Bank of China

Bank of Communications Industrial and Commercial Bank of China Renminbi
Bank of China Limited
Native name
Public; State-owned enterprise
Traded as
Financial services
FoundedBeijing, China
(1912; 108 years ago (1912))
FounderChen Jintao
Area served
Key people
Liu Liange, President and Chairman of the board
ProductsCredit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, Securities, asset management, wealth management
RevenueIncrease CN¥503.81 billion
$73.23 billion (2018)[1]
Increase CN¥227.53 billion
$33.07 billion (2018)[1]
Increase CN¥192.44 billion
$27.97 billion (2018)[1]
Total assetsIncrease CN¥21.267 trillion
$3.091 trillion (2018)[1][2]
Total equityIncrease CN¥1.613 trillion
$234 billion (2018)[1]
OwnerGovernment of China
Number of employees
311,000 (2018)[1]
Subsidiaries (in Chinese)
Bank of China
Simplified Chinese中国银行
Traditional Chinese中國銀行
Alternative Chinese name
Simplified Chinese中银
Traditional Chinese中銀
Second alternative Chinese name

Bank of China (Chinese: 中国银行; pinyin: Zhōngguó Yínháng; often abbreviated as 中行 or BOC) is one of the four biggest state-owned commercial banks in China. Bank of China is legally separate from its subsidiary Bank of China (Hong Kong), although they maintain close relations in management and administration and co-operate in several areas including reselling BOC's insurance and securities services.

It was founded in 1912 by the Republican government to replace the Daqing Bank. It is the second oldest bank in mainland China still in existence (after the Bank of Communications, founded in 1908). From its establishment until 1942, it issued banknotes on behalf of the Government along with the "Big Four" banks of the period: the Farmers Bank of China, Bank of Communications and Central Bank of the Republic of China. Its headquarters are in Xicheng District, Beijing.[3]

As of 31 December 2009, it was the second-largest lender in China overall, and the fifth-largest bank in the world by market capitalization value.[4]

As of end 2017, it was the fourth-largest bank in the world in terms of assets, ranked after the other three Chinese banks.[5]


The Bank of China's history began in 1905, when the Qing government established Daqing Hubu Bank[6] (大淸戶部銀行) in Beijing, which was in 1908 renamed to Daqing Bank (大淸銀行). When the Republic of China was established in 1912, Chen Jintao was named head of financial reform in President Sun Yat-sen's government. Chen Jintao transformed the bank into the Bank of China, becoming its founder.[7][8][9][10]

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, and was privatized in 1971 to become the International Commercial Bank of China (中國國際商業銀行). In 2002, it merged with Jiaotong Bank (交通銀行) to become the Mega International Commercial Bank. The Mainland operation is the current entity known as the Bank of China.

It is the second largest lender in China overall, and the fifth largest bank in the world by market capitalization value.[4] Once 100% owned by the central government, via China Central Huijin and National Council for Social Security Fund (SSF), an Initial public offering (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 4th-largest company in the world.[11]

It is the most globally-active of China's banks, with branches on every inhabited continent. Outside of mainland China, BOC also operates in 27 countries and areas 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.[12] In December 2010, the Bank of China New York branch began offering renminbi products for Americans.[13] 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.[citation needed]

Timeline of overseas activities

Tokyo branch
410 Madison Ave
New York City
Bank of China building in Singapore
Bank of China in Shenyang

Hong Kong

BOC started operations in Hong Kong in 1917 and has become a major player there.[citation needed] It became a note-issuing bank in Hong Kong in 1994, and in Macau in 1995.[29]

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 in Hong Kong at that time.[citation needed]

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


Bank of China (Canada)
ISINCNE1000001Z5 Edit this on Wikidata
PredecessorBank of China Toronto Representative Office
FoundedMay 18, 1993[30]
50 Minthorn Boulevard
Markham, Ontario
Areas served
Revenue473,912,000,000 renminbi[31] (2015) Edit this on Wikidata
229,237,000,000 renminbi[31] (2015) Edit this on Wikidata
179,417,000,000 renminbi[31] (2015) Edit this on Wikidata
Total assets16,815,597,000,000 renminbi[31] (2015) Edit this on Wikidata
Number of employees
310,042[31] (2015) Edit this on Wikidata
ParentBank of China
A branch located in Toronto's Chinatown

Bank of China (Canada), commonly known as BOCC, is the Canadian subsidiary of the Bank of China (BOC). The Bank of China began its business in Canada by opening a representative office in Toronto on September 8, 1992. BOCC was incorporated as a subsidiary of BOC in 1993 under Schedule II of the Bank Act.[30] BOCC provides the following types of banking services in Canada: bank accounts to both personal and commercial banking clients, remittance services (including bank drafts and wire transfers), loans and mortgages, foreign exchange services, and China visa application assistance services where by it acts as agent, however plans for a China Visa Application Centre are being made and it is anticipated that the Consulate General of the People Republic of China in Toronto will entrust all future China Visa applications to Bank of China Canada's Visa Application Centre.

