Bank of China

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Incorporated: 1912
NAIC: 522110 Commercial Banking

Bank of China (BOC) is that country's oldest bank, and also one of its four largest banks, with assets of more than $433 billion--which also places it in the top 20 banks worldwide. BOC's function as the country's foreign exchange specialist for more than 40 years has made it the country's most international bank, with 580 branches and subsidiaries in 26 countries. At home, Bank of China is backed up by a network of more than 12,000 branch offices. Altogether, the bank employs nearly 193,000 people. Although BOC remains under Chinese government control, its subsidiary Bank of China (Hong Kong) Limited is the first Chinese-held bank to list on a foreign stock exchange. BOC offers a full range of traditional banking services, including commercial, private, and investment banking, foreign currency deposit and exchange services, as well as assets management and insurance services. BOC also holds note-issuing privileges in Hong Kong and Macau. Since the start of the 2000s, BOC has been undergoing a steady restructuring of its operations in order to shrug off the poor reputation of the Chinese banking industry in general as it prepares its own initial public offering (IPO). The bank's listing is slated for 2005 if it meets its restructuring targets--and the arrival of foreign banking competition after China's entry into the World Trade Organization.

Although China was the first civilization to introduce paper currency--in the 12th century--the country remained without a modern banking system until after the First Opium War in 1842. With China brought under colonial influence, the country opened up to foreign banks. In part by providing loans to the ruling Qing dynasty, the foreign banks quickly dominated China's economy.

Growing nationalist sentiment against the Qing government at the end of the century led to the first attempts to establish Chinese banks, beginning with the formation of the Imperial Bank of China in Shanghai in 1897. The Qing government responded by authorizing the creation of a new Chinese-owned bank in Beijing. The Bank of the Board of Revenue, as it was called, was created in 1905 and was jointly held by private citizens and the government. In 1908, the bank changed its name, to Da Qing Bank. At that time, the Qing government authorized the bank to issue money and oversee the treasury. Da Qing also coordinated the government's debts.

The Qing dynasty was overthrown during the republican revolution of 1911. The new provisional government, led by Sun Yatsen, authorized Da Qing Bank to change its name, to Bank of China. Now the Sun government's central bank, BOC became headquartered in Shanghai. In the meantime, the overthrow of the Qing dynasty and the Chinese monarchy led to the emergence of a large number of new domestic banks. These remained rather small, dwarfed by the more established foreign competitors.

BOC remained a central component of the Sun government through the troubled decades ahead. In 1928, BOC took on a new facet as the government's international exchange bank. This position was solidified with the opening of a branch office in London in 1929, marking the first time a Chinese bank had opened an office outside of China. BOC quickly extended its foreign network, and by the end of the 1940s had opened 34 branches outside of China, including a number of branches in Britain-dominated Hong Kong.

The arrival to power of the Communist government under Mao marked a new era for BOC as well. Foreign banks were forced to exit the country. At the same time, the domestic banking sector was brought entirely under government control and reformed into four primary bodies. BOC, which remained one of the country's four prominent banking operations, was then specialized as the government's foreign exchange bank, responsible for foreign trade and international banking operations.

BOC remained China's most public banking face as the country plunged into some three decades of political and economic isolation from the rest of the world. At the end of the 1970s, however, the Chinese government became determined to end its attempt at self-sufficiency, and instead initiated a thaw in its international relations--and a gradual relaxation of its economic policies.

BOC played a primary role in reintroducing China to the global market. As such, BOC acted as an intermediary in negotiating a number of important trade agreements, such as the country's first energy loan agreement with the Export and Import Bank of Japan in 1979. The following year, BOC itself entered Japan, opening its first branch office in Tokyo. That year, too, BOC acted as the first Chinese bank to offer export sales credits. In 1984, BOC achieved another first, becoming the first Chinese bank to issue bonds on the foreign market. These came in the form of "Samurai" bonds worth ¥20 billion.

The thawing of relationships with China and the West enabled BOC to entered the U.S. market in the early 1980s as well, starting with the opening of its first branch office in New York in 1982. Meanwhile, the decentralization of China's banking system enabled BOC to come home, as it were. Throughout the 1980s and into the 1990s BOC established a powerful domestic banking network. At the same time, BOC developed a full range of both consumer and corporate banking services. Among these was the issuing of China's first credit card, the Great Wall Credit Card, in 1986.

