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Bank of China

Bank of China

Tagline

Pursuing world-class excellence, ensuring sustainable growth

Net Worth

$164,070,000,000

Started in (City)

Beijing

Started in (Country)

China

Incorporation Date

05th December, 1912

Bankruptcy Date

-

Founders

  • Chen Jintao

About

Bank of China or BOC is one of the four largest state-owned commercial banks in China. It is legally become independent from its subsidiary Bank of China (Hong Kong), despite the fact that they keep close relations in management and administration and co-operate in numerous areas. Bank of China became founded in 1912 via the way of means of the republican government. It is the second oldest bank in mainland China nevertheless in existence, after the Bank of Communications. Its headquarters are in Xicheng District, Beijing.

Beginning

After the Chinese Civil War ended in 1949, the Bank of China split into operations. Part of the bank relocated to Taiwan with the Kuomintang (KMT) government and became privatized in 1971 to grow to be the International Commercial Bank of China. In 2002, it merged with Jiaotong Bank and turn out to be the Mega International Commercial Bank. The Mainland operation is the current entity known as the Bank of China. It is the maximum globally-active of China’s banks, with branches on each inhabited continent. Outside of mainland China, BOC additionally operates in 27 international locations and regions which include Australia, Canada, United Kingdom, Ireland, France, Germany, Italy, Luxembourg, Russia, Hungary, United States, Panama, Brazil, Japan, Republic of Korea, Singapore, Taiwan, Philippines, Vietnam, Malaysia, Thailand, Indonesia, Kazakhstan, Bahrain, Zambia, South Africa, and a branch office in the Cayman Islands. In December 2010, the Bank of China New York branch commenced providing renminbi products for Americans. It became the first main Chinese bank to provide any such product. Although it is present in the above international locations/territories, its operations outside of China accounted for less than 4% of the activity of the bank through both profits and assets. Mainland China accounts for 60% of the bank through profits and 76% through assets as of December 2005. BOC commenced operations in Hong Kong in 1917 and it had become a note-issuing bank in Hong Kong in 1994 and in Macau in 1995. BOC (Hong Kong) indexed at the Hong Kong Stock Exchange in October 2002. The bank’s headquarters in Hong Kong are placed in the Bank of China Tower. In 2008, the Bank of China became crowned Deal of the Year - Debt Market Deal of the Year at the 2008 ALB Hong Kong Law Award.

Road to Success

Bank of China (Canada) is the Canadian subsidiary of the BOC. The Bank of China commenced its business in Canada by establishing a representative office in Toronto on September 8, 1992. BOCC [Bank of China (Canada)] became incorporated as a subsidiary of BOC in 1993 under Schedule II of the Bank Act. BOCC offers the following kinds of banking services in Canada: 1) Bank accounts to both personal and commercial banking clients. 2) Remittance services (which include bank drafts and wire transfers). 3) Loans and mortgages. 4) Foreign exchange services. 5) China visa application assistance services wherein it acts as an agent. In Canada, BOCC has ten locations that are located in Markham, Scarborough (under the name "GTA Toronto" branch), Toronto (numerous branches, in North York and downtown), Mississauga, Vancouver, Montreal, and Calgary. It formerly had branches in Burnaby and Richmond. Although it isn’t always a central bank, the Bank of China is licensed to issue banknotes in China’s Special Administrative Regions. Until 1942, the Bank of China issued banknotes in mainland China on behalf of the Government of the Republic of China. Today, the Bank issues banknotes in Hong Kong and banknotes in Macau (under the Portuguese name "Banco da China, Sucursal de Macau"), along with different commercial banks in those regions.

Challenges

In 2013, like other banks, the Bank of China faced Liquidity crises it was a credit crunch affecting all the commercial banks present in China. The lending rate skyrocketed to 30% from its usual 3% overnight. This drastic change affected the gold market and stocks, yet the market later recovered.

Achievements

  • In 2008, the Bank of China became crowned Deal of the Year - Debt Market Deal of the Year at the 2008 ALB Hong Kong Law Awards.
  • 31st December 2009, it became the second-biggest lender in China overall

Subsidies

  • BOC Life
  • BOC International
  • Tai Fung Bank
  • BOC Aviation

CEOs

  • Gao Yingxin
  • Jiang Jianqing