Source: Bloomberg.com

By Luo Jun

Dec. 25 (Bloomberg) -- Industrial & Commercial Bank of China Ltd., which raised $22 billion in the world's biggest initial public offering, overtook HSBC Holdings Plc as the largest non- U.S. bank by market value after its shares rose to a record.

Shares of Industrial & Commercial Bank, known as ICBC, surged by the daily limit of 9.9 percent to close at 5.21 yuan in Shanghai, valuing the firm at $214.2 billion. HSBC had a market capitalization of 106.5 billion pounds ($208.4 billion) at the close of trading in London on Dec. 22, behind Citigroup Inc., the largest financial firm, at $268 billion and Bank of America Corp. at $239.6 billion.

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Posted by pichu at December 25, 2006 11:48 PM