The Bank of China (BOC; ) is a Chinese majority state-owned
commercial bank headquartered in
Beijing
}
Beijing ( ; ; ), Chinese postal romanization, alternatively romanized as Peking ( ), is the Capital city, capital of the China, People's Republic of China. It is the center of power and development of the country. Beijing is the world's Li ...
and the
fourth largest bank in the world.
The Bank of China was founded in 1912 by the Republican government as China's central bank, replacing the
Qing Dynasty's Ta-Ching Government Bank. It has been the second oldest bank in China still in existence after the
Bank of Communications, founded in 1908. From its establishment until 1942, it issued banknotes on behalf of the Government along with the "Big Four" banks of the period: the
Farmers Bank of China,
Bank of Communications and
Central Bank of the Republic of China
The Central Bank of the Republic of China (Taiwan) (CBC), known in English from 1924 to 2007 as the Central Bank of China, is the central bank of the Republic of China, once founded in Mainland China and since relocated to Taiwan. Its legal an ...
. After the People's Republic was established in 1949, it has become a national commercial and foreign exchange professional bank. Its original central bank designation was carried on by the newly formed
People's Bank of China.
As of 31 December 2019, it was the second-largest lender in China overall and ninth-largest bank in the world by market capitalization value,
and it is considered a
systemically important bank by the
Financial Stability Board
The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established after the G20 London summit in April 2009 as a successor to the Financial Stability For ...
. As of the end of 2020, it was the
fourth-largest bank in the world in terms of total assets, ranked after the other three Chinese banks.
The Bank of China is legally separate from its subsidiary the
Bank of China (Hong Kong), although they maintain close relations in management and administration and co-operate in several areas including reselling BOC's insurance and securities services.
History
The Bank of China's history began in 1905, when the
Qing government established ''Daqing
Hubu
The Ministry or Board of Revenue was one of the Six Ministries under the Department of State Affairs in imperial China.
Name
The term "Ministry" or "Board of Revenue" is an English gloss of the department's purview. It is also similarly translate ...
'' Bank () in
Beijing
}
Beijing ( ; ; ), Chinese postal romanization, alternatively romanized as Peking ( ), is the Capital city, capital of the China, People's Republic of China. It is the center of power and development of the country. Beijing is the world's Li ...
, which was in 1908 renamed to
''Daqing'' Bank (). When the
Republic of China was established in 1912,
Chen Jintao was named head of financial reform in President
Sun Yat-sen's government. Chen Jintao transformed the bank into the Bank of China, becoming its founder.
After the
Chinese Civil War
The Chinese Civil War was fought between the Kuomintang-led government of the Republic of China and forces of the Chinese Communist Party, continuing intermittently since 1 August 1927 until 7 December 1949 with a Communist victory on main ...
ended in 1949, the Bank of China effectively split into two operations. Part of the bank relocated to Taiwan with the
Kuomintang
The Kuomintang (KMT), also referred to as the Guomindang (GMD), the Nationalist Party of China (NPC) or the Chinese Nationalist Party (CNP), is a major political party in the Republic of China, initially on the Chinese mainland and in Ta ...
(KMT) government, and was privatized in 1971 to become the International Commercial Bank of China (). In 2002, it merged with Jiaotong Bank () to become the
Mega International Commercial Bank. The Mainland operation is the current entity known as the Bank of China.
It is the second largest lender in China overall, and the fifth largest bank in the world by market capitalization value.
[ Once 100% owned by the central government, via China Central Huijin and National Council for Social Security Fund (SSF), an Initial public offering (IPO) of its shares took place in June 2006, the free float is at present over 26%. In the '' Forbes'' Global 2000 it ranked as the 4th-largest company in the world.
It is the most globally-active of China's banks, with branches on every inhabited continent. Outside of ]mainland China
"Mainland China" is a geopolitical term defined as the territory governed by the China, People's Republic of China (including islands like Hainan or Chongming Island, Chongming), excluding dependent territories of the PRC, and other territorie ...
, BOC also operates in 27 countries and areas including Australia, Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by to ...
, United Kingdom, Ireland, France, Germany, Italy, Luxembourg
Luxembourg ( ; lb, Lëtzebuerg ; french: link=no, Luxembourg; german: link=no, Luxemburg), officially the Grand Duchy of Luxembourg, ; french: link=no, Grand-Duché de Luxembourg ; german: link=no, Großherzogtum Luxemburg is a small lan ...
, Russia, Hungary, United States, Panama, Brazil, Japan, Republic of Korea, Singapore
Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...
