Bank of China
“Market Cap $124.25 B As of May 2014
At a Glance
- Industry: Major Banks
- Founded: 1912
- Country: China
- CEO: Siging Chen
- Website: www.boc.cn
- Employees: 305,675
- Sales: $105.11 B
- Headquarters: Beijing
#9 Global 2000
- #50 in Sales
- #11 in Profit
- #9 in Assets
- #52 in Market value
Bank of China Ltd. engages in the provision of banking and related financial services such as commercial and investment banking, and insurance and investment services. The company operates its business through the following segments: Corporate Banking, Personal Banking, Treasury Operations, Investment Banking, Insurance, and Others. The Corporate Banking segment offers services to corporate customers, government authorities, and financial institutions such as current accounts, deposits, overdrafts, loans, custody, trade related products and other credit facilities, foreign currency, and derivative products. The Personal Banking segment provides services to retail customers such as current accounts, savings, deposits, investment savings products, credit and debit cards, consumer loans, and mortgages. The Treasury Operations segment deals in foreign exchange transactions, customer-based interest rate and foreign exchange derivative transactions, money market transactions, proprietary trading, and asset and liability management. The Investment Banking segment includes debt and equity underwriting and financial advisory, sales and trading of securities, stock brokerage, investment research and asset management services, and private equity investment services. The Insurance segment specializes in the underwriting of general and life insurance business and insurance agency services. The Others segment comprises investment holding and other miscellaneous activities. Bank of China was founded on February 05, 1912 and is headquartered in Beijing, China.“
“Bank of China History
Bank of China’s history goes back to 1905, when the Qing government established Daqing Hubu Bank (in Chinese: 大清户部銀行) in Beijing, which was in 1908 renamed to Daqing Bank (in Chinese: 大清銀行). When the Republic of China was established in 1912, it was further renamed as Bank of China by President Sun Yat-sen’s government, adding a new role of the central bank.
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. 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%. In the Forbes Global 2000 it ranked as the 21st-largest company in the world.
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, Kazakhstan, Bahrain, Zambia, South Africa, and a branch office in the Cayman Islands. In December 2010, the Bank of China New York branch began offering RMB 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.”
*Information from Forbes.com and Wikipedia.org
**Video published on YouTube by “firecracker888“