Agricultural Bank of China

Agricultural Bank of China Limited

Type	State-owned[1]
Founded	1955
Headquarters	Beijing, People's Republic of China
Key people	Xiang Junbo (president)
Industry	Finance
Products	Financial services
Total assets	RMB 7,100 billion (2008)
Employees	447,519 (2007)
Website	www.abchina.com

Agricultural Bank of China Limited (ABC) (simplified Chinese: 中国农业银行股份有限公司; traditional Chinese: 中國農業銀行股份有限公司; pinyin: Zhōngguó Nóngyè Yínháng) is the one of the "Big Four" banks in the People's Republic of China.

It was founded in 1951, and has its headquarters in Beijing and has branches throughout mainland China, and also in Hong Kong and Singapore.

It employs over 300,000 people. By the end of 2008, the Agricultural Bank of China became the second largest bank in China in terms of total assets, which had hit 7.01 trillion yuan, second only to the Industrial and Commercial Bank of China (ICBC). Revenues rose 17.8 percent to 211.19 billion yuan, with net interest income up 23.1 percent to 193.85 billion yuan. ^[2]

The bank, in which China's Ministry of Finance and Central Huijin each has a 50 percent stake, is eyeing an initial public offering but has no firm timetable.

History

After establishment of the People's Republic of China, 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 precedent. 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 was again, merged into the central bank in 1957. In 1963, Chinese government formed another agricultural bank, and it was merged into the central bank two years later. Today's ABC was founded in February, 1979. It was restructured to form a holding company called Agricultural Bank of China Limited.^[3] It may be listed by 2010.^[4]

The Agricultural Bank was the victim of the largest bank robbery in Chinese history in April 2007, when two vault managers at the Handan branch of the ABC in Hebei province embezzled almost 51 million yuan.^[5]

See also

• List of Chinese companies
• List of asset management companies of the People's Republic of China
• Zarai Taraqiati Bank Ltd. Pakistan

References

Companies portal

v • d • e Banks of the People's Republic of China Banking in China Central bank People's Bank of China Policy bank China Development Bank · Import-Export Bank of China · Agricultural Development Bank of China State-owned China Construction Bank · Bank of China · Industrial and Commercial Bank of China · Agricultural Bank of China · Bank of Communications Commercial CITIC · China Everbright Bank · Hua Xia Bank · Guangdong Development Bank · Shenzhen Development Bank · China Merchants Bank · Shanghai Pudong Development Bank · Industrial Bank Co. · China Minsheng Bank · Evergrowing Bank · China Zheshang Bank · China Bohai Bank  · Xiamen International Bank List of banks in the People's Republic of China  · List of banks in Hong Kong  · List of banks in Macau

This Asian bank-related article is a stub. You can help Wikipedia by expanding it. v • d • e

This Chinese corporation or company article is a stub. You can help Wikipedia by expanding it. v • d • e