Move aside, Citibank! ICBC is now the world’s largest bank by market capitalisation, boosted by a weak Citigroup share price, and a stark appreciation of the yuan against the dollar.
Nevertheless, according to Reuters Estimates:
ICBC’s share price on Monday valued it at 28 times analysts’ forecasts for its earnings per share in 2007, far above 11 times for Citigroup and an average of 16 times for major global banks.
So ICBC may not last in that position too long as the bubble could burst at anytime and the Shanghai stockmarket is showing signs of overheating. Still this may be a sign of greater things to come?
Photo of the ICBC Tower in Shanghai from ramoncy.
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