HSBC only British bank left in world top 30
Only one UK bank is ranked inside the world’s top 30 largest financial institutions following a collapse in the value of the country’s largest firms, which has wiped billions off their market valuations.
HSBC is the last UK bank left inside the top 30 largest financial companies, according to data compiled this morning by Financial News.
HSBC is ranked third in the world with a market capitalisation of $185bn (€136bn), meaning it is worth more than all the other British clearing banks combined, which are collectively worth $131bn.
Shares in many UK banks collapsed this morning, with RBS hitting a 52-week low of 90p after losing 30% of its value, while Barclays fell 15%, as reports emerged that UK banks had approached the Government to ask for billions of pounds in funding.
Barclays is the second most valuable UK bank, with a market capitalisation of $45.8bn. It is ranked 31st in the world, four places ahead of Royal Bank of Scotland, which had a market capitalisation of $42.7bn.
Responding to a question at the Merrill Lynch banking conference today, Barclays group chief executive John Varley denied that Barclays had asked for funding from the Government. He said: "Contrary to press rumours, Barclays has not requested capital from the Government and has no reason to do so."
In a statement to the stock exchange, RBS also said: "Contrary to press speculation, RBS did not make a request to government for capital."
RBS shares have lost nearly three-quarters of their value this year despite the bank successfully completing a £12bn (€15.5bn) rights issue earlier this year as fears have grown about the security of its capital base.
The lowest ranked major UK bank is HBOS at 132nd with a market capitalisation of $15.1bn, giving it a valuation of about half that of Lloyds TSB, which is expected to buy it.
Billionaire US investor Warren Buffett's financial grop Berkshire Hathaway is the world's most valuable financial company with a market valuation of $203bn followed by China's ICBC, which is worth $188bn and one of four Chinese financial institutions in the top 30.
The highest ranked US bank is JP Morgan, which is ranked fourth with a market capitalisation of $173bn, one place ahead of Bank of America, which is worth $147bn.
-- Write to Harry Wilson at hwilson@efinancialnews.com
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