, Taiwan
Taiwan, officially the Republic of China (ROC), is a country in East Asia, at the junction of the East and South China Seas in the northwestern Pacific Ocean, with the People's Republic of China (PRC) to the northwest, Japan to the no ...
, Philippines
The Philippines (; fil, Pilipinas, links=no), officially the Republic of the Philippines ( fil, Republika ng Pilipinas, links=no),
* bik, Republika kan Filipinas
* ceb, Republika sa Pilipinas
* cbk, República de Filipinas
* hil, Republ ...
, Vietnam
Vietnam or Viet Nam ( vi, Việt Nam, ), officially the Socialist Republic of Vietnam,., group="n" is a country in Southeast Asia, at the eastern edge of mainland Southeast Asia, with an area of and population of 96 million, making ...
, Malaysia
Malaysia ( ; ) is a country in Southeast Asia. The federal constitutional monarchy consists of thirteen states and three federal territories, separated by the South China Sea into two regions: Peninsular Malaysia and Borneo's East Mal ...
, Thailand
Thailand ( ), historically known as Siam () and officially the Kingdom of Thailand, is a country in Southeast Asia, located at the centre of the Indochinese Peninsula, spanning , with a population of almost 70 million. The country is b ...
, Indonesia
Indonesia, officially the Republic of Indonesia, is a country in Southeast Asia and Oceania between the Indian and Pacific oceans. It consists of over 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Gui ...
, Kazakhstan, Bahrain
Bahrain ( ; ; ar, البحرين, al-Bahrayn, locally ), officially the Kingdom of Bahrain, ' is an island country in Western Asia. It is situated on the Persian Gulf, and comprises a small archipelago made up of 50 natural islands and a ...
, Zambia, South Africa
South Africa, officially the Republic of South Africa (RSA), is the southernmost country in Africa. It is bounded to the south by of coastline that stretch along the South Atlantic and Indian Oceans; to the north by the neighbouring coun ...
, and a branch office in the Cayman Islands. In December 2010, the Bank of China New York branch began offering renminbi products for Americans. It was the first major Chinese bank to offer such a product.
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.
Timeline of overseas activities
* 1917: BOC opened a branch in Hong Kong.
* 1929: BOC opened its first overseas branch in London. The branch managed the government's foreign debt, became a center for the bank's management of its foreign exchange, and acted as an intermediary for China's international trade.
* 1931: BOC opened a branch in Osaka
is a designated city in the Kansai region of Honshu in Japan. It is the capital of and most populous city in Osaka Prefecture, and the third most populous city in Japan, following Special wards of Tokyo and Yokohama. With a population of ...
.
* 1936: BOC opened a branch in Singapore
Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...
to handle remittances to China of overseas Chinese. It also opened an agency in New York.
* 1937: On the outbreak of hostilities with Japan, Japanese forces blockaded China's major ports. BOC opened a number of branches in Batavia, Penang, Kuala Lumpur
, anthem = ''Maju dan Sejahtera''
, image_map =
, map_caption =
, pushpin_map = Malaysia#Southeast Asia#Asia
, pushpin_map_caption =
, coordinates =
, sub ...
, Haiphong, Hanoi
Hanoi or Ha Noi ( or ; vi, Hà Nội ) is the capital and second-largest city of Vietnam. It covers an area of . It consists of 12 urban districts, one district-leveled town and 17 rural districts. Located within the Red River Delta, Hanoi i ...
, Rangoon, Bombay, and Calcutta to facilitate the gathering of remittances and the flow of military supplies. It also opened sub-agencies in Surabaya
Surabaya ( jv, ꦱꦸꦫꦧꦪ or jv, ꦯꦹꦫꦨꦪ; ; ) is the capital city of the Indonesian province of East Java and the second-largest city in Indonesia, after Jakarta. Located on the northeastern border of Java island, on the M ...
, Medan, Dabo, Batu Pahat
The Batu Pahat District is a district in the state of Johor, Malaysia. It lies southeast of Muar, southwest of Kluang, northwest of Pontian, south of Segamat and Tangkak District. The capital of the district is Bandar Penggaram.
Geography
...
, Baichilu, Mandalay, Lashio, Ipoh, and Seremban.
