Largest European Banks By Assets And Geography -2023
HSBC Holdings PLC narrowly maintained its position as Europe’s largest bank in terms of assets. By the end of 2022, the UK-based bank with a focus on Asia had €2.681 trillion in assets, slightly exceeding the total of €2.666 trillion held by French lender BNP Paribas SA.
Both banks experienced growth in their asset portfolios throughout the year while also divesting from certain operations, particularly in North America. In November 2022, HSBC reached an agreement to sell its Canadian business for $10.1 billion. The proceeds from this sale are set to be distributed as special dividends to compensate shareholders who experienced payout suspensions. Similarly, BNP Paribas recently concluded the sale of US-based Bank of the West for $16.3 billion.
HSBC expanded its assets further in March by acquiring the UK operations of Silicon Valley Bank, a failed US lender. This deal provided HSBC with over £12 billion in additional loans and deposits for a nominal purchase price of just £1.
Maintaining its position in the rankings, the France-based Crédit Agricole Group retained the third spot with €2.379 trillion in assets. Banco Santander SA advanced to the fourth position with total assets amounting to €1.735 trillion, surpassing UK-based Barclays PLC, which reported €1.707 trillion in assets.