- Chinese banks emerged as the world's largest, according to calculations by The Banker.
- US banks are more effective using their assets.
- British banks pulled the Brexit decline by increasing their profits.
- Read more at Markets Insider.
Each year, the bank gathers a list of the largest banks in the world and again Chinese banks have dominated the top of the list.
The bank includes 1
On the list of the top 10 banks, only four of them were American, with one from the UK, one from Japan and the rest were Chinese.
While Chinese banks were the largest, US banks were more effective in using their assets, the bank said.
"Free and open markets encourage banks to be more effective," editor Brian Caplen said on the publication's website. "A more closed system in China with greater state involvement is less effective in driving efficiency."
British banks increased their profits by one-third, but still left French banks in terms of profits and capital.
Check out the list of the 10 largest banks below.
10. Mitsubishi UFJ, Japan – $ 146 billion
9. HSBC Holdings, UK – $ 147 billion
8. Citigroup, USA – $ 158 Billion
7. Wells Fargo, USA – $ 168 Billion
Spencer Platt / Getty Images
6. Bank of America, USA – $ 189 billion
REUTERS / Shannon Stapleton
5. JPMorgan Chase, USA – $ 209 billion
4. Bank of China, China – $ 230
AP / GREG BAKER
3. Agricultural Bank of China, China – $ 243 billion
2. China Construction Bank, China – $ 287 billion
1. ICBC, China – $ 338 billion