* 1941-1942: The Japanese conquest of Southeast Asia forced BOC to close all overseas its branches, agencies, sub-branches and sub-agencies, except London, New York, Calcutta, and Bombay. Nevertheless, in 1942, it managed to set up six new overseas branches, such as in Sydney
Sydney ( ) is the capital city of the state of New South Wales, and the most populous city in both Australia and Oceania. Located on Australia's east coast, the metropolis surrounds Sydney Harbour and extends about towards the Blue Mounta ...
, (Australia), Liverpool
Liverpool is a City status in the United Kingdom, city and metropolitan borough in Merseyside, England. With a population of in 2019, it is the List of English districts by population, 10th largest English district by population and its E ...
, and Havana
Havana (; Spanish: ''La Habana'' ) is the capital and largest city of Cuba. The heart of the La Habana Province, Havana is the country's main port and commercial center. , and possibly Karachi.
* 1946: BOC reopened its branches and agencies in Hong Kong, Singapore, Haiphong, Rangoon, Kuala Lumpur, Penang, and Jakarta. It moved the Hanoi agency to Saigon. At the suggestion of the Allied Forces Headquarters, it liquidated the branch in Osaka and opened a sub-branch in Tokyo.
* 1947: BOC opened agencies in Bangkok, Chittagong, and Tokyo.
* 1950: After victory of Communist forces in the civil war, some branches (ex. Hong Kong, Singapore, London, Penang, Kuala Lumpur
, anthem = ''Maju dan Sejahtera''
, image_map =
, map_caption =
, pushpin_map = Malaysia#Southeast Asia#Asia
, pushpin_map_caption =
, coordinates =
, sub ...
, Jakarta, Calcutta, Bombay, Chittagong, and Karachi) of Bank of China joined the bank headquartered in Beijing
}
Beijing ( ; ; ), Chinese postal romanization, alternatively romanized as Peking ( ), is the Capital city, capital of the China, People's Republic of China. It is the center of power and development of the country. Beijing is the world's Li ...
, while others (ex. New York, Tokyo, Havana, Bangkok, and one other, possibly Panama) opted to remain with the Bank of China headquartered in Taipei. In 1971, this bank took the name International Commercial Bank of China
The Mega International Commercial Bank () is a bank in Taiwan and a subsidiary of Mega Financial Holding Company. It has 108 branches (including foreign department) in Taiwan and 37 overseas units (excluding offshore banking branch). The bank ...
.
* 1963: The Burmese government nationalized all banks, foreign and domestic, including the Bank of China's Rangoon branch.
* 1971: The Bank of China transferred its two branches in Karachi and Chittagong to the National Bank of Pakistan
National Bank of Pakistan (NBP) () is a Pakistani government-owned multinational commercial bank which is a subsidiary of State Bank of Pakistan. It is headquartered in Karachi, Pakistan. As of September 2020, it has 1,511 branches across Paki ...
.
* 1975: The Republic of South Vietnam nationalized the Bank of China's branch in Saigon and the Khmer Rouge government nationalized its Phnom Penh branch.
* 1979: BOC opened a branch in Luxembourg
Luxembourg ( ; lb, Lëtzebuerg ; french: link=no, Luxembourg; german: link=no, Luxemburg), officially the Grand Duchy of Luxembourg, ; french: link=no, Grand-Duché de Luxembourg ; german: link=no, Großherzogtum Luxemburg is a small lan ...
, which gradually became its European headquarters through the 1990s.
* 1981: BOC opened a branch in New York.
* 1985: BOC opened a branch in Paris (France)
* 1987: BOC became an ordinary member of the LBMA
The London Bullion Market Association (now known simply as LBMA), established in 1987, is the international trade association representing the global Over The Counter (OTC) bullion market, and defines itself as "the global authority on precious ...
.
* 1992: BOC opens a representative office in Toronto
Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the anch ...
.
* 1993: Bank of China (Canada) established to conduct business in Canada as a Schedule II bank.
* 2001: Kwangtung Provincial Bank was closed and merged under Bank of China, Singapore Branch.
* 2002: Bank of China Futures Pte Ltd wound up operations in Singapore.
* 2005: In the runup to its initial public offering, BOC solicited long term investors to take strategic stakes in the company, including a $3.1 billion investment by the Royal Bank of Scotland Group PLC and further investments by Swiss bank UBS AG and Temasek Holdings (who also promised to subscribe for an additional $500 million worth of shares during the IPO). The Bank was also investigated by the United States in its money laundering probe related to the superdollars affair.