In Canada, BOCC has ten locations located in Markham, Scarborough (under the name "GTA Toronto" branch), Toronto (several branches, in North York and downtown), Mississauga, Vancouver, Montreal, and Calgary. It previously had branches in Burnaby and Richmond. As well, the bank is a member of the Canadian Bankers Association (CBA); registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks; and, a member of Interac, which handles transactions between automated teller machines of different banks and debit card transactions.

Basic facts


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.


As of 30 September 2015, largest shareholders of the Bank of China ordinary shares (both A shares and H shares) were:[33]

As of 30 September 2015, largest shareholders of the Bank of China preference shares (both domestic and offshore) were:[34]


Current Chairman

Liu Liange (刘连舸), President and Chairman of the board

Past Chairman

Chen Siqing (zh:陈四清), former president and chairman, current chairman of Industrial and Commercial Bank of China[35]


Guarantee scandal in Poland

After COVEC withdrew from completing its construction of the A2 highway in Poland, Bank of China was to pay a performance guarantee to the Polish government's road organization GDDKiA. However, with Export-Import Bank of China, they refused to pay this; only Deutsche Bank honoured its obligations under the court decision.[36]

Wultz v. Bank of China

On August 8, 2008, the family of Daniel Wultz, an American teenager killed in a 2006 terrorist attack in Israel, filed suit against the Bank of China in U.S. District Court for the District of Columbia. The case was subsequently transferred to the United States District Court, Southern District of New York, where litigation continues. On October 29, 2012, the Honorable J. Scheindlin issued a ruling compelling Bank of China to provide discovery.[37][38][39][40][41]

Alleged money transfers to Hamas

In 2012, the families of eight terror victims of the 2008 Mercaz HaRav massacre in Jerusalem filed a $1 billion lawsuit against the Bank of China. The suit asserted that in 2003 the bank's New York branch wired millions of dollars to Hamas from its leadership in Syria and Iran. The Bank of China subsequently denied providing banking services to terrorist groups: "The Bank of China has always strictly followed the UN's anti-money laundering and anti-terrorist financing requirements and regulations in China and other judicial areas where we operate."[42][43][44]

Money laundering

In 2014 BOC denied China Central Television reports of money laundering.[45]

