UNCTAD

World Investment Report

Annex Table 28. The Top 50 financial TNCs ranked by Geographical Spread Index (GSI), 2009 a
(Millions of dollars and number of employees )
Assets

Rank
2009
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

GSIb
75.3
69.4
68.7
65.0
64.5
61.0
60.8
59.5
58.3
57.5
53.2
53.1
51.5
50.8
48.2
47.9
47.4
47.0
47.0
46.4
43.9
43.7
43.4
43.4
42.6
41.0
40.1
39.6
39.0
38.5
38.4
37.3
37.0
36.3
36.3
36.1
35.1
35.1
35.0
32.2
31.7
31.1
29.1
27.4
25.9
25.7
25.6
24.9
23.4
22.6

Rank
2008

GSI

1
11
2
4
6
8
9
5
10
12
7
17
14
19
32
15
22
20
18
40
31
21
13
28
16
25
..
27
38
..
30
34
42
36
29
23
..
33
35
37
41
45
46
50
48
47
..
..
..
..

72.9
55.4
62.2
59.5
59.0
57.0
56.7
59.3
56.1
52.4
57.6
46.6
51.1
43.5
36.7
50.0
41.0
43.5
44.3
32.7
37.7
41.0
51.2
38.8
46.7
39.1
..
38.9
33.2
..
37.7
34.7
31.6
33.5
38.2
39.9
..
36.1
34.6
33.4
32.6
27.3
26.6
25.6
26.2
26.5
..
..
..
..

Financial TNCs

Home economy

Citigroup Inc
United States
BNP Paribas
France
Allianz SE
Germany
Generali Spa
Italy
Societe Generale
France
UBS AG
Switzerland
Unicredito Italiano Spa
Italy
HSBC Holdings PLC
United Kingdom
Axa
France
Deutsche Bank AG
Germany
Zurich Financial Services
Switzerland
Credit Agricole SA
France
Credit Suisse Group AG
Switzerland
ING Groep NV
Netherlands
Morgan Stanley
United States
Swiss Reinsurance Company
Switzerland
The Bank Of Nova Scotia
Canada
Banco Santander SA
Spain
Natixis
France
Nomura Holdings Inc
Japan
Muenchener Rueckversicherung AG
Germany
KBC Group NV
Belgium
American International Group Inc
United States
Standard Chartered PLC
United Kingdom
Dexia
Belgium
The Royal Bank Of Canada
Canada
Bank of America Corporation
United States
Intesa Sanpaolo
Italy
Mitsubishi UFJ Financial Group
Japan
Old Mutual PLC
United Kingdom
Skandinaviska Enskilda Banken AB
Sweden
BBV Argentaria SA
Spain
Manulife Financial Corp.
Canada
Berkshire Hathaway Inc
United States
JPMorgan Chase & Company
United States
Barclays PLC
United Kingdom
Commerzbank AG
Germany
The Goldman Sachs Group Incorporated United States
Aviva PLC
United Kingdom
Nordea Bank AB
Sweden
Royal Bank Of Scotland Group PLC
United Kingdom
Prudential PLC
United Kingdom
Aegon NV
Netherlands
Svenska Handelsbanken AB
Sweden
Danske Bank A/S
Denmark
Mizuho Financial Group Inc
Japan
Canadian Imperial Bank of Commerce
Canada
The Toronto-Dominion Bank
Canada
Australia And New Zealand Banking Group Australia
Ltd
National Australian Bank Ltd
Australia

Employees

Total
2 002 213
2 948 928
822 418
607 381
1 467 086
1 290 410
1 331 024
2 364 452
1 015 010
2 260 684
366 515
2 231 858
1 021 541
1 673 030
819 719
232 532
476 108
1 546 007
643 783
344 935
311 912
460 311
863 697
436 653
827 813
644 375
2 338 700
895 476
2 184 387
264 514
317 415
749 648
393 966
356 320
2 135 796
2 226 694
1 145 077
880 528
572 271
712 096
2 682 319
367 777
429 898
308 595
583 274
1 672 252
330 482
564 478
465 100
596 956

Total
263 000
201 740
151 800
85 322
160 144
64 293
165 062
309 516
103 432
80 849
56 668
89 172
48 300
105 140
62 211
10 552
67 910
169 924
19 439
26 143
47 017
54 185
96 000
77 697
27 280
70 812
283 914
103 718
84 989
53 706
19 032
103 545
21 000
257 000
226 623
153 800
61 270
33 100
46 327
33 477
183 700
27 389
28 248
10 636
21 853
57 661
42 018
63 335
41 855
41 428

Affiliates

Total
796
755
546
278
380
615
853
741
542
949
265
312
209
884
147
91
118
390
217
104
385
317
299
107
151
107
369
98
84
225
117
169
44
380
704
495
312
140
279
151
790
158
249
41
67
50
22
63
120
99

Number of
foreign
affiliates
601
596
444
261
277
602
829
485
485
804
259
191
179
506
118
87
106
308
137
86
181
242
131
65
114
100
148
70
58
145
91
102
43
152
265
154
167
82
142
142
273
61
132
22
56
30
18
39
41
72

I.I.c

Number of
host countries

75.5
78.9
81.3
93.9
72.9
97.9
97.2
65.5
89.5
84.7
97.7
61.2
85.6
57.2
80.3
95.6
89.8
79.0
63.1
82.7
47.0
76.3
43.8
60.7
75.5
93.5
40.1
71.4
69.0
64.4
77.8
60.4
97.7
40.0
37.6
31.1
53.5
58.6
50.9
94.0
34.6
38.6
53.0
53.7
83.6
60.0
81.8
61.9
34.2
72.7

Source: UNCTAD/HEC Montral.

a

Data on total assets and employees, from Bloomberg, currency (USD) millions, period 2009. Data on affiliates is based on the Dun and Bradstreets 'Who owns Whom' database.

GSI, the "Geographical Spread Index", is calculated as the square root of the Internationalization Index multiplied by the number of host countries

II, the"Internationalization Index", is calculated as the number of foreign affiliates divided the number of all affiliates (Note: Affiliates counted in this table refer
to only majority-owned affiliates).

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www.unctad.org/wir

75
61
58
45
57
38
38
54
38
39
29
46
31
45
29
24
25
28
35
26
41
25
43
31
24
18
40
22
22
23
19
23
14
33
35
42
23
21
24
11
29
25
16
14
8
11
8
10
16
7