* 2006: BOC's listing on the Hong Kong Stock Exchange on June 1, 2006, was the largest IPO since 2000 and the fourth largest IPO 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. BOC also made a successful IPO in mainland China on July 5, 2006, offering up to 10 billion A-shares on the Shanghai A Stock Exchange for RMB20 billion (US$2.5 billion). BOC also bought Singapore Airlines's stake in Singapore Aircraft Leasing Enterprise, renaming it BOC Aviation in 2007.
* 2008: Bank of China buys a 20 percent stake in La Compagnie Financière Edmond de Rothschild
The Edmond de Rothschild Group is a financial institution specialized in private banking and asset management. Based in Geneva, the group is family-owned and independent, and encompasses the Edmond de Rothschild Foundations (philanthropic arm), ...
(LCFR) for 236.3 million euros (US$340 million)
* 2001-2007: Massive staff layoffs and paycuts in BOC Singapore Branch, culminating in 2007 with branch head Zhu Hua being asked to leave by the Monetary Authority of Singapore for his poor performance. He was replaced by Liu Yan Fen
/ ( or ) is an East Asian surname. pinyin: in Mandarin Chinese, in Cantonese. It is the family name of the Han dynasty emperors. The character originally meant 'kill', but is now used only as a surname. It is listed 252nd in the classic t ...
.
* 2008: Head of Settlements at BOC, Chin Chuh Meng
The chin is the forward pointed part of the anterior mandible ( mental region) below the lower lip. A fully developed human skull has a chin of between 0.7 cm and 1.1 cm.
Evolution
The presence of a well-developed chin is considered to be one ...
, was investigated involvement for Multi-Level Marketing Activities in Singapore, a scheme involving employees of the Bank of China and ex-Kwangtung Bank.
* 2009: Opened branches in São Paulo
São Paulo (, ; Portuguese for ' Saint Paul') is the most populous city in Brazil, and is the capital of the state of São Paulo, the most populous and wealthiest Brazilian state, located in the country's Southeast Region. Listed by the GaW ...
and Maputo. Penang branch reopened in October. People's Park Remittance Centre opened in Singapore. Sunday Banking Business ceased in Chinatown Sub-branch in Singapore.
* 2012: BOC opened branch in Taiwan
Taiwan, officially the Republic of China (ROC), is a country in East Asia, at the junction of the East and South China Seas in the northwestern Pacific Ocean, with the People's Republic of China (PRC) to the northwest, Japan to the no ...
. The opening is seen as a symbol of deepening economic ties across Taiwan Strait Bank of China (M) Bhd opened its 6th branch in Malaysia at Tower 2, PFCC, Bandar Puteri Puchong in 2012.
* 2013: BOC opened a branch in Lisbon, Portugal. During the Korean crisis, the Bank of China halted business with a North Korean bank accused by the United States of financing Pyongyang's missile and nuclear programs. New branch opened in Montreal. The Canadian arm of the Bank of China now has 10 branches across Canada, including five in the Greater Toronto Area and three in Vancouver.
* 2015: BOC gained entry to the London Bullion Market Association
The London Bullion Market Association (now known simply as LBMA), established in 1987, is the international trade association representing the global Over The Counter (OTC) bullion market, and defines itself as "the global authority on precious ...
gold price auction. At the time, it was one of eight members to the auction.
* 2015 BoC opened two global commodity centres in Singapore, becoming the first Chinese bank to do so outside China.
* 2016 BoC received permission to open a branch in Brunei.
*2016 BoC opened a branch in Mauritius becoming the first Chinese-funded bank in Mauritius.
* 2017 BoC received permission to operate a deposit bank in Turkey
Turkey ( tr, Türkiye ), officially the Republic of Türkiye ( tr, Türkiye Cumhuriyeti, links=no ), is a transcontinental country located mainly on the Anatolian Peninsula in Western Asia, with a small portion on the Balkan Peninsula ...
.
* 2017 In October 2017, BoC opened its first branch in Pakistan in Karachi, Pakistan
Pakistan ( ur, ), officially the Islamic Republic of Pakistan ( ur, , label=none), is a country in South Asia. It is the world's List of countries and dependencies by population, fifth-most populous country, with a population of almost 24 ...
.
Major subsidiaries
Hong Kong
BOC started operations in Hong Kong
Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a List of cities in China, city and Special administrative regions of China, special ...
in 1917. It became a note-issuing bank in Hong Kong
Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a List of cities in China, city and Special administrative regions of China, special ...
in 1994, and in Macau in 1995.
