Bank of China(中国银行)
Fast facts
- Year Founded
- 1912
Source: BOC Websitewww.boc.cboutboc/ab7/
- HQ Location
- Beijing, China
- Publicly Traded?
- Yes
Source: Shanghai Stock Exchange, HKEXwww.sse.com.cn/home/search/www.hkex.com.hk/Market-Data/Securities-Prices/Equities/Equities-Quote
- Overseas Operations
- Yes
Of the four major state-owned banks in China, BOC is generally regarded as the most active bank overseas, with operations mainly focusing on corporate banking, personal banking (including online/mobile banking), bond markets, and cross-border RMB clearing. A 2018 ChinaDaily article claimed that overseas ventures accounted for 30% of BOC’s total revenue as well as assets, while BOC's 2020 Annual Report stated that overseas operations accounted for 18.83% of total profits. Overseas commercial deposits totaled $485.1 billion and loans totaled $407.8 billion, up 6.80% and 4.58% respectively from 2019. BOC is also regarded as a key financial source for China’s Belt and Road Initiative (BRI), as in 2018 BOC issued a USD 3.8 billion bond for BRI to add onto a total of USD 14.6 billion in BRI loans since 2015. BOC maintains a strong presence in oil futures in the United States. BOC overall has an overseas service network covering 559 institutions across 61 countries and regions as of December 2020, the most of the Big Four Chinese banks. Asia-Pacific Branches: 41 in Australia, Cambodia, Indonesia, Japan, Kazakhstan, Macau, Malaysia, the Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam Representative Offices: Bahrain, Mongolia, and the UAE Subsidiaries: Australia, Hong Kong (14), Malaysia, Singapore (2), Thailand Europe Branches: 18 in Belgium, France, Germany, Italy, Luxembourg, the Netherlands, Poland, Portugal, Russia, Sweden, and the UK Subsidiaries: Hungary, Italy, Luxembourg, Russia, and the UK (2) Americas Branches: 15 in Canada, the Cayman Islands, Panama, and the US Subsidiaries: Canada and Brazil Africa Branches: 1 in South Africa Representative Offices: Kenya Subsidiaries: ZambiaSource: BOC 2020 Annual Reportpic.bankofchina.com/bocappd/report/202103/P020210327642434487221.pdf
- US Sanctions
- No
- Military Affiliation in China
- No
Revenue
Source: Bank of China 2019 Annual Reportpic.bankofchina.com/bocappd/report/202003/P020200327626425675456.pdf
Valuation
Valuation is reported as market capitalization. It was converted from HKD using the exchange rate from June 26, 2022 13:50:04.Source: Yahoo Financefinance.yahoo.com/quote/3988.HK/key-statistics
Employees
Source: Bank of China 2019 Social Responsibility Reportpic.bankofchina.com/bocappd/report/202003/P020200327593784296950.pdf
Bank of China (BOC) is one of four major Chinese state-owned banks. Headquartered in Xicheng District, Beijing, BOC was founded in 1912 when Sun Yat-Sen 孙中山 sanctioned the Da Qing Bank of the recently toppled Qing Dynasty. The bank split into two factions in 1949: One accompanied the fleeing KMT to Taiwan and one remained on the mainland. The Taiwanese faction became known as the Mega International Commercial Bank while the mainland faction became known as the Bank of China.
Since 1991, BOC has been a fully state-owned enterprise (SOE), operating as one of the Big Four Chinese banks (四大) alongside Agricultural Bank of China, China Construction Bank, and Industrial and Commercial Bank of China.
In June and July 2006, BOC listed on the Hong Kong Stock Exchange (H-Share) and the Shanghai Stock Exchange (A-Share) respectively, becoming the first Chinese commercial bank to achieve such a dual listing. Based in Beijing, BOC operates in six sectors: Corporate Banking, Personal Banking, Treasury Operations, Investment Banking, Insurance, and Other Operations. Currently, BOC has 309,384 employees worldwide.
BOC is growing its international businesses in various ways, including offering Chinese investors the opportunity to buy its offshore shares, and spearheading the effort to internationalize the RMB, engaging extensively as an overseas RMB clearinghouse and issuer of overseas yuan-denominated bonds.
Being a Chinese SOE, BOC is majority owned by the Chinese government through related state-owned companies, namely Central Huijin Investment Ltd., which is a wholly owned subsidiary of China Investment Corporation, China’s Sovereign Wealth Fund. BOC is listed both on the Shanghai and Hong Kong stock exchanges as A shares, and H shares respectively. A shares are in large part exclusive to domestic investors of China and are valued/traded in RMB. H shares are valued/traded in HKD and can be traded by investors globally.
Source: Bank of China 2020 Annual Reportpic.bankofchina.com/bocappd/report/202103/P020210327642434487221.pdfSource: Shanghai Stock Exchange Websitewww.sse.com.cn/home/search/Source: HKEX Websitewww.hkex.com.hk/Market-Data/Securities-Prices/Equities/Equities-Quote
-
- Name
- Ownership
-
- Central Huijin Investment
Source: Qichachawww.qcc.com/firm/837e8c3db3440424d29a579e27bd4b95.html
- 64.02%
- Central Huijin Investment
-
- HKSCC Nominees
Source: Qichachawww.qcc.com/firm/837e8c3db3440424d29a579e27bd4b95.html
- 27.80%
- HKSCC Nominees
-
- China Securities Finance
Source: Qichachawww.qcc.com/firm/837e8c3db3440424d29a579e27bd4b95.html
- 2.70%
- China Securities Finance
-
- Central Huijin Asset Management
Source: Qichachawww.qcc.com/firm/837e8c3db3440424d29a579e27bd4b95.html
- 0.61%
- Central Huijin Asset Management
-
- Hong Kong Securities Clearing Company Limited (HKSCC)
Source: Qichachawww.qcc.com/firm/837e8c3db3440424d29a579e27bd4b95.html
- 0.34%
- Hong Kong Securities Clearing Company Limited (HKSCC)
-
- MUFG Bank
Source: Qichachawww.qcc.com/firm/837e8c3db3440424d29a579e27bd4b95.html
- 0.18%
- MUFG Bank
-
- CPIC Life Equity Dividend Product (Self-Operated), Entrusted Investment (Yangtze River Pension)
Source: Qichachawww.qcc.com/firm/837e8c3db3440424d29a579e27bd4b95.html
- 0.13%
- CPIC Life Equity Dividend Product (Self-Operated), Entrusted Investment (Yangtze River Pension)
-
- China Life Insurance Company Limited – Traditional – Ordinary Insurance Product-005L-CT001 Shanghai
Source: Qichachawww.qcc.com/firm/837e8c3db3440424d29a579e27bd4b95.html
- 0.11%
- China Life Insurance Company Limited – Traditional – Ordinary Insurance Product-005L-CT001 Shanghai
-
- Beijing DaDi YuanTong Group
Source: Qichachawww.qcc.com/firm/837e8c3db3440424d29a579e27bd4b95.html
- 0.05%
- Beijing DaDi YuanTong Group
-
- Beijing YuanTong Xinhai
Source: Qichachawww.qcc.com/firm/837e8c3db3440424d29a579e27bd4b95.html
- 0.05%
- Beijing YuanTong Xinhai
- Board of Directors Liu Liange (刘连舸) - Chairman Wang Wei (王王纬) - Executive Director Lin Jingzhen (林景臻) - Executive Director Zhao Jie (赵杰) - Non-executive Director Xiao Lihong (肖立红) - Non-executive Director Wang Xiaoya (汪小亚) - Non-executive Director Zhang Jiangang (张建刚) - Non-executive Director Chen Jianbo (陈剑波) - Non-executive Director Wang Changyun (汪昌云) - Independent Director Chao Angela (赵安吉) - Independent Director Jiang Guohua (姜国华) - Independent Director Liao Cheung Kong (Martin) (廖长江) - Independent Director Chen Chunhua (陈春花) - Independent Director Chui Sai Peng (Jose) (崔世平) - Independent Director Senior Management Liu Jin (刘金) - President Wang Wei (王纬) - Executive Vice President Lin Jingzhen (林景臻) - Executive Vice President Zheng Guoyu (郑国雨) - Executive Vice President Chen Huaiyu (陈怀宇) - Executive Vice President Liu Qiuwan (刘秋万) - Chief Information Officer Liu Jiandong (刘坚东) - Chief Risk Officer Zhuo Chengwen (卓成文) - Chief Audit Officer Mei Feiqi (梅非奇) - Secretary to the Board of Directors and Company Secretary
Source: Bank of China Company Websitewww.boc.cn/investor/ir6/201504/t20150402_4829998.htmlwww.boc.cn/investor/ir6/201504/t20150402_4829974.html
Of the four major state-owned banks in China, BOC is generally regarded as the most active bank overseas, with operations mainly focusing on corporate banking, personal banking (including online/mobile banking), bond markets, and cross-border RMB clearing. A 2018 ChinaDaily article claimed that overseas ventures accounted for 30% of BOC’s total revenue as well as assets, while BOC's 2020 Annual Report stated that overseas operations accounted for 18.83% of total profits. Overseas commercial deposits totaled $485.1 billion and loans totaled $407.8 billion, up 6.80% and 4.58% respectively from 2019. BOC is also regarded as a key financial source for China’s Belt and Road Initiative (BRI), as in 2018 BOC issued a USD 3.8 billion bond for BRI to add onto a total of USD 14.6 billion in BRI loans since 2015. BOC maintains a strong presence in oil futures in the United States. BOC overall has an overseas service network covering 559 institutions across 61 countries and regions as of December 2020, the most of the Big Four Chinese banks. Asia-Pacific Branches: 41 in Australia, Cambodia, Indonesia, Japan, Kazakhstan, Macau, Malaysia, the Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam Representative Offices: Bahrain, Mongolia, and the UAE Subsidiaries: Australia, Hong Kong (14), Malaysia, Singapore (2), Thailand Europe Branches: 18 in Belgium, France, Germany, Italy, Luxembourg, the Netherlands, Poland, Portugal, Russia, Sweden, and the UK Subsidiaries: Hungary, Italy, Luxembourg, Russia, and the UK (2) Americas Branches: 15 in Canada, the Cayman Islands, Panama, and the US Subsidiaries: Canada and Brazil Africa Branches: 1 in South Africa Representative Offices: Kenya Subsidiaries: Zambia
Source: BOC 2020 Annual Reportpic.bankofchina.com/bocappd/report/202103/P020210327642434487221.pdf
Bank of China Sanctions
While at this time it appears that this company is not the subject of any U.S. or other global sanctions, it is important to note that Chinese companies tend to have more opaque organizational structures than their Western peers. Chinese companies' affiliated brands, operating units, and overseas subsidiaries are not always obvious or even identifiable. Given this, a Chinese company may not be the subject of sanctions, but one of its subsidiaries may be, thus making it difficult to accurately ascertain a company's full sanctions status.
Bank of China Reputational Disclosures
Although China’s messages on Ukraine Crisis show support for Russia, since March 2022, the Bank of China (BOC) has been restricting financing for purchases of Russian commodities, especially in dollars, based on its own risk assessment. Its overseas branches in Singapore have stopped financing deals involving Russian oil and companies.
At the same time, BOC has the largest exposure to U.S. dollars of its peers, and as such has moved to comply with recent U.S. sanctions on Hong Kong officials. To circumvent the power of the U.S. dollar via sanctions, however, the BOC in 2020 called for a shift toward use of the China-based CIPS (Cross-Border Interbank Payment System) rather than the predominant SWIFT (Society for Worldwide Interbank Financial Telecommunication) system to bolster resilience to dollar hegemony. The BOC was also spared from the U.S. CCMC sanctions issued at the end of 2020, likely due to fear of retaliation from China and the systemic role the BOC plays in the Chinese financial system.
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China vowed to push ahead with opening its bond market to foreign investors, with a senior central bank official saying it was crucial for the development of the nation’s financial markets.
Exclusive: Sri Lanka says has $300 million loan offer from Bank of China, may increase to $1 billion
Sri Lanka is considering an offer from Bank of China for a loan of $300 million, which could be raised to $1 billion, to help it meet repayments in coming months, junior finance minister Eran Wickramaratne told Reuters on Tuesday.
China Vows Tax Cuts on Larger Scale to Support Economy
China will cut taxes “on a larger scale” to help support its slowing economy, according to senior economic policy officials.
China to Keep Supporting Economy as Growth Headwinds Stiffen
China’s latest move to cushion its slowdown won’t be the last.
China’s Plan to Sideline Bitcoin
Beijing has accumulated dozens of blockchain patents.
People’s Bank of China warns of downward pressure on economy
Adding to the chorus of concerns, the People’s Bank of China says the world’s second largest economy was facing “downward pressure,” Reuters reports
PBOC Cuts Reserve Ratio Again as China Faces Bleaker End to 2018
China’s central bank cut the amount of cash lenders must hold as reserves for the fourth time this year, as policy makers seek to shore up the faltering domestic economy amid a worsening trade war.
China Really Wants You To Know Financial Opening Is Happening
If there’s one thing Chinese leaders wanted you to know in the past week, it’s that they are fully committed to opening the nation’s financial sector.
China's Government Can't Make the Economy Grow So Easily
New stimulus measures won’t spark the rebound markets expect.
On Devaluation Anniversary, Yuan Heads for Ninth Weekly Drop
Three years after China’s shock currency devaluation forced the nation into a months-long campaign to prevent a disorderly collapse, the yuan is set to extend its record weekly losing streak.
China Steps In to Support Yuan By Boosting Cost to Short
China stepped in to try to cushion the yuan after a record string of weekly losses saw the currency closing in on the key milestone of 7 per dollar.
China's Rebound Gone Within a Day With Even Biggest Stocks Crumbling
China’s stock investors seized on Friday’s rebound as a chance to sell, with equities lurching lower in afternoon trading to the weakest close in two years.
China to Unleash $108 Billion in Reserve Cut for Some Banks
China’s central bank will cut the amount of cash some lenders must hold as reserves, unlocking about 700 billion yuan ($108 billion) of liquidity, as it seeks to control leverage and support smaller companies.
