BANKING AFFAIRS

Detailed explanation-1: -The largest bank in the world in terms of total assets under management (AUM) as well as gross revenues is the Industrial and Commercial Bank Of China Ltd. This institution provides credit cards and loans, financing for businesses, and money management services for companies and high net worth individuals.

Detailed explanation-2: -In a milestone transaction in the Indian banking industry, Times Bank Limited (a new private sector bank promoted by Bennett, Coleman & Co. or Times Group) was merged with HDFC Bank Ltd., effective February 26, 2000.

Detailed explanation-3: -HDFC Bank is worth more than DBS Group and UBS (both valued at around $58 billion). The country’s largest lender State Bank of India ($57 billion) is at number 32 ahead of BNP Paribas ($55 billion) in terms of valuation. HDFC Bank is a systemically important bank in India along with SBI and ICICI Bank.

Detailed explanation-4: -Top 10 banks in Russia in 2021, by total assets As of November 2021, Sberbank was the largest Russian bank by assets’ value, accounting for nearly 39 trillion Russian rubles in assets. VTB bank listed second with a roughly twofold lower assets’ worth than the leader.