The world’s largest banks are located in China, the United States, Japan and Europe. In most cases, they operate in many countries of the world. Because banking is a global industry that does not stop at a country’s borders, there must be worldwide agreements. International standards that banks must obey are written down in the Basel accords.


Image: Klaus Rosmanitz, CC BY-SA 4.0
Source : https://en.wikipedia.org/wiki/List_of_largest_banks



Words

  • accords = set of agreements or rules
  • agreement = written promise made by two or more people, companies or countries
  • border = the line between two countries
  • global = worldwide
  • located = can be found
  • obey = follow
  • operate = here: offer their services