The 5 Biggest Banks in China in 2024

As the second-largest economy globally, China owns 4 of the biggest banks in the world by assets. These banks play a significant role in sustaining the country’s economic growth and an influential role in the global financial landscape. 

At the end of 2023, Chinese banking institutions in China and abroad hold total assets of RMB 409.8 trillion, according to the National Financial Regulatory Administration. 

If you are exploring banking options in China, this guide will introduce you to the 5 largest banks: the Industrial and Commercial Bank of China, the China Construction Bank, the Agricultural Bank of China, the Bank of China, and the Bank of Communications. We will cover everything from their assets, services, and awards to help you make the best choice.

Overview of China’s Banking System 

Banks in China are overseen by the People’s Bank of China (PBoC), the central bank responsible for regulating financial institutions and implementing monetary policies. It has authority over the Chinese banking system to protect the country's financial stability.

After decades of centralized state ownership, China began diversifying its banking system in the early 1980s, resulting in the creation of the “Big Four” state-owned banks and the restructuring of the Bank of Communications to fit the new economy. There are almost 4,600 domestic and foreign banking institutions in China in 2022, according to Statista.

There are currently four types of banks in China:

1. Specialized Banks: These are the big four banks that are majority-owned by the government and are central to China’s financial system. They are the Industrial and Commercial Bank of China (ICBC), the China Construction Bank (CCB), the Bank of China (BoC), and the Agricultural Bank of China (ABC).
2. Specific Lending Purpose Banks: These banks specialize in loans for particular sectors or purposes.  These include the  Agricultural Development Bank of China (ADBC) and the China Development Bank (CDB).
3. Commercial Banks: This category includes banks that offer traditional banking products and services, such as savings accounts and loans. Commercial banks in China include non-state-owned, joint-stock, and rural commercial banks.  
4. Foreign Banks: Foreign banks, including subsidiaries and branches of banks based outside Greater China, may operate in the country. 

In addition to traditional banks, China’s regulatory authorities, including the PBoC, officially permitted digital-only banks to operate in 2014. These banks, such as WeBank and MYbank, provide online services without any physical branches. 

China also introduced the Deposit Insurance Regulation in 2015, meaning that bank deposits in RMB and other foreign currencies are protected for up to RMB 500,000 per depositor per bank.   

💡Tip: Interested in opening a bank account in China? Read our detailed guide for what documents to prepare, how much it costs, and the general requirements in 2024.

 1. Industrial and Commercial Bank of China (ICBC)

The Industrial and Commercial Bank of China (ICBC) is currently the largest bank in the world, with total assets worth RMB 40.32  trillion (approximately USD 5.6 trillion). The bank is listed on the Hong Kong Stock Exchange and Shanghai Stock Exchange.

Founded in 1984, ICBC is a state-owned commercial bank providing both personal and corporate banking services, including all-in-one current accounts, corporate deposit accounts, and small business loans. ICBC has over 720 million customers, with around 16,000 local and 400 overseas branches. 

ICBC was named China’s Best Corporate Bank in 2023 by Asiamoney. It also won numerous reputable awards, including Best Financial Innovation in 2022 and the PBoC’s Banking Technology Development Award.

Important Details About the Industrial and Commercial Bank of China

2. China Construction Bank (CCB)

China Construction Bank Corporation (CCB) is the second largest bank in China and the world. At the end of 2022, it has total assets worth RMB 36 trillion (around USD 5 trillion). 

As one of the biggest Chinese banks, CCB banking products and services include personal and corporate accounts, SME loans, and investment services. CCB currently has approximately 13,629 branches across China and multiple overseas branches, including in Hong Kong, Singapore, Tokyo, New York, and Sydney.

CCB was Asiamoney's Best Bank for CSR in 2022. The bank also won multiple awards, including Best Corporate Lending by Global Finance and Best Mortgage Loans Bank by Global Finance.

Important Details About China Construction Bank

3. Agricultural Bank of China (ABC)

The Agricultural Bank of China (ABC) was founded in 1951 and is the 3rd largest bank in Asia-Pacific and the world in 2023, holding almost RMB 35.28 trillion (around USD 4.9 trillion) total assets. It is also known as AgBank. 

Originally established as a specialized bank for rural China and the agricultural sector, ABC has evolved into a wholly state-owned commercial bank. It currently provides extensive banking services for personal, corporate, and agro-related businesses, including corporate loans, personal business loans for farmers, and personal and business accounts. 

ABC currently serves over 3 million corporate clients and over 420 million retail customers and holds over RMB 25,000 billion in customer deposits. It has won several awards in corporate social responsibility, company culture building, and service to small and medium-sized enterprises.

Important Details About the Agricultural Bank of China

4. Bank of China (BOC)

The Bank of China (BOC) is the 4th largest bank in the world and China, holding total assets of roughly RMB 29.5 trillion (USD 4.1 trillion) in 2022. 

BOC was established in 1912 to succeed the Imperial Bank of China. As a major Chinese bank, it offers corporate and personal banking services in local and foreign currencies for clients in mainland China, including bank accounts, personal loans, and overseas remittance services.

The Bank of China also has an independently operated subsidiary in Hong Kong, the Bank of China (Hong Kong) Limited (BOCHK), which offers similar products such as business integrated accounts but focuses on the Hong Kong market. 

BOC won several awards, including the Best RMB Clearing Bank by The Asian Banker and the Best Bank for ESG 2023 by Asiamoney. 

Important Details About the Bank of China

5. Bank of Communications

The Bank of Communications (BoCoM) is the 5th biggest bank in China. However, it is the 15th in the world, with total assets of RMB 13.3 trillion (USD 1.86 trillion).

BoCoM offers a wide range of financial services catering to both domestic and international clients. Its banking products include corporate and personal bank accounts, credit cards, and corporate cash management. BoCoM is one of the four commercial banks authorized to provide offshore baking services in China.

The bank was recognized and won numerous awards, including the Junding Award for Cross-Border Financing Bank,  Best Investment Banking Business, and Best Securitization Transaction in Asia Pacific. 

Important Details About the Bank of Communications 

Alternative to Banks in China: Statrys

Starting a business in China does not mean you have to rely solely on traditional Chinese banks. Depending on your business needs, you might want to look into other banking alternatives, such as virtual banks or neobanks.

If you are looking for a convenient way to handle RMB or CNY payments when sourcing or importing products from China, consider Statrys.

Statrys is an award-winning financial service provider offering multi-currency business accounts for companies registered in Hong Kong, Singapore, and the BVI. You can open a Statrys account entirely online and get personalized customer support in as fast as 3 days without the hassle of visiting a physical branch. 

Statrys Key Services