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    * Bank of China *

    بانک چین

    (Wikipedia) - Bank of China 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 Traded as Industry Founded Headquarters Area served Key people Products Revenue Operating income Net income Total assets Owners Employees Website
    Public company
    SEHK: 3988 SSE: 601988 OTC Pink: BACHY
    Banking Financial services
    Beijing, China (1912 (1912))
    Beijing, China
    Xiao Gang, Chairman Li Lihui, President
    Credit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, Securities, asset management, wealth management
    CN¥413.10 billion (2011)
    CN¥168.12 billion (2011)
    CN¥124.18 billion (2011)
    CN¥11.829 trillion (2011)
    Government of the People''s Republic of China
    288,687 (2011)
    Traditional Chinese Simplified Chinese Alternative Chinese name Traditional Chinese Simplified Chinese Second alternative Chinese name Chinese
    Bank of China
    Transcriptions Mandarin Hanyu Pinyin
    Zhōngguó Yínháng
    Transcriptions Mandarin Hanyu Pinyin
    Transcriptions Mandarin Hanyu Pinyin

    Bank of China Limited (simplified Chinese: 中国银行; traditional Chinese: 中國銀行; pinyin: Zhōngguó Yínháng; often abbreviated as 中银(in Hong Kong) or 中行(in mainland)) is one of the 5 biggest state-owned commercial banks in the People''s Republic of China.

    It was founded in 1912 by the Republican government to replace the Imperial Bank of China. It is the oldest bank in China still in existence. 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.

    As at 2009, it was the second largest lender in China overall, and the 5th largest bank in the world by market capitalization value.


    HistoryBank of China Headquarters, Beijing, China. Architecture by I. M. Pei.Daqing Bank''s Dalian Branch. (1910)

    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 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. 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.

    Timeline of overseas activities
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    Tokyo branchNew York branchBank of China building in SingaporeBank of China in Canada中国银行股份有限公司 Bank of China in Shenyang Hong Kong
    This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (May 2013)
    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. 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.

    Basic facts
    This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (May 2013)

    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.

    This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (May 2013)

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

    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.

    Issues Guarantee scandal in Poland

    After failure of the building A2 highway in Poland, by COVEC this bank had to repay the guarantee, to the Polish govt. roads organization GDDKiA. However, with Export-Import Bank of China, they refused to pay this, and only Deutsche Bank sent his part of the money required by court.

    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.

    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."

    Money laundering

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

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