Into the 1990s, BOC played a prominent role in adding new technologies, as the Chinese banking system rushed to catch up to its foreign counterparts. In 1991, BOC became the first Chinese bank to offer telephone-based banking services. In 1994, the bank also became the first to install an automated teller network and to begin issuing debit cards to its customers.

By then, BOC had become one of the pillars of China's foreign exchange reform, an important component to China's emergence as one of the world's most powerful economies at the beginning of the 21st century. BOC itself had begun to gain increasing stature on the world market. In 1994, the bank became the first in China to issue bonds to the U.S. market. In that year, also, BOC's Hong Kong subsidiary was granted the authority to issue notes in colony, a privilege extended the following year to Macau as well.

In 1998, BOC extended its range of services again, founding BOC International Holdings Ltd. in Hong Kong as an investment banking specialist. That operation, backed by BOC's fast-growing international network of more than 500 foreign branch offices by the end of the decade, established itself as China's leading investment banker. By the end of the decade, BOC had entered the insurance market as well, founding Bank of China Group Insurance Co., which, together with BOC International, began building its own retail network on the Chinese mainland. This development enabled BOC to reposition itself along a three-pronged strategy of commercial banking, insurance, and investment banking.

China's decision to join the World Trade Organization by 2006 promised to open the country's banking market to a new era of competition. The deregulation of the industry offered the prospect of free market-based growth within the sector, both the country's domestic banks and for their foreign competitors, eager to share in what promised to become the world's most vigorous economy. As part of the run-up to deregulation, BOC, like its state-controlled counterparts, was forced to institute a massive restructuring.

Indeed, decades of serving as the government's bank had led to years of corruption, bad loans, and spending to prop up the many inefficiently run government-owned companies in China. Particularly troubling for BOC, as for the other three main state-controlled banks, was its extremely high level of nonperforming loans. In some sectors, such as the entertainment sector, nonperforming loans ran as high as 60 percent of the bank's portfolio. Working with outside consultants, BOC began developing new loan criteria designed to push its nonperforming loan portfolio down to acceptable international standards. At the same time, BOC was able to look to the Chinese government for help in writing off parts of its nonperforming loan portfolio.

Into the 2000s, BOC had operated in Hong Kong through some 12 different banks and a credit card operation, with little to no coordination among them. In 2001, however, BOC merged these companies together to form a single, unified entity, Bank of China (Hong Kong) Ltd. The new bank now became Hong Kong's second largest bank, behind only HSBC. After more than a year spent integrating its operations, BOC Hong Kong was ready for the next stage in BOC's development: its public offering. Worth more than $2.8 billion, and oversubscribed by some 7.5 times, BOC Hong Kong's IPO marked a new milestone for the Chinese banking system, becoming the first Chinese-owned bank to go public.

The listing of BOC Hong Kong was widely recognized as the precursor for the public listing of parent BOC in the near future. By 2004, BOC had acknowledged its plans to go public, suggesting that its IPO might take place as early as 2005 if it met its own restructuring schedule. As part of the move toward listing publicly, BOC continued to push down its nonperforming loan levels--selling an additional 10 percent stake in BOC Hong Kong in December 2003 in a cash-raising effort. That sale reduced BOC's stake in its Hong Kong subsidiary to just 66 percent.

BOC appeared to be coming closer to its IPO in 2004, especially after receiving a massive cash injection--taken from the country's huge foreign exchange reserves--in order to reduce still further its nonperforming loan levels. The bank also announced that it was actively seeking strategic investors as part of the process of going public. As it braced itself for the coming international competition, BOC also continued to expand its own foreign banking network. In April 2004, for example, BOC announced its intention to open a branch office in Bahrain, marking its entry into the Middle East market. With assets approaching $500 billion, BOC promised to remain a major player on the international banking stage.

Principal Subsidiaries

Bank of China (Hong Kong) Limited; Nanyang Commercial Bank, Ltd.; Chiyu Banking Corporation Ltd.; BOC Credit Card (International) Ltd.; BOC International Holdings Ltd.; BOCI Asia Ltd.; BOCI Asset Management Ltd.; BOCI Capital Ltd.; BOC Group Trustee Co., Ltd.; BOCI-Prudential Asset Management Ltd.; BOCI-Prudential Trustee Ltd.; Bank of China Group Insurance Company Ltd.; BOC Group Life Assurance Company Ltd.; Bank of China Group Investment Ltd.

