ICICI Bank Overtakes Lehman Brothers In M-Cap Stakes

ICICI Bank has overtaken Lehman Brothers in m-cap stakes. As the big high street names take a hit, the market worth of ICICI Bank has swollen, placing it in a position to pip Lehman Brothers, at least in terms of market capitalisation. The market cap of ICICI Bank is now at $33.01 billion, compared to that of Lehman Brothers which is pegged at $33.06 billion.

The spectacular increase in stock prices at home has also boosted the worth of not just ICICI Bank, but also the country''s largest bank State Bank of India (SBI). ICICI Bank''s asset base is close to $91 billion (Rs 3,64,944 crore). Impressive as they sound, the fact remains that Indian banks have a long distance to travel before they can catch up, especially, with Chinese banks. On a market cap basis, Chinese banks such as Industrial and Commercial Bank of China ($338 billion), China Construction Bank ($223 billion) and Bank of China ($208 billion) figure among the list of top three banks internationally. The average price to book value of banks in India and China are traded at near to similar levels, where Chinese banks are at 7.78 times book value while Indian banks are at 6.79 times.