Professional Documents
Culture Documents
Bank of China
Bank of China
Industry Banking
Financial services
Founded Beijing, China (1912)
Headquarters Beijing, China
Employees 249,278
Website www.boc.cn
Contents
[hide]
1 History
2 Timeline of overseas
expansion
o 2.1 2005
o 2.2 2006
3 Hong Kong
4 Basic facts
5 Banknotes
6 Ownership
7 See also
8 References
9 Resources
10 External links
[edit]History
After the Chinese Civil War ended in 1949, the Bank of China effectively split into two
operations. Part of the bank relocated to Taiwan with the Kuomintang(KMT)
government. It was privatised in 1971 to become the International Commercial Bank
of China (中國國際商業銀行). It has subsequently merged with the Taiwan Bank of
Communications (Chiao Tung Bank, 交通銀行) to become the Mega International
Commercial Bank (兆豐國際商業銀行). The Mainland operation is the current entity
known as the Bank of China.
It is the second largest lender in China overall, and the 5th largest bank in the world by
market capitalization value.[5] Once 100% owned by the central government, via Central
Huijin Investment and National Council for Social Security Fund (SSF), an IPO of its
shares took place in June 2006, the free float is at present over 26%.
It is the most international of China's banks, with branches on every inhabited continent.
Outside of mainland China, BOC also operates in 27 countries including:
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, Kaz
akhstan, Bahrain, Zambia, South Africa and a branch office in the Cayman Islands.[6]
Although it is present in the above countries/territories, its operations outside China
accounted for less than 4% of the activity of the bank by both profits and assets.
Mainland China accounts for 60% of the bank by profits and 76% by assets as at
December 2005.
Tokyo branch.
New York branch.
Bank of China building in Singapore.
The Bank has been investigated by the United States in its money laundering probe
related to the superdollars affair.[8]
[edit]2006
Its listing, on the Hong Kong Stock Exchange on June 1, 2006 was the
largest IPO in the world since 2000, and the fourth largest IPO in the world ever,
raising some US$9.7 billion in the H-share Global Offering. The Over-Allotment
Option was then exercised on June 7, 2006, raising the total value of their IPO to
US$11.2 billion.[9]
It successfully made the largest IPO in mainland China on July 5, 2006, by
offering up to 10 billion A-shares on the Shanghai A Stock Exchange, or up to
RMB20 billion. These were priced at RMB3.00 per share.
BOC has bought Singapore Airlines's stake in Singapore Aircraft Leasing
Enterprise, in 2007 it was renamed BOC Aviation.
The bank held another IPO on the Shanghai Stock Exchange in 2006, raising
around 20 billion yuan (US$2.5 billion).
[edit]Hong Kong
BOC started operations in Hong Kong in 1917 and has become a major player there.
[citation needed]
It became note-issuing bank Hong Kong in 1994; inMacao, it received note-
issuing status in 1995.
In 2008 the Bank of China was crowned Deal of the Year - Debt Market Deal of the
Year at the 2008 ALB Hong Kong Law Awards.[10]
[edit]Basic facts
It has over RMB 6,951.68 Billions in assets, making it part of the Fortune Global
500 for the past 17 years.
It is the no.2 lender in China overall, the no.1 lender to non-institutions, and the
no.1 foreign exchange lender. (The no.1 lender in China is the Industrial and
Commercial Bank of China)
In 2002, it made RMB52.7 billion profit, an increase of over 20 per cent from the
previous year.
Bank of China owns the 7th tallest building in the world
Besides sharing the same name, all overseas branches have nothing to do with
Bank of China branches in China. That means that if you deposit money to China
branch, you cannot access your money in overseas branches.
Internet banking on this bank only available for RMB balances only. [citation needed]
[edit]Banknotes
Although it is not a central bank, the Bank of China is licensed to issue banknotes in two
of 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 andbanknotes in Macau (under
the Portuguese name "Banco Da China"), along with other commercial banks in those
regions.
[edit]Ownership
As of June 7, 2006, following the Hong Kong IPO, the ownership of the Bank of China
(SEHK:3988) was: