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Modern and conventional banks were created to meet the funding and financial management requirements of individuals and businesses. These financial institutions are profit-driven businesses that benefit greatly from the services they offer. In addition to fees and ongoing charges, banks also levy interest on loans. The interest rate is determined by the credit history of the individual/bank and the specific financial institution. Consequently, banks can generate substantial profits from their services. Currently, the Industrial and Commercial Bank of China Limited holds the position of the world’s largest bank, boasting an impressive asset value of $5.5 trillion.
