July 07, 2010 12:30
Korea's top lender Kookmin Bank has risen from 74th to 66th place this year in the Top 1,000 World Banks list compiled by British magazine The Banker. Woori Financial Group ranked 71st, and Shinhan Financial Group 87th. Bank of America, with US$160.4 billion in capital, was at the top of the list.
A total of nine Korean banks ranked among the Top 1,000. The others are National Agricultural Cooperative Federation at 105th, Hana Bank at 120th, Industrial Bank of Korea at 122nd, Daegu Bank at 341st, Busan Bank at 372nd, and Jeonbuk Bank at 986th.
The latest survey shows that the capital adequacy ratios, profitability and asset soundness of Korean banks were better than those of foreign lenders. In Asia, 329 banks were included on the Top 1,000 list this year, compared to 290 in 2009.
Bank of America, which acquired Countrywide Financial and Merrill Lynch in recent years, saw the size of its capital increase 32.8 percent. It took the top spot from JPMorgan Chase, whose capital plunged 2.3 percent to $133 billion during the global financial crisis.
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