In 2001, BOC regrouped its Hong Kong
Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (abbr. Hong Kong SAR or HKSAR), is a List of cities in China, city and Special administrative regions of China, special ...
operations into Bank of China (Hong Kong); then BOCHK listed on the Hong Kong Stock Exchange in October 2002. Two-thirds of its share capital are in free float. The bank's headquarters in Hong Kong are located in the Bank of China Tower, designed by the renowned architect I.M. Pei, and was opened to the public in 1990 as the tallest building in Hong Kong at that time.
It listed on the Hong Kong Stock Exchange (independently from BOCHK) (SEHK:3988) by floating the largest initial public offering (IPO) in the world by any institution since 2000 on June 1, 2006, raising US$9.7 billion. The IPO attracted HK$286 billion (US$36.7 billion) in retail orders and was the most heavily oversubscribed in the history of the Hong Kong Stock Exchange. The offer was around 76 times oversubscribed. Although some financial analysts advised caution due to the worrying amounts of non-performing loans, this hardly deterred investors. The IPO share price started at HK$2.95 per share and jumped 15% (to HK$3.40) after the first day of trading.
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.
Canada
Bank of China (Canada), commonly known as BOCC, is the Canadian subsidiary of the Bank of China (BOC). The Bank of China began its business in Canada by opening a representative office in Toronto on September 8, 1992. BOCC was incorporated as a subsidiary of BOC in 1993 under Schedule II of the Bank Act
The ''Bank Act'' (1991, c. 46) (the ''Act'') is an act of the Parliament of Canada respecting banks and banking.
History
The ''Bank Act'' was originally passed in 1871. The terms of the ''Act'' provide for a statutory review of the ''Act'' ...
. BOCC provides the following types of banking services
Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...
in Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by to ...
: bank accounts to both personal and commercial banking clients, remittance services (including bank drafts and wire transfers), loans and mortgages, foreign exchange services, and China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and dependencies by population, most populous country, with a Population of China, population exceeding 1.4 billion, slig ...
visa application assistance services where by it acts as agent, however plans for a China Visa Application Centre are being made and it is anticipated that the Consulate General of the People's Republic of China in Toronto will entrust all future China Visa applications to Bank of China Canada's Visa Application Centre.
In Canada
Canada is a country in North America. Its ten provinces and three territories extend from the Atlantic Ocean to the Pacific Ocean and northward into the Arctic Ocean, covering over , making it the world's second-largest country by to ...
, BOCC has ten locations located in Markham, Scarborough (under the name "GTA Toronto" branch), Toronto
Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the anch ...
(several branches, in North York and downtown), Mississauga, Vancouver
Vancouver ( ) is a major city in western Canada, located in the Lower Mainland region of British Columbia. As the most populous city in the province, the 2021 Canadian census recorded 662,248 people in the city, up from 631,486 in 2016. ...
, Montreal
Montreal ( ; officially Montréal, ) is the second-most populous city in Canada and most populous city in the Canadian province of Quebec. Founded in 1642 as '' Ville-Marie'', or "City of Mary", it is named after Mount Royal, the triple- ...
, and Calgary. It previously had branches in Burnaby and Richmond. As well, the bank is a member of the Canadian Bankers Association (CBA); registered member with the Canada Deposit Insurance Corporation
The Canada Deposit Insurance Corporation (CDIC; french: Société d'assurance-dépôts du Canada) is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and ...
(CDIC), a federal agency insuring deposits at all of Canada's chartered banks; and, a member of Interac, which handles transactions between automated teller machines of different banks and debit card transactions.
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
The special administrative regions (SAR) of the People's Republic of China are one of the provincial-level administrative divisions of the People's Republic of China directly under the control of its Central People's Government (State Co ...
. 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 other commercial banks in those regions.
Ownership
As of 30 September 2015, largest shareholders of the Bank of China ordinary shares (both A shares and H shares) were:
* China Central Huijin (an investment arm of the government of the People's Republic of China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and dependencies by population, most populous country, with a Population of China, population exceeding 1.4 billion, slig ...
): 64.63% (A shares)
* HKSCC Nominees Limited ( nominee account): 27.78% (H shares)
* China Securities Finance (state-owned legal person): 2.90% (A shares)
As of 30 September 2015, largest shareholders of the Bank of China preference shares (both domestic and offshore) were:
* The Bank of New York Mellon ( custodian bank): 39.96% (offshore)
* China Mobile Communications
China Mobile is the trade name of both China Mobile Limited () and its ultimate controlling shareholder, China Mobile Communications Group Co., Ltd. (, formerly known as China Mobile Communications Corporation, "CMCC"), a Chinese state-ownedS ...
