ICICI Bank will be in list of top 100 global FIs
Raising $5 billion through a follow-on equity offering may see the country’s largest private sector entity, ICICI Bank breaking into the top 100 financial institutions in the world, in terms of market capitalisation. The bank, whose current market capitalisation is $18.89 billion (Rs 77,834 crore), presently stands at the 111th position among the top 150 financial institutions in the world, when compared on an m-cap basis. Raising $5 billion through the equity offer will take ICICI Bank to a position of 84 in this list.
The country’s largest bank State Bank of India stands at the 138th position, with a market cap of $14.1 billion. There are only four entities having a market capitalisation of over $200 billion, led by Citigroup ($265 billion), Bank of America ($226 billion), the Industrial and Commercial Bank of China ($222 billion) and HSBC Holdings ($213 billion).
There are 13 institutions having a market capitalisation of over $100 billion. These include JP Morgan Chase, UBS, Wells Fargo, Royal Bank of Scotland, BNP Paribas and the ING Group. Following the equity issuance, ICICI Bank may be able to surpass other well-known names in the global banking space, such as Singapore-based United Overseas Bank ($21.4 billion) and the DBS Group Holdings ($21.23 billion).