Agricultural Bank of China
“Market Cap $141.11 B As of May 2014
At a Glance
- Industry: Regional Banks
- Founded: 1951
- Country: China
- CEO: Chaoliang Jiang
- Website: www.abchina.com
- Employees: 478,980
- Sales: $136.45 B
- Headquarters: Beijing
#3 Global 2000
- #29 in Sales
- #10 in Profit
- #8 in Assets
- #40 in Market value
Agricultural Bank of China engages in the provision of international commercial banking and financial services. The company operates its business through the following segments: Corporate Banking, Personal Banking, Treasury Operations and Others & Unallocated. The Corporate Banking segment provides financial products and services to corporations, government agencies and financial institutions. Its products and services include corporate loans and advances, trade finance, deposit products and other types of corporate intermediary services. The Personal Banking segment provides financial products and services to individual customers. Its products and services includes personal loans, deposit products, card business, personal wealth management services and other types of personal intermediary services. The Treasury Operations segment conducts money market or repurchases transactions, debt instrument investments, and holding of derivative positions. The Others & Unallocated segment deals with primarily equity investments. Agricultural Bank of China was founded on July 10, 1951 and is headquartered in Beijing, China.“
“Agricultural Bank of China History
After the establishment of the People’s Republic of China in 1949, ABC has been formed and abolished several times. In 1951, two banks of the Republic of China, Farmers Bank of China and Cooperation Bank, merged to form Agricultural Cooperation Bank, which ABC regards as its ancestor. However, the bank was merged into People’s Bank of China, the central bank in 1952. The first bank bearing the name Agricultural Bank of China was founded in 1955, but it was merged into the central bank in 1957. In 1963 the Chinese government formed another agricultural bank, and it was also merged into the central bank two years later. Today’s Agricultural Bank of China was founded in February 1979. It was restructured to form a holding company called Agricultural Bank of China Limited. It was listed on the Shanghai and Hong Kong stock exchanges in July 2010.
In April 2007 ABC was the victim of the largest bank robbery in Chinese history. This occurred when two vault managers at theHandan branch of the bank in Hebei province embezzled almost 51 million yuan (US$7.5 million).
In 2012 ABC started a project to migrate to the Avaloq Banking System.
During the 2013 Korean crisis, the Agricultural Bank of China halted business with a North Korean bank accused by the United States of financing Pyongyang’s missile and nuclear programs.”
*Information from Forbes.com and Wikipedia.org
**Video published on YouTube by “BrandZChina2012“