Bank of China
The Bank of China (BOC; Chinese: 中国银行; pinyin: Zhōngguó Yínháng; Portuguese: Banco da China) is a Chinese majority state-owned commercial bank headquartered in Beijing and the tenth largest bank in the world.
Bank of China Headquarters in Beijing, China | |
Native name | 中国银行股份有限公司 |
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| Company type | Public State-owned |
Traded as |
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| ISIN | |
| Industry | Financial services |
| Founded | 1912 |
| Founder | Chen Jintao |
| Headquarters | , |
Area served | Worldwide |
Key people | GE Haijiao (Chairman & 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 | CN¥503.81 billion $73.23 billion (2018) |
| CN¥227.53 billion $33.07 billion (2018) | |
Net income | CN¥192.44 billion $27.97 billion (2018) |
| Total assets | CN¥21.267 trillion $3.091 trillion (2018) |
| Total equity | CN¥1.613 trillion $234 billion (2018) |
| Owner | Government of the People's Republic of China |
Number of employees | 306,322 (2021) |
| Subsidiaries | |
| Capital ratio | 16.91% (2021) |
| Rating | A, A-1, Stable (S&P) A1, P-1, Stable (Moody's) A, F1+, Stable (Fitch) |
| Website | boc.cn bankofchina.com bank-of-china.com bocusa.com |
| Bank of China | |||||||
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| Simplified Chinese | 中国银行 | ||||||
| Traditional Chinese | 中國銀行 | ||||||
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| Alternative Chinese name | |||||||
| Simplified Chinese | 中银 | ||||||
| Traditional Chinese | 中銀 | ||||||
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| Second alternative Chinese name | |||||||
| Chinese | 中行 | ||||||
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The Bank of China was founded in 1912 by the Republican government as China's central bank, replacing the Qing dynasty's Ta-Ching Government Bank. It has been the second oldest bank in 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. After the People's Republic was established in 1949, it has become a national commercial and foreign exchange professional bank. Its original central bank designation was carried on by the newly formed People's Bank of China.
As of 31 December 2019, it was the second-largest lender in China overall and ninth-largest bank in the world by market capitalization value, and it is considered a systemically important bank by the Financial Stability Board. As of the end of 2020, it was the fourth-largest bank in the world in terms of total assets, ranked after the other three Chinese banks.
The Bank of China is legally separate from its subsidiary the 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.