Indian Banks Climb S&P Rankings Amidst Global Reshuffling

State Bank of India and HDFC Bank are the only Indian banks in the S&P Global Market Intelligence ranking of the world's 100 largest banks by assets. Chinese banks dominate the top spots. M&A played a significant role, with 38 banks climbing, 37 falling, and 25 remaining unchanged.

In a notable achievement, State Bank of India (SBI) and HDFC Bank are the sole Indian representatives in the latest S&P Global Market Intelligence ranking of the world's 100 largest banks by assets. SBI impressively ascended four places to secure the 43rd position, while HDFC Bank moved up one place to the 73rd spot.

The ranking was predominantly dominated by Chinese banks, where mergers and acquisitions (M&A) significantly impacted standings. Among 38 banks that rose in ranks, Chinese banks held sway, occupying the top four unchanged spots, led by Industrial and Commercial Bank of China Ltd. A total of 21 mainland Chinese banks appeared in the list, with seven in the top 20.

Europe witnessed significant shifts as well. Societe Generale SA from France fell three places to 22nd due to asset adjustments, while HSBC Holdings PLC remained Europe's largest and the world's seventh-largest bank despite asset reductions. Meanwhile, National Bank of Canada and State Street Corp. entered the ranking, illustrating M&A's pronounced influence, particularly in Europe.

(With inputs from agencies.)