$251.1 billion, ahead of Bank of America's market value of US$240.9 billion Thursday evening in New York, the newspaper reported. Only Citigroup Inc., valued at US$274 billion, remains ahead of ICBC, the report said.
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