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ICBC is named 'the world's top bank'

A Chinese financial institution has become the world's top bank for the first time, according to a new survey.

The Banker's annual report found the Industrial and Commercial Bank of China (ICBC) is now at number one, moving up from third place. Last year's winner Bank of America moved down to third, while JP Morgan remained in second place.

The ICBC received the boost after a 15 per cent increase in capital, which now stands at $160.6 billion.

Meanwhile, the UK's banking sector as a whole, which was once as high as second in 2008, was ranked at tenth, behind France, Brazil and Russia.

The only UK bank in the top ten is HSBC in fourth, which has significant earnings from its Asian operations.

A firm's Tier one capital, which gives a clear indication of an institution's strength, is used to create the annual report.

China now has 96 banks in the top 1,000 list and holds four places in the top ten.

By Claire Archer