Market capitalization was $315bn on Thursday.
Industrial & Commercial Bank of China is winning its duel with Wells Fargo for the title of world’s most valuable bank as China’s government rolls out stimulus and a buying frenzy drives up the nation’s stocks.
Bloomberg News reports that since overtaking the 163-year-old Wells Fargo on April 7, ICBC has widened the gap. ICBC’s market capitalization was $315bn on Thursday, 11% more than Wells Fargo.
ICBC Chairman Jiang Jianqing may be hoping that history doesn’t repeat: his bank’s shares soared to a record high during the Chinese bull market of 2007 then crashed when the bubble burst.
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