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Major Asia-Pacific banks see market cap shrink in Q3

Eleven of the 20 largest banks in Asia Pacific saw their market capitalization decline in the third quarter, most of which were Chinese lenders, according to a ranking by S&P Global Market Intelligence.

In the three months ended Sept. 30, Bank of Communications Co. Ltd.'s market cap fell 13.75% from the previous quarter. This was the biggest decline among the top 20 banks, and the bank slipped three notches to 12th place. It was followed by Hang Seng Bank Ltd.'s 13.11% drop, which saw the company slip down one notch to place 20th.

Chinese lenders retained the top five spots despite their shrinking market value amid the country's slowing economic growth and lingering trade friction. China Construction Bank Corp., the second largest Asia-Pacific lender by market cap, saw its value drop by 11.05% quarter over quarter, the biggest decline among the top five.

Meanwhile, National Australia Bank Ltd.'s market cap rose 13.99% quarter over quarter, the biggest increase among the top 20 lenders, followed by India-based Kotak Mahindra Bank Ltd.'s 11.40% gain.

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