Chinese lenders gain value

Chinese lenders largely shrugged off the recent banking crisis in developed markets, gaining in value to take the top five spots in a league table of banks in the Asia-Pacific region ranked by market capitalisation, reports the South China Morning Post.

Five of the eight Chinese banks to make the top 20 list compiled by S&P Global Market Intelligence enjoyed a quarterly increase in market value in the first three months of 2023, bucking the trend across the region.

Industrial and Commercial Bank of China topped the table, having gained 3.9% to $221.27 billion, China Construction Bank rose 4.22% to clinch second place on $164.19 billion, while Agriculture Bank of China and Bank of China added more than 7% each to round out the top four on $155.93 billion and $135.77 billion respectively, according to the rankings released on Friday. China Merchants Bank managed to hold on to fifth spot despite shedding 8.23% to $126.37 billion.