Principal Competitors

Westpac Banking Corporation; Industrial and Commercial Bank of China; China Construction Bank; Agricultural Bank of China; First Pacific Bank.

Further Reading

"Bank of China Establishes First Middle East Branch," Asia Pulse, April 20, 2004.

"Bank of China Has Yet to Choose Where to List," Asia Pulse, April 15, 2004.

"Bank of China Prepares 2004 IPO by Selling 10% of BOC Hong Kong in Red Hot Markets," Euroweek, December 19, 2003, p. 14.

"Banking in China: The Future Is Clear," Banker Magazine, January 29, 2003.

"BOC Still Looking for Key Investors," Standard, April 9, 2004.

"Botox Shot," Economist, January 10, 2004, p. 65.

"Chinese Bank Breaks the Barriers," Project Finance, July 1999, p. 9.

Clifford, Mark, "The Bank of China's Real Scandal," Business Week Online, June 20, 2003.

------, "The Long March Begins," Business Week, August 5, 2002, p. 44.

— M.L. Cohen

Not to be confused with the People's Bank of China (the central bank of the People's Republic of China) or the Central Bank of the Republic of China on Taiwan.

Bank of China Limited
中国银行股份有限公司

Type	Public company
Traded as	SEHK: 3988 SSE: 601988 OTC Pink: BACHY
Industry	Banking Financial services
Founded	Beijing, China (1912 (1912))
Headquarters	Beijing, China
Area served	Worldwide
Key people	Xiao Gang, Chairman Li Lihui, President
Products	Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, Securities, asset management, wealth management
Revenue	US$ 69.1 billion (2010)[1]
Net income	US$ 18.8 billion (2010)
Total assets	US$ 1.723 trillion (2010)
Owner(s)	Government of the People's Republic of China
Employees	389,827 (2010)
Website	www.boc.cn

Bank of China Limited (BOC) SSE: 601988 SEHK: 3988 (simplified Chinese: 中国银行; traditional Chinese: 中國銀行; pinyin: Zhōngguó Yínháng; often abbreviated as 中銀 or 中行) is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China. From its establishment until 1942, it issued banknotes on behalf of the Government of the Republic of China along with the "Big Four" banks of the period: the Central Bank of China, Farmers Bank of China and Bank of Communications. Although it initially functioned as the Chinese central bank, in 1928 the Central Bank of China replaced it in that role. Subsequently, BOC became a purely commercial bank. Its headquarters are in Xicheng District, Beijing.^[2]

In December 2010, the Bank of China New York branch began offering RMB products for Americans.^[3] This is the first major Chinese bank to offer such a product currently.

Contents 1 History 2 Timeline of overseas activities 3 Hong Kong 4 Basic facts 5 Banknotes 6 Ownership 7 See also 8 References 9 Resources 10 External links

History

Daqing Bank's Dalian Branch. (1910)

Bank of China Headquarters, Beijing, China. (2002) Architect: I.M. Pei

Bank of China's history goes back to 1905, when the Qing government established Daqing Hubu Bank^[4] (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.^[5]

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.^[6] 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.^[7][8]

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.^[9]

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.^{[citation needed]}

Timeline of overseas activities

Tokyo branch.

New York branch.

Bank of China building in Singapore.

• 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.
• 1936: BOC opened a branch in Singapore 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, Haiphong, Hanoi, Rangoon, Bombay, and Calcutta to facilitate the gathering of remittances and the flow of military supplies. It also opened sub-agencies in Surabaya, Medan, Dabo, Xiaobo, Batu Pahat, 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 manages to set up six new overseas branches, such as in Sydney, (Australia), Liverpool, and Havana, 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, Jakarta, Calcutta, Bombay, Chittagong, Karachi, and Jakarta) of Bank of China joined the bank headquartered in Beijing, 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.
• 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.
• 1975: The People's Republic of Vietnam nationalized the Bank of China's branch in Saigon and the Khmer Rouge government nationalized its Phnom Phen branch.
• 1981: BOC opened a branch in New York.
• 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 Pte. Ltd (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.^[10]
• 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.^[11] 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 Financiere Edmond de Rothschild (LCFR) for 236.3 million euros (US$340 million)
• 2001-2007: Massive staff layoffs and paycuts in BOC S'pore Branch, culminating in 2007 with branch head Zhu Hua being asked to leave by the Monetary Authority of S'pore for his poor performance. He was replaced by Liu Yan Fen.
• 2008: Head of Settlements at BOC, Chin Chuh Meng, was investigated involvement for Multi-Level Marketing Activities in S'pore, a scheme involving employees of the Bank of China and ex-Kwangtung Bank.^[12]
• 2009: Opened branches in São Paulo 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.

