Banks are very important to the finance sector of all countries. Their impact on the economy cannot be undermined. They might be financial institutions that offer products and services such as retail, commercial, business, etc. However, they add to the economy of their host countries. While some banks play major roles like regulatory bodies for monetary policies and foreign currency exchange, others act as providers of loans, wealth management services, investment solutions, etc. Other than the financial services they provide, they also help to decrease the unemployment rate by employing many persons in various branches across the continent.
If you are looking for a job or thinking of opening an account here, this article provides information on the top banks present in the Asian continent.
Types of Banks
There are different kinds of banks here, they include retail, commercial, online, cooperative, etc.
Retail
These are the commonest types of banks used by individuals and small businesses. They can be either smaller, local, or national banks with branches in the country. Commonly termed “consumer banks” because a lot of consumers use them to facilitate their daily financial transactions. They facilitate everything a person needs from a financial institution, from daily deposit and withdrawal transactions to loans and brokerage services.
Commercial
They are mainly for business, but individual consumers can also use this commercial institution. They give small to medium-sized businesses access to basic banking services and offer more financial services and products. The economic purpose of this entity is to create capital, credit, and foster liquidity in the market.
Investment
This entity manages the trade of stocks, securities, and bonds between a company and its investors. However, investment banks can also act as financial intermediaries and advisors. They advise individuals and corporations that require financial guidance. They also play major roles in the mergers and acquisitions of companies and manage the investment portfolios of businesses and individuals to raise capital. They are designed to manage assets, corporate finance, and trading.
Credit Unions
They are non-profit banking institutions like retail and commercial banks, with services that target individual consumers, startups, and small businesses. Unlike other banks, they only serve persons affiliated with certain groups, such as military veterans. They charge low fees for transactions thus ideal for lower-income individuals and businesses.
Private Banks
Designed mainly for wealthy persons with a net worth above $1 million in assets. The minimum deposit necessary to open a bank account in this country varies from bank to bank. Investable assets include liquid or almost liquid assets. They are highly exclusive when it comes to entities that they bank with. The financial products and services provided are liable to fees, and account maintenance fees.
Online Banks
Not all financial institutions have physical locations, some exist on the internet. This is a new trend that helps maximize convenience. With an online bank, one can perform all banking needs from the comfort of one’s home. This type of bank is quite popular in east Asia. To use their services, one must use the bank’s app to read QR codes and then access the services offered.
List of Top Banks in Asia
The following is a list of some of the top banks in the Asian continent.
- Industrial and Comm. Bank of China
- China Construction Bank Corporation
- Agricultural Bank of China
- Bank of China
- Mitsubishi UFJ Financial Group.
- Sumitomo Mitsui Financial Group
- Mizuho Financial Group
- Bank of Communications China
- Postal Savings Bank of China
- China Merchants Bank
- Shanghai Pudong Development Bank
- China CITIC Bank Corporation
- China Minsheng Banking Corporation
- Westpac Banking Corporation
- China Everbright Bank
