According to a Zacks Research report, Wells Fargo has officially surpassed the Industrial and Commercial Bank of China to become the world’s most valuable money lender.

Zacks said Well Fargo’s market capitalization is quickly approaching $300 billion, a threshold that no American bank has ever reached.

Zacks notes that Wells Fargo is about $2 billion short of the mark, which puts the company’s valuation $42 billion ahead of JP Morgan Chase and $120 billion ahead of Citigroup.

Read the full report from Zacks here.