Posts Tagged ‘Thal’
Wednesday, April 1st, 2009
Ten years ago, the list of the world’s largest financial institutions was dominated by banks from the US and UK. Today, just a handful of the top 20 have their headquarters in the US, still the world’s largest economy. HSBC, at heart an emerging markets bank, is Britain’s sole representative. Ten years ago, Ten US banks sat in the top 20 list; today only three remain.
The real eye-poppers in 2009 are the two Canadian banks (RBC and TD) joining the ranks of the largest Chinese (ICBC, CCB, BoC, Bank of Communications, China Merchants), Brazilian (Itau and Bradesco), and Australian (Westpac and Commonwealth) banks, to be among those that have retained their value.
By the way, that’s after the global haircut that everyone has experienced. Year-over-year, as of March 17/18, ICBC is down -48.7%, CCB is down -15.4%, Bank of China is down -20.9%, Bank of Communications is down -35.1%. RBC is down -17.9% and TD is down -28.6%.
In the long-run beauty contest of global investing it appears that some of the winners will be the top-down country plays and the companies, whose banks are resident in Canada, China, Brazil, and Australia.
1999: Top 20 Banks by Market Capitalization
2009: Top 20 Financials by Market Cap
The decade for global banks
Steven Bernard, Jeremy Lemer, Helen Warrell, Cleve Jones, Peter Thal Larsen and Simon Briscoe
FT, March 22 2009
Hat Tip: Big Picture
Tags: Array, Bank Of China, Bank Of Communications, Beauty Contest, Bradesco, Brazil, Briscoe, Canadian Banks, Canadian Market, China Merchants, Cleve Jones, Financial Institutions, Ft March, Global Banking, Global Banks, Hat Tip, Icbc, Itau, Lemer, Market Cap, Market Capitalization, Poppers, Rbc, Sole Representative, Thal, Warrell, Westpac
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