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Overview

Overview

Founded in 1908, BoCom is one of the note-issuing banks with the longest history in modern China. BoCom reopened after reorganization on 1 April 1987. It is the first nationwide state-owned joint-stock commercial bank in China, with Head Office located in Shanghai. The Bank was listed on the Hong Kong Stock Exchange in June 2005 and on the Shanghai Stock Exchange in May 2007.

 

The Bank’s business scope includes commercial banking, securities, offshore financial services, fund management, trust, financial leasing, insurance, offshore securities, debt-for-equity swaps, and asset management, etc. As at the end of June 2020, the Bank has set up 245 domestic branches, including 30 Tier-1 branches, 7 directly operating branches of Head Office and 208 Tier-2 branches. 3,025banking outlets were set up in 243 prefecture-level cities or above and 163 county-level cities nationwide. There are several non-bank subsidiaries, mainly including wholly-owned subsidiaries such as Bank of Communications Financial Leasing Co., Ltd., China BoCom Insurance Co., Ltd., and BoCom Financial Asset Investment Co., Ltd., BOCOM Wealth Management Co., Ltd. and subsidiaries with the controlling interests including Bank of Communications Schroder Fund Management Co., Ltd., Bank of Communications International Trust Co., Ltd., BoCommLife Insurance Company Limited and BoCom International Holdings Company Limited. Moreover, the Bank is  the largest shareholder of Changshu Rural Commercial Bank Co., Ltd. and the paratactic largest shareholder of Bank of Tibet Co., Ltd. The Bank has strategically invested in the Bank of Hainan, and controlled four rural banks.

 

BoCom set up 22 overseas banking subsidiaries and branches in 17 countries and regions, including Hong Kong Branch and Bank of Communications (Hong Kong) Limited, New York Branch, Tokyo Branch, Singapore Branch, Seoul Branch, Frankfurt Branch, Macau Branch, Ho Chi Minh City Branch, San Francisco Branch, Sydney Branch, Taipei Branch, London Branch and Bank of Communications (UK) Ltd., Bank of Communications (Luxembourg) S.A. and Luxembourg Branch, Brisbane Branch, Bank of Communications (Luxembourg) S.A. Paris Branch, Bank of Communications (Luxembourg) S.A. Rome Branch, Bank of Communications (Brazil) Co., Ltd., Melbourne Branch Prague Branch and Toronto representative office, and established 68 overseas banking outlets in total (excluding the representative offices).

 

In 2015, the State Council approved BoCom’s Plan to Strengthen Reformation. The strengthened reformation concentrates on three key areas including refining corporate governance mechanism as a large commercial bank, reinforcing operational improvements and promoting transformation, and innovating operating model. BoCom steadily implemented reform programs. In recent years, BoCom focused on three key reformation including organizing personnel, the “New 531” project and the risk credit management. The positive effect of reforms, stimulation of transformation forces and the enhancement of core development indicator are anticipated. In 2020, BoCom was honored “Top 500 Global Companies” for the eleventh consecutive years and was ranked No. 162 in terms of revenue by FORTUNE. It was ranked No. 11 among the global top 1,000 banks in terms of Tier-1 Capital rated by The Banker.

 

As a large state-owned banking group with the long history, distinct strategy, normative governance, moderate operation and high-quality services, BoCom always adheres to the State’s strategies and serve the real economy. BoCom continually strengthens total risk management, deepens reform, and does the best to provide best services to customers and rewards the shareholders, employees and society.