One of the purported strengths of India over China is supposedly our well developed financial and banking infrastructure. Therefore, it came as a surprise to me to learn that 3 of the top 5 banks (by mkt cap) in the world today are from China and the Indian banks are nowhere in the picture. HSBC, btw is the third largest.
See:
http://news.hereisthecity.com/news/business_news/7538.cntns
1. Industrial & Commercial Bank of China Limited – $277.5bn market capitalization
2. Bank of America – $195.9bn
3. HSBC – $176.7bn
4. China Construction Bank Corp. – $165.2bn
5. Bank of China – $165.0bn
6. JPMorgan Chase – $159.6bn
7. Citi – $140.6bn
8. Wells Fargo – $112.3bn
9. Banco Santander – $109.8bn
10. Mitsubishi UFJ Financial – $105.4bn
11. ABN AMRO – $103.6bn
12. UniCredit – $97.5bn
13. Intesa SanPaolo – $89.8bn
14. BNP Paribas – $88.4bn
15. Goldman Sachs – $87.6bn
16. UBS – $84.8bn
17. BBVA – $78.3bn
18. Sberbank – $77.7bn
19. Royal Bank of Scotland – $76.0bn
20. Wachovia – $75.4bn