Bank of China (HKG:3988)

QUOTE AND NEWS
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
newratings.com  Jul 1  Comment 
WASHINGTON (dpa-AFX) - Postal Savings Bank of China, one of the biggest banks in China, seeks to raise about $8 billion in an initial public offering, which could be the biggest IPO of the year. Postal Savings Bank of China plans to list its...
Forbes  Jun 27  Comment 
Markets witnessed the unrelenting firepower of the People's Bank of China on Monday.
newratings.com  Jun 27  Comment 
BEIJING (dpa-AFX) - The People's Bank of China said it will continue to implement the proactive fiscal policy and prudent monetary policy. The PBoC will vigorously promote financial reforms and improve macro-prudential policy framework, the...
The Economic Times  Jun 14  Comment 
The People's Bank of China set the midpoint rate at 6.5791 per dollar prior to the market open, 0.02 percent firmer than the previous fix 6.5805.
The Economic Times  Jun 1  Comment 
The People's Bank of China set the midpoint rate at 6.5889 per dollar prior to market open, 0.15 percent weaker than the previous fix 6.579 and within market expectations.
The Economic Times  May 20  Comment 
The People's Bank of China set the midpoint rate at 6.5510 per dollar prior to market open, 0.03 percent firmer than the previous fix 6.5531.
Wall Street Journal  May 17  Comment 
Bank of China Aviation’s debt-driven growth model could leave shareholders grounded.
Mondo Visione  May 11  Comment 
Singapore Exchange (SGX) welcomes Bank of China (BOC), Singapore branch, as an accredited issue manager for Mainboard listings. As an accredited issue manager, BOC will be able to advise companies looking to list on the SGX Mainboard in terms of...




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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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