Bank of China (HKG:3988)

QUOTE AND NEWS
Finance Asia  Apr 9  Comment 
Jun Ma is joining the People's Bank of China as chief economist after thirteen years with Deutsche Bank where he was widely known for his upbeat outlook on China.
Mondo Visione  Mar 28  Comment 
Deutsche Börse and Bank of China today announced their strategic cooperation at a signing ceremony in Berlin hosted by President Xi Jinping and Chancellor Angela Merkel. The Chinese head of state is currently on a state visit to Germany. The...
Reuters  Mar 28  Comment 
Deutsche Boerse and Bank of China are set to sign a strategic partnership agreement that would make it easier for Chinese and European investors to gain access to each other's capital markets, two sources with knowledge of the matter told Reuters...
Reuters  Mar 28  Comment 
Airbus Group said on Friday it had signed a memorandum of understanding with Bank of China to cooperate on financing operations and aircraft management.
Wall Street Journal  Mar 27  Comment 
Bank of China Ltd. has started unloading soured loans to its investment-banking unit, which will try to restructure the debt.
Wall Street Journal  Mar 26  Comment 
Bank of China's 2013 net profit rose 12%, marginally higher than market expectations, on the back of higher interest and fee-and-commission income.
Bloomberg  Mar 26  Comment 
The People’s Bank of China plans to change the way it compiles the opening prices of benchmark money-market rates to help prevent manipulation, according to two people with knowledge of the matter.
Banking Business Review  Mar 25  Comment 
People's Bank of China (PBOC) is reportedly planning to set cap on mobile payments being made by Chinese customers.
Wall Street Journal  Mar 25  Comment 
Agricultural Bank of China reported its weakest annual profit growth since it went public in 2010, showing the effects of China's slower economic growth and deepening financial reforms that narrowed the lenders' net interest margin
The Economic Times  Mar 25  Comment 
Hong Kong shares ended down, as investors locked in recent gains ahead of earnings results from Chinese banks later this week, with index dragged down by Tencent.




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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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