DUBAI -- Singapore-based regional finance magazine The Asian Banker awarded on Tuesday the Agricultural Bank of China for achieving the "strongest balance sheet" during the annual summit on global bank transactions Sibos.

The Sibos summit was organized by the Belgium-based financial global transactions service provider SWIFT, started in Dubai on Monday for the first time in the Middle East.

The four-day event is attended by 7,300 delegates with 240 exhibitors.

Kong Xinrong, the vice general manager of the ABC's operation management, received the award at the summit.

With $2.1 trillion, the ABC is China's third largest lender in relation to assets following the Industrial and Commercial Bank of China and the China Construction Bank.

The Asian Banker has been publishing since 2007 the annual ranking of the 500 biggest banks in Asia which emerged as an accepted list for the global financial industry.