Wells Fargo beats ICBC as world’s largest bank

SHANGHAI: The Industrial and Commercial Bank of China (ICBC), a symbol of the country’s financial might, has been deposed as the world’s largest bank by market capitalization by Wells Fargo, data showed on Wednesday.

ICBC’s six-year reign as the world’s biggest bank began in July 2007, and its value peaked at $374 billion in November that year, thanks to China’s rapid economic expansion.