: 18.01% (domestic)
* China National Tobacco Corporation
The State Tobacco Monopoly Administration () or China National Tobacco Corporation ( commonly known as China Tobacco, CNTC) () is a Chinese government agency responsible for tobacco regulation and a state-owned manufacturer of tobacco products, ...
: 5.00% (domestic)
* Zhongwei Real Estate
Zhongwei (, Xiao'erjing: جْووِ شِ) is a prefecture-level city of Ningxia, People's Republic of China. It has an area of and a population of 1,174,600 in 2019. The city is known for its wolfberry and Gobi watermelon cultivation. One of ...
: 3.00% (domestic)
Leaders
Current Chairman
Liu Liange (刘连舸), President and vice-chairman of the board since 2015.
Past Chairman
Chen Siqing ( :zh:陈四清), former president and chairman, current chairman of Industrial and Commercial Bank of China.
Controversies
Guarantee scandal in Poland
After COVEC
China Overseas Engineering Group Co., Ltd. known as COVEC is a Chinese construction and engineering company that is subsidiary of China Railway Group Limited, which is organized as a large collection of engineering and design firms.
The company ...
withdrew from completing its construction of the A2 highway in Poland, Bank of China was to pay a performance guarantee to the Polish government's road organization GDDKiA. However, with Export-Import Bank of China
The Export–Import Bank of China (Chexim - China Exim Bank) () is one of two institutional banks in China chartered to implement the state policies in industry, foreign trade, economy, and foreign aid to other developing countries, and pr ...
, they refused to pay this; only Deutsche Bank
Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York St ...
honoured its obligations under the court decision.
Wultz v. Bank of China
On August 8, 2008, the family of Daniel Wultz, an American teenager killed in a 2006 terrorist attack in Israel, filed suit against the Bank of China in U.S. District Court for the District of Columbia. The case was subsequently transferred to the United States District Court, Southern District of New York, where litigation continues. On October 29, 2012, the Honorable J. Scheindlin issued a ruling compelling Bank of China to provide discovery.
Alleged money transfers to Hamas
In 2012, the families of eight terror victims of the 2008 Mercaz HaRav massacre
The 2008 Jerusalem yeshiva attack was a mass shooting attack that occurred on 6 March 2008, in which a lone Palestinian gunman shot multiple students at the Mercaz HaRav yeshiva, a religious school in Jerusalem, after which the gunman himself w ...
in Jerusalem filed a lawsuit against the Bank of China. The suit asserted that in 2003 the bank's New York branch wired millions of dollars to Hamas
Hamas (, ; , ; an acronym of , "Islamic Resistance Movement") is a Palestinian Sunni- Islamic fundamentalist, militant, and nationalist organization. It has a social service wing, Dawah, and a military wing, the Izz ad-Din al-Qas ...
from its leadership in Syria
Syria ( ar, سُورِيَا or سُورِيَة, translit=Sūriyā), officially the Syrian Arab Republic ( ar, الجمهورية العربية السورية, al-Jumhūrīyah al-ʻArabīyah as-Sūrīyah), is a Western Asian country loc ...
and Iran
Iran, officially the Islamic Republic of Iran, and also called Persia, is a country located in Western Asia. It is bordered by Iraq and Turkey to the west, by Azerbaijan and Armenia to the northwest, by the Caspian Sea and Turkmeni ...
. The Bank of China subsequently denied providing banking services to terrorist groups: "The Bank of China has always strictly followed the UN's anti-money laundering and anti-terrorist financing requirements and regulations in China and other judicial areas where we operate."
Money laundering
In 2014 BOC denied China Central Television reports of money laundering.
See also
* List of largest banks
* List of asset management companies of the People's Republic of China
* Foreign exchange reserves of the People's Republic of China
* BOC Aviation - Singapore-based aircraft leasing company owned by BOC
References
Resources
* Bank of China, ''A History of the Bank of China, 1912-1949'', Beijing: 1999.
External links
*
*
{{DEFAULTSORT:Bank Of China
Companies in the Hang Seng Index
Government-owned companies of China
Companies based in Beijing
Chinese brands
H shares
Systemically important financial institutions
Companies listed on the Shanghai Stock Exchange
Companies in the CSI 100 Index
Companies listed on the Hong Kong Stock Exchange
Banks established in 1912
Xicheng District
Chinese companies established in 1912
Multinational companies headquartered in China
Government-owned banks
Banknote issuers of Hong Kong
Banknote issuers of Macau