One of the biggest industries in the world is the banking industry and the financial institutions the world over. Such is the influence of the banking industry, that it leads to economic fluctuations across the world. The banking sector provides services like savings, home loans, ATM services etc. The top banks in the word consists of the biggest names like Industrial & Commercial Bank of China (ICBC), China Construction Bank and JP Morgan Chase are at the top of the list. The following banks have names like Agricultural Bank of China, Bank of America, Wells Fargo and Citigroup. Royal Bank of Canada, Mitsubishi UFJ Financial Japan, Banco Santander complete the list. Here is a list of the top 10 Banks in the World 2016.
10. Banco Santander
Banco Santander is the largest bank in Eurozone by market value and was founded by a Spanish banking group in 1857.
As the name suggests, the bank is headquartered at Santander in Cantabria, Spain. The bank has its business spread in Europe, USA, Latin America, Singapore, Hong Kong and Africa, and it has products in several sectors such as retail banking, corporate banking, investment & private banking along with private equity, asset management and insurance.
The company is a major component of stock market index Euro Stoxx 50.
Banco Santander has expanded largely through number of acquisitions to get the status of a global bank. But the biggest controversial merger is the one with Banco Central Hispano. It was supposed to be a merger of equals where two executives of individual firms would share the control of merged entity. But Banco Santander chairman was accused by BCH executives for taking full control and situation became bad. After several discussions, the matter was resolved when BCH executives agreed to retire and pass the control to Banco chairman by accepting large payments which costed shareholders.
Banco Santander has around 193,863 employees presenting Santander through 13,030 branches worldwide. The bank is also a corporate sponsor for several Formula One teams like McLaren & Ferrari showing its presence worldwide.