See also


  1. ^ a b c d e f "Annual Report 2018" (PDF). Bank of China Limited. Archived (PDF) from the original on 2019-06-02. Retrieved 2019-06-02.
  2. ^ "2013 Annual Report" Archived 2014-12-04 at the Wayback Machine Bank of China 2013 Annual Report,
  3. ^ "CSR Report of Bank of China" (PDF). 2010. Archived (PDF) from the original on November 19, 2011. Retrieved September 12, 2011.
  4. ^ a b "Global 500 December 2009 : Market values and prices at 31 December 2009" (PDF). Archived (PDF) from the original on 2010-03-13. Retrieved 2017-03-28.
  5. ^ "These are the 28 biggest banks in the world — each one with more than $1 trillion of assets". Business insider. 24 May 2018. Archived from the original on 2 March 2019. Retrieved 1 March 2019.
  6. ^ The term Hubu (Chinese: 戶部; pinyin: Hùbù; Wade–Giles: Hu-pu) referred to a central government ministry under the Qing imperial regime responsible for finances.
  7. ^ 中国银行简介 .中国银行官网
  8. ^ 媒体解析央企“一把手”任命与选拔模式 .网易新闻
  9. ^ 1912年2月5日 民国政府第一银行:中国银行开业 .搜狐网
  10. ^ 中国金融机构名录:中国银行 .腾讯财经
  11. ^ "The World's Biggest Public Companies". Forbes. Archived from the original on June 4, 2011. Retrieved June 6, 2015.
  12. ^ "中国银行全球门户网站-提示信息". Archived from the original on 2017-03-28. Retrieved 2017-03-28.
  13. ^ "RMB Business Q&A". Bank of China. Archived from the original on 2011-04-15. Retrieved 2017-03-28.
  14. ^ Wankel, Charles (2009). Encyclopedia of Business in Today's World: A - C. SAGE Publications. ISBN 9781412964272.
  15. ^ Zhang, Wenxian; Alon, Ilan (2010). A Guide to the Top 100 Companies in China. World Scientific. ISBN 9789814291477.
  16. ^ "Bank of China Becomes the First RMB Clearing Bank Recognized by Government of Luxembourg". 2013-07-01. Archived from the original on 2016-03-04. Retrieved 2017-03-28.
  17. ^ "Archived copy". Archived from the original on 2007-03-17. Retrieved 2006-01-12.CS1 maint: archived copy as title (link)
  18. ^ "Xinhua - English". 2006-06-01. Archived from the original on 2010-09-24. Retrieved 2017-03-28.
  19. ^ "Firm set up to manage CIRC fund_English_Xinhua". 2008-09-18. Archived from the original on 2008-11-08. Retrieved 2017-03-28.
  20. ^ "China banks boom in Brazil|Latin America|". Archived from the original on 2017-11-14. Retrieved 2017-11-13.
  21. ^ [1][dead link]
  22. ^ "Bank Of China Cuts Off North Korea Trade Bank". 2013-05-07. Archived from the original on 2013-06-06. Retrieved 2013-05-07.
  23. ^ The Bank of China on the 29 of May 2014 was approached by investors. The investors were offering a better deal than the government. The investors invested over 100 trillion us dollars with the interest rate of only 5.75 % on loans, mortgages, and 10% on all returns of investment in the China Bank "Bank of China opens Montreal branch". Montreal Gazette. Archived from the original on 8 October 2013. Retrieved 25 November 2013.
  24. ^ "Bank of China becomes first Asian firm to help set London's gold price". Telegraph. 2015-06-16. Archived from the original on 2017-03-28. Retrieved 2017-03-28.
  25. ^ Chong Koh Ping (2015-11-07). "Bank of China opens commodity centres, Business News & Top Stories". The Straits Times. Archived from the original on 2017-03-28. Retrieved 2017-03-28.
  26. ^ Financial Times, Thursday 21 April 2016, p. 17.
  27. ^ "Bank of China (Mauritius), Ltd". Archived from the original on 2019-09-06. Retrieved 2020-01-07.
  28. ^ "Bank of China to establish deposit bank in Turkey - BUSINESS". 2011-09-13. Archived from the original on 2017-03-28. Retrieved 2017-03-28.
  29. ^ "Issuance of Hong Kong Banknotes | About us | BOCHK". Archived from the original on 2020-04-24. Retrieved 2020-03-10.
  30. ^ a b "Overview". About Us. Bank of China (Canada). Archived from the original on August 24, 2017. Retrieved August 23, 2017.
  31. ^ a b c d e Bank of China Limited 2015 Annual Report, 2016Wikidata Q29035347
  32. ^ "BANK OF CHINA INTERNET BANKING SERVICE (BOCNET) CUSTOMER SERVICE AGREEMENT" (PDF). Bank of China (New York). Archived (PDF) from the original on 10 May 2015. Retrieved 24 April 2014.
  33. ^ "Ordinary Shares". Bank of China. Archived from the original on 11 March 2016. Retrieved 11 March 2016.
  34. ^ "Preference Shares". Bank of China. Archived from the original on 11 March 2016. Retrieved 11 March 2016.
  35. ^ "MOVES-China picks BoC boss Chen Siqing to head top bank ICBC - sources". Reuters. 2019-04-22. Retrieved 2020-07-24.
  36. ^ "COVEC nie zraził się porażką na A2 i z chińskimi bankami startuje do Kozienic". January 20, 2012. Archived from the original on January 22, 2012. Retrieved April 28, 2013.
  37. ^ "Duke University Law School: Wultz v. Bank of China" (PDF). October 29, 2012. Archived from the original (PDF) on 2015-04-02. Retrieved July 18, 2013.
  38. ^ "Parents of Daniel Wultz fight to punish Bank of China for role in 2006 terrorist attack that killed their son". Fatherhood Channel. July 18, 2013. Archived from the original on July 22, 2013. Retrieved July 18, 2013.
  39. ^ Emerson, Steven (6 June 2012). "Terror Victim's Family 'Resolved to Fight Injustice'". IPT News. Washington, D.C. Archived from the original on 3 October 2018. Retrieved 3 October 2018.
  40. ^ Groll, Elias (24 July 2013). "Israel Accused of Suppressing Terror Evidence to Help Out New Pal China". Foreign Policy. Washington, D.C. Archived from the original on 4 May 2014. Retrieved 3 October 2018.
  41. ^ "Boies Wins Discovery Fight in Bank of China Terror Funding Case". Litigation Daily. 2015-01-29. Archived from the original on 2015-02-03. Retrieved 2015-03-08.
  42. ^ Zhu, Grace (25 October 2012). "Bank of China Says It Hasn't Helped Hamas". The Wall Street Journal. Archived from the original on 22 February 2015. Retrieved February 23, 2013.
  43. ^ "Bank of China denies channelling funds to Hamas". Google News. AFP. 25 October 2012. Archived from the original on 16 July 2013. Retrieved 23 February 2013.
  44. ^ "Israelis sue Chinese Bank for aiding Hamas". UPI. October 24, 2012. Archived from the original on October 25, 2012. Retrieved February 23, 2013.
  45. ^ Soo, Aipeng (9 July 2014). "Bank of China Denies Report Alleging Money Laundering Aid". Bloomberg News. Archived from the original on 10 July 2014. Retrieved 10 July 2014.