In simple terms, a retail bank is a financial institution primarily concerned with providing personal or customer banking services to clients. As such, banks considered in the retail category provide services to individuals instead of organizations. In general, there are several top consumer banks globally. This article presents some of the biggest.
The Industrial and Commercial Bank of China, or ICBC, is the world’s biggest retail bank. Unlike most of the banks on this list, this financial institution is owned by the Chinese Government. As a retail bank, ICBC is primarily focused on providing traditional financial services to individuals. Nonetheless, the bank still offers products to businesses and institutions.
Wells Fargo is an American financial institution that provides both individual and corporate clients with retail solutions. It has a net value of over $30 billion. In addition, Wells Fargo offers clients a host of services, which include savings accounts, checking accounts, loan services, and much more.
China Construction Bank, or CICHY, is another financial institution among the top customer banks in China and the world. It is heavily involved in the provision of retail financial services, which include internet banking, loan packages, credit lines, and much more. In addition, CICHY offers wealth management and deposits for individuals and organizations.
Like most Chinese banks, the Bank of China is owned by the Chinese Government. Its primary services include foreign exchange provision, deposit services, and savings. In addition, this bank has the license to issue Chinese currency in Macau and Hong Kong.
The Bank of America is an American retail bank known for providing banking services to individuals and businesses. In addition, it is one of the biggest banks in America. The services this bank provides include savings accounts, current accounts, loan services, and wealth management. It also has a wealth of global branches in multiple countries.
Citigroup operates as a multinational retail bank involved in the provision of financial and investment banking services. In addition, this bank provides global banking, securities, and other financial services. With headquarters in New York City, this bank has multiple branches all over the world.
JPMorgan Chase & Co is one of the most popular retail banks in the world. It offers its clients multinational financial services in multiple countries. Therefore, some of the services this institution provides include asset management, loan services, consumer banking, and wealth management, to name a few.
HSBC is one of the retail banks that truly has a multinational outlook. This bank operates within more than 60 locations around the world. By extension, it provides services to more than 30 million customers in various parts of the world. Traditionally, HSBC is mostly involved with the provision of private, commercial, and retail banking services. Although it primarily services individuals, this institution also works with organizations and governments.