Algerian Banks absent from the rankings of best 1,000 financial institutions in the world

Due to declining oil revenues and the curtailment of the credits, Algerian financial institutions are totally absent from the rankings of the best 1,000 financial institutions in the world.

Therefore, Algeria, undergoing headon the drastic fall in the price ofoil, is not to be found in the International ranking of the best bank in the world during the current year.

Algerian banks have not been able to meet the stringent criteria set by the British SNL magazine, which published this ranking, about the overall volumes of financial activities and the capital, including the Algeria External Bank (BEA) which is one of country’s most important banks and which manages in the world at large the interests of national hydrocarbons group “Sonatrach”, itself severely affected by the lower oil revenues and the dwindling tax collection.

As usual, financial institutions of the countries of the Gulf are top of the list and Jordan closes the standings. Countries such as Egypt and Oman have each 5 banks in the rankings, followed by 

Morocco which has 4, making it the only Maghrebian country to enter the tight-knit club of the most rated world financial institutions.

Four of the five largest banks in the world are Chinese, according to SNL Financial’s latest global bank rankings. It’s a big change from the past few years when only two Chinese banks made the top five.

Beijing-based Industrial & Commercial Bank of China holds the top spot with assets valued at $3.5 trillion. That means the bank is worth more than the entire value of the British economy.

The only non-Chinese bank remaining in the top five is HSBC, which is headquartered in London. It fell several spots to position No. 4 this year.

The top U.S. bank is JPMorgan Chase (JPM) which ranks sixth with $2.6 trillion in assets. SNL notes that American banks calculate the value of their assets a bit differently from international banks because of U.S. regulations.

China’s financial sector has been struggling in recent weeks after a slump  in China’s stock market. But Chinese banks have still managed to grow, at least compared to their global peers.

Two banks that fell out of the top this year were France’s BNP Paribas and Japan’s Mitsubishi UFJ Financial Group (MBFJF)). Both were hit by weakening currency in their countries — the euro and the yen have fallen substantially against the U.S. dollar in the past year. That makes their assets less valuable in dollar terms.