Three Nepali banks are in Asiaweek's list of the top 500 banks in the Asia Pacific. The magazine has Nepal Grindlays Bank (now Standard Chartered Nepal) at 480, Himalayan Bank at 488, and Nepal Arab Bank (Nabil Bank) at 491. The 1997 South-east Asian economic crisis forced a number of banks to close and others to merge, making way for 35 new banks in the list, including the three Nepali banks. The listing, based on the property the banks own, reflects a wide gap in the ladder. The top ten positions are occupied by Japanese and Chinese banks, with the Bank of Tokyo-Mitsubishi at the top with over $7,000 billion and the Korean Exchange Bank at 500, with $175 million.