| ICBC Topples Wells Fargo as World's Most Valuable Bank | |
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More from Bloomberg.com: Washington State Turns to Neurotoxins to Save Its Oysters The stock boom in China, partly driven by an increase in investors buying shares on credit, means that the nation’s big state banks account for four of the world’s top six lenders by market value, compared with a year ago, when only ICBC and China Construction Bank Corp. made the list. Chinese banks remain the cheapest in the world, trading at about 7.8 times estimated earnings for 2015, the lowest for lenders with a market value of more than $10 billion, data compiled by Bloomberg show. ICBC, which was founded in 1984, trades at 1.1 times estimated book value, compared with 1.6 times for Wells Fargo. More from Bloomberg.com: Nine Gadgets That Will Give You Real Superhero Abilities Besides monetary policy, ICBC’s shares are also getting a boost from domestic investors betting with borrowed money. Brokerages had extended more than 120 billion yuan ($19 billion) for purchases of banking shares as of April 20, including 7.5 billion yuan for ICBC stock, according to data from the Shanghai and Shenzhen stock exchanges. More from Bloomberg.com
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Wells Fargo is a exploration company based in United states of america. Wells Fargo is listed in United States of America. Its market capitalisation is US$ 306.7 billions as of today (€ 285.1 billions). Its stock quote reached its lowest recent point on July 03, 1997 at US$ 10.01, and its highest recent level on May 08, 2024 at US$ 61.37. Wells Fargo has 4 997 319 680 shares outstanding. |