State Bank of India and HDFC Bank are the only Indian banks that have found its place on the latest S&P Global Market Intelligence ranking of the world’s 100 largest banks by assets.

State Bank of India climbed four places to 43rd place, according to S&P Global Market Intelligence data. HDFC Bank climbed one place to 73rd place.
Chinese lenders dominated the latest S&P Global Market Intelligence ranking of the world’s 100 largest banks by assets, with M&A a key factor in the list. Overall, 38 banks rose in the ranking, while 37 fell and 25 were in unchanged positions. Four made the latest list after not being in the top 100 in 2024.

Chinese Banks Dominate, M&A Drives Rankings Shift

Industrial and Commercial Bank of China Ltd., Agricultural Bank of China Ltd., China Construction Bank Corp. and Bank of China Ltd. occupied the top four spots in what was an unchanged top eight from a year ago. Twenty-one banks based in mainland China placed in the ranking, with seven in the top 20.

France-based Societe Generale SA fell three places to 22nd in the ranking, with its assets adjusted lower by USD 27.36 billion due to some being held for sale as of 2024-end.

The ranking report said HSBC Holdings PLC is selling multiple assets under a restructuring effort. Its assets dropped by USD 27.23 billion as a result. Still, HSBC remained the biggest bank in Europe and the seventh-largest globally.

National Bank of Canada and State Street Corp. joined the ranking after being absent in 2024, with National Bank of Canada taking the 92nd spot and State Street taking 93rd.

“M&A’s influence on the size of banks in the past year is arguably most prominent in Europe, where lenders are looking to build scale through acquisitions and to streamline operations and business models by shedding low-performing assets and units,” read the S&P Global Market Intelligence report.