Wells Fargo ends ICBC reign as the world's biggest bank

The Industrial & Commercial Bank of China Ltd has lost its standing as the world's largest bank by market capitalization to United States-based Wells Fargo & Co, data showed Wednesday, as China's economy slows.

San Francisco-based Wells Fargo & Co is worth $236 billion, according to the New York Stock Exchange, where it is listed, while Chinese figures show ICBC is now valued at $223 billion.

ICBC's six-year reign as the world's biggest bank began in July 2007. Its value peaked at $374 billion in November that year thanks to China's rapid economic expansion. The ranking stood as a symbol of the country's emergence as a global powerhouse.

But it was deposed on July 12 and Wells Fargo has retained top spot since.

The shift comes at a time when the world's second-largest economy is losing steam.