Hong Kong

Bank of China Tower in Hong Kong.

Main article: Bank of China (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; in Macao, it received note-issuing status in 1995.

In 2001, BOC regrouped its Hong Kong 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 of Hong Kong at that time.

It listed on the Hong Kong Stock Exchange (independently from BOCHK) (SEHK:3988) by floating the largest IPO in the world by any institution since 2000 on June 1, 2006, raising US$9.7 billion. The IPO attracted HK$286 billion (USD 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.^[13]

Basic facts

Bank of China branch in Dalian.

• It has over RMB6,951.68 billion in assets, making it part of the Fortune Global 500 for the past 17 years.
• It is the second largest lender in China overall, the largest lender to non-institutions, and the largest foreign exchange lender (the largest lender in China is the Industrial and Commercial Bank of China).
• In 2002, it made RMB52.7 billion profit, an increase of over 20 percent from the previous year.
• All overseas branches are only affiliated with Bank of China branches in China. That means that if you deposit money in a China branch, you cannot access your money in overseas branches.
• Bank of China, New York internet banking is available for US dollar accounts and online access to stop payments, wire transfers and remittances. Great Wall debit MasterCard is available to account holders.
• Bank of China, New York has two locations: 410 Madison (open Monday - Friday) and 42 East Broadway (open seven days). It also operates as a functional 24/7 clearinghouse for wire transfers and stop payments (allowing real time payments to China).

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 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 June 7, 2006, following the Hong Kong IPO, the ownership of the Bank of China (SEHK:3988) was:

• State Administration of Foreign Exchange (an investment arm of the government of the People's Republic of China): 69.265%
• RBS China: 8.467% (4.26% for the benefit of RBS, the remainer held as custodian for the interests of billionaire Li Ka-shing)
• AFH Pte. Ltd. (a wholly owned subsidiary of Temasek): 4.765%
• National Council for Social Security Fund (PRC state pension fund): 4.576%
• UBS AG: 1.366%
• ADB: 0.205%
• Investors who received H shares from the Global Offering (IPO): 11.356%

Li Ka-shing, RBS, Temasek and UBS were contracted to hold their shares until 31 December 2008. All four sold their holdings on the open market in early January 2009.

See also

	People's Republic of China portal
	Republic of China portal
	Companies portal

• List of asset management companies of the People's Republic of China
• Foreign exchange reserves of the People's Republic of China

References

1. ^ Forbes. http://www.forbes.com/companies/icbc/. 
2. ^ "2010 CSR Report of Bank of China." Bank of China. 61. Retrieved on September 12, 2011. "Department: Executive Office, Bank of China Address: 1 Fuxingmennei Street, Xicheng District, Beijing"
3. ^ "RMB Business Q&A". Bank of China. http://www.bocusa.com/portal/Info?id=649. 
4. ^ The term Hubu (Chinese: 户部, pinyin: Hùbù, Wade-Giles: Hu-pu) referred to a central government ministry under the Qing imperial regime responsible for finances. See zh:户部.
5. ^ Baidu Encyclopedia: Bank of China (in Chinese)]
6. ^ http://media.ft.com/cms/419e021c-fecd-11de-91d7-00144feab49a.pdf
7. ^ "Bank of China". Forbes. http://www.forbes.com/companies/bank-of-china/. Retrieved June 6, 2011. 
8. ^ "The World's Biggest Public Companies". Forbes. http://www.forbes.com/global2000/. Retrieved June 6, 2011. 
9. ^ http://www.boc.cn/en/common/third.jsp?category=ROOT>en>Information%20Center>BOC%20Network>Overseas%20Branches&pages=1
10. ^ Digital Chosunilbo (English Edition): Daily News in English About Korea
11. ^ Xinhua - English
12. ^ Bank of China to buy into Rothschild venture
13. ^ www.legalbusinessonline.com.au

Resources

• Bank of China, A History of the Bank of China, 1912-1949, Beijing: 1999.

External links

Wikimedia Commons has media related to: Bank of China

• Official website

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