iPhone maker Apple is now worth as much as 32 of the biggest Eurozone banks combined, it has been reported.
The European banks index fell 4 percent last week on Friday, bringing the combined value of 32 of the largest European banks like Santander, BNP Paribas, Deutsche Bank and Italy's Unicredit to $340 billion, which is similar to the market capitalisation Apple has achieved in the past few months, Reuters reports.
The Euro zone banking index has been declining sharply since July because of the falling share prices of Europe’s biggest banks.
Apple has grown a lot in the past few years, achieving many financial milestones along the ways, thanks to the popularity of its innovative iPhone, iPad, iTouch, iPod devices.
The company, which is the most valuable company in the United States, is competing with Exxon Mobile for the title of the world’s most valuable company.
Apple’s massive cash reserves of $76 billion are more than the United States government’s operating balance. Earlier, it was also estimated that the company’s cash reserves were enough to buy out rivals like Research in Motion, Nokia, HTC and Motorola.
Graphical comparison and representation of the valuation can be seen here.