Bank of China (HKG:3988)

QUOTE AND NEWS
Reuters  Sep 29  Comment 
The Federal Reserve on Thursday told Agricultural Bank of China , one of the Asian country's top four banks, to bolster its compliance and risk management operations in order to ensure it adhered to U.S. rules.
Wall Street Journal  Sep 28  Comment 
Shares of Postal Savings Bank, the world’s biggest initial public offering this year, limped out of the starting gate on Wednesday, in spite of help from Goldman Sachs traders.
Mondo Visione  Sep 27  Comment 
European Central Bank (ECB) and People’s Bank of China (PBC) extend for three years bilateral currency swap arrangement established in 2013 Swap arrangement has a maximum size of 350 billion Chinese renminbi and €45 billion Can serve...
New York Times  Sep 21  Comment 
The $7.4 billion share offering by the lender, the biggest in two years, shines a light on the way Chinese firms ensure successful deals despite investor doubts.
Reuters  Sep 20  Comment 
State-owned Postal Savings Bank of China (PSBC) is set to price its Hong Kong initial public offering near the bottom of expectations on tepid demand - although at around $7.6...
Wall Street Journal  Sep 13  Comment 
China’s central bank used a longer-dated tool to inject cash into the financial system for the first time in seven months, intensifying its effort to cool the domestic bond market.
Reuters  Sep 12  Comment 
Banks handling the initial public offering (IPO) of state-owned Postal Savings Bank of China Co Ltd (PSBC) [IPO-PSBC.HK] will get a $130 million payday from deal, IFR reported...
The Australian  Sep 5  Comment 
One of China’s biggest banks has been dragged into a legal battle over Gina Rinehart’s Roy Hill iron ore project.
Benzinga  Jul 7  Comment 
Postal Savings Bank of China (PSBC) aims to transform itself from a brick-and-mortar lender into a digital player, as part of its plans for a $10 billion IPO. Reuters, citing both the state-owned bank's IPO prospectus and people familiar with...
Financial Times  Jul 6  Comment 
Issuance, made in three currencies, is biggest international debt sale of its kind




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Bank of China Limited (BOC) (SSE:601988, SEHK:3988) is one of the "Big Four" state-owned commercial banks (SOCBs) in China. Though heavily state-owned, the Bank of China should not be confused with the People's Bank of China, the country's central bank.

BOC is China's most international and diversified bank, offering financial services to clients in the Chinese mainland, Hong Kong, Macau, and 29 other countries. Through numerous subsidiaries, Bank of China offers a full range of financial services including commercial and investment banking, insurance, fund management and investment management.

While competitors were left reeling from the financial crisis of 2008, BOC was relatively unaffected, with operating profits falling only 3.3% in 2008 from a year earlier.[1] Operating profits rebounded sharply in 2009, up 27.94% as Bank of China's performance was buoyed by booming economic growth in the PRC (8.7%) and fiscal stimulus from Beijing.[2] Encouraged by the central government to inject capital into the economy, lending across the banking industry in China measured RMB9.6 trillion in 2009, up from RMB4.9 trillion in 2008.[3] Officially in 2009, the Nonperforming Loans (NPLs) of domestic commercial banks totalled RMB497.33 billion, a decrease of RMB62.98 billion compared with the prior year-end figure.[4] The official NPL ratio was 1.58%, down by 0.84 percentage point compared with the prior year-end.[5] Allowances for loan impairment losses to NPLs reached 155.02%, a significant increase of 38.57 percentage points from the prior year's end.[6] In 2010, the central government reversed course, establishing a ceiling on bank lending of RMB7.5 trillion.[7] Compounding the fears of an overheating economy is evidence that the official govenrment statistics understate both the amount of loans and the percentage of loans that are non-performing, suggesting that the Chinese financial system is not as stable as many believe.[8][9]


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References

  1. Bank of China 2009 Annual Report, p.2
  2. Bank of China 2009 Annual Report, pp.2,16
  3. Bank of China 2009 Annual Report, p.17
  4. Bank of China 2009 Annual Report, p.17
  5. Bank of China 2009 Annual Report, p.17
  6. Bank of China 2009 Annual Report, p.17
  7. "China Stocks Drop Most in Three Weeks Amid Bank Loan Restriction Concerns." Bloomberg News 09/16/2010
  8. "China Special Report: Informal Securitisation Increasingly Distorting Credit Data," Fitch Ratings July 14, 2010
  9. Barboza, David. "Report Warns of Risks to China’s Bank System." The New York Times. July 14, 2010
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