Bank of Communications
Photograph by telekommuniston Flickr.
It communications was chartered as the Bank for developing the country s industries . It eventually merged with the International Commercial Bank of China (中國國際商業銀行), the renamed Bank of China in Taiwan after its 1971 privatization to become the Mega International Telecommunications in Australia Commercial Bank (兆豐國際商業銀行). The mainland operation is the current Bank of Communications. Following the State Council s decision to restructure the Bank in 1986, the Bank was then restructured and re-commenced operations on 1 April 1987.
The Hongkong and Shanghai Banking Corp is a wholly owned HSBC subsidiary. Shanghai Pudong Development Bank · Tianwei Baobian Electric · Wuhan Iron and Steel · Shanghai Pudong International Airport · Beidahuang Agriculture · Hua Xia Bank · China Minsheng Bank · Shanghai International Port (Group) · Baosteel · Sinopec · China Southern Airlines · CITIC Securities · China Merchants Bank · Poly Real Estate · China Unicom · Shanghai Automotive Industry Corporation · Youngor Group · Shanghai Zhenhua Port Machinery · Jiangxi Copper · Shanghai Electric · Kweichow Moutai · Shenergy Company · Liaoning Chengda · GD Power Development · China Yangtze Power · Daqin Railway · China Shenhua · Air China · Industrial Bank · Western Mining · Ping An Insurance · Bank of Communications · Guangshen Railway · China Railway Engineering · Industrial and Commercial Bank of China · China South Locomotive · Aluminium Corporation of China · China Pacific Insurance · China Life Insurance · PetroChina · China COSCO · China Construction Bank · Bank of China · Jinduicheng Molybdenum · China CITIC Bank · Haitong Securities · Bank of Beijing · China Railway Construction · China Coal Energy · Zijin Mining · Tsingtao Brewery · Angang Steel · Jiangxi Copper · Sinopec · China Railway Engineering · Dongfeng Motor Group · Zhejiang Expressway · China Telecom · Air China · ZTE · Petrochina · Huaneng Power · Anhui Conch Cement · China Construction Bank · Datang Power · China CITIC Bank · China Shenhua · Sinopharm Group · China Shipping Development · Yanzhou Coal · China Railway Construction · BYD Company · Industrial and Commercial Bank of China · China Metallrugical · China Communications Construction · China Coal Energy · Minsheng Bank · China COSCO · Ping An Insurance · PICC Property and Casualty Company · Aluminium Corporation of China · China Life Insurance · Shanghai Electric · R&F Properties · China Oilfield Services · Zijin Mining · China National Building Material · Bank of Communications · China Merchants Bank · Bank of China · . The South China Morning Post today cited Peter Wong Tung-shun, executive director at The Hongkong and Shanghai Banking Corporation, as saying that the acquisition is being considered in the light of the Chinese government s reforms of the country s securities brokerages.
Since then, its Head Office has been relocated from Beijing to Shanghai. Today, the Bank of Communications is amongst the top 5 leading commercial banks in China and has an extensive network of over 2,800 branches covering over 80 major cities. Bank of Communications Limited (BoCom or BoComm) SEHK: 3328 SSE: 601328 (simplified Chinese: 交通银行; traditional Chinese: 交通銀行; pinyin: Jiāotōng Yínháng; often abbreviated as 交行), founded in 1908, is one of the largest banks in China. The Bank of Communications was founded in 1908 (the 34th year of the Guangxu reign period, Qing Dynasty) and emerged as one of the first few major national and note-issuing banks in the early days of the Republic of China.
According to the latest ranking of 1000 banks worldwide conducted by the authoritative magazine The Banker, Bank of Communications was ranked 94th, its first time to join the Top-100 list. As of end-2002, the Bank had over 45,000 employees and a total asset reaching RMB 766.874 billion. The Bank was awarded The Best Bank in China by international acclaimed magazines Euromoney and Global Finance in 1998 and 1999 respectively.
The plan was part of HSBC s broader China expansion strategy, but there is nothing further to disclose at the present. HSBC s operations in China include its own banking operations, its stake in BoCom and an 8% stake in Bank of Shanghai. An HSBC spokeswoman said HSBC Holdings Plc and its 19.9% held Bank of Communications (BoComms) affiliate, would seek to acquire a brokerage in order to expand their operations in China.
Apart from Hong Kong, the Bank has also established overseas branches in New York, Tokyo, Singapore and representative offices in London and Frankfurt. In addition, the Feb 2003 edition of The Banker also ranked Bank of Communications 92nd amongst the 100 most efficient lending banks of the world. As of January 2005, 19.9% of the bank is owned by HSBC.
Wong did not provide a timetable for any acquisition or identify any acquisition target. In order to expand business into the overseas arena, the Bank opened its first Hong Kong Branch on 27 November 1934. After the Chinese Civil War ended in 1949, the Bank of Communications, like the Bank of China, was effectively split into two operations, part of it relocating to Taiwan with the Kuomintang government.
This includes a provision allowing foreign companies to get management control of brokerage firms.
