Builds Modern Living
China Construction Bank
Tagline
Net Worth
$3,375,000,000,000
Started in (City)
Beijing
Started in (Country)
China
Incorporation Date
01st December, 1954
Bankruptcy Date
-
Founders
- Ministry of Finance of the People's Republic of China
About
China Construction Bank Corporation is 1 of Those "big four" banks from the People’s Republic of China. In 2015 CCB was the 2nd largest bank in the world by market capitalization and 6th largest company in the world.
The bank has approximately 13,629 domestic branches. In addition, it maintains overseas branches in Barcelona, Frankfurt, Luxembourg, Hong Kong, Johannesburg, New York City, Seoul, Singapore, Tokyo, Melbourne, Kuala Lumpur, Sydney and Auckland, and a wholly-owned subsidiary in London.
Beginning
CCB was started as a fund distributor for the government, now one of the world’s largest banks. China Construction Bank began to as a state-owned Bank in 1954 under the People’s Construction Bank of China. And later, in 1996, the bank was named China Construction Bank as we know it today.
The bank was started to function as the distributor for government funds for construction and infrastructure-related projects under the state’s economic fan in 1979.
The People’s Construction Bank of China became a financial institution under the State Council’s direction and gradually assumed more commercial banking functions. The People’s Construction Bank of China gradually became a full-service commercial bank, following the China Development Bank’s establishment in 1994.
The Bank’s Corporation was formed as a joint-stock commercial bank in September 2004. China Construction Bank is headquartered in Beijing under the supervision of the current chairman Cheng Li.
Road to Success
China Construction Bank is headquartered in Beijing under the supervision of the current chairman Cheng Li.
It’s a leading joint-stock large-scale commercial bank in China. It was listed on the Hong Kong Stock Exchange in October 2005 and the Shanghai Stock Exchange in September 2007.
At the end of 2018, the bank’s market capitalization reached two hundred and seven billion dollars, ranking fifth among all listed banks globally. In 2005, Bank of America acquired a nine per cent stake in China Construction Bank for three billion dollars. It represented the company’s most extensive foray into China’s growing banking sector.
Challenges
The chairman of the Bank, Wang Zubin, resigned from the bank after accepting bribes. While he was employed with the Bank of China, he was sentenced to 12 years in prison after three years in 2005, his successor. Jiang NGO resigned for personal reasons just before his resignation. He had been charged in a lawsuit with accepting a $1,000,000 bribe. He was later sentenced to 15 years in jail in connection with the case.
Failures
The Chinese Bank was accused by the United States of financing North Korea’s missile and nuclear program during the 2013 Korean crisis.
Achievements
- Ranked 12th in the “Top 1000 World Banks”
- Ranked 9th in the “Top 500 Global Financial Brands”
- Ranked 125th among the “Fortune Global 500”
Subsidies
- China Construction Bank (Asia)
- China Construction Bank (Brasil)
- Bank China Construction
- CCB Life Insurance Company Limited
CEOs
- Mr.Zhang Jianguo
- Mr. Chen Zuofu
- Mr. Zhu Xiaohuang
- Lord Peter Levene
- Mr. Yam Chi Kwong, Joseph
- Rt Hon Dame Jenny Shipley