From Reuters via The Globe and Mail:
In a fresh sign of China’s financial strength, a leap in the shares of Industrial & Commercial Bank of China yesterday made it the world’s biggest bank by market capitalization, overtaking U.S. giant Citigroup Inc.
ICBC’s Shanghai-listed A shares climbed 2.68 per cent to 5.75 yuan (76 cents U.S.), giving it a market capitalization of $254-billion (U.S.).
That exceeded the $251-billion capitalization of Citigroup, previously the world’s biggest bank, when its shares closed at $50.73 in New York on Friday. HSBC Holdings was in third place with $215-billion.[Full Text]