Bank of China (HKG:3988)

QUOTE AND NEWS
newratings.com  12 hrs ago  Comment 
BEIJING (dpa-AFX) - China's central bank on Tuesday refrained from absorbing liquidity ahead of several initial public offerings. The People's Bank of China suspended the operation as it will again increase money market rates and strain...
Mondo Visione  Jul 14  Comment 
On June 11 Japan Exchange Group, Inc. (JPX) and Bank of China Limited (BOC) signed a comprehensive memorandum of understanding (MOU) on establishing and developing a yuan-denominated financial instruments market in Japan. Under the MOU, JPX and...
Yahoo  Jul 11  Comment 
China's central bank is looking into allegations by a central government television broadcaster that Bank of China, one of the country's "big four" state-owned commercial banks, has been laundering money offshore for clients, the official Xinhua...
New York Times  Jul 10  Comment 
The state broadcaster CCTV, itself mired in corruption scandals, has accused one of the country’s biggest banks of money laundering in a report that provoked both surprise and cynicism.
MarketWatch  Jul 10  Comment 
In a rare public tussle between two powerful arms of the Chinese government, China’s state broadcaster takes aim at Bank of China, accusing the lender of laundering money, The Wall Street Journal reports.
Bloomberg  Jul 10  Comment 
China’s central bank and currency regulator are investigating a state media report that alleged Bank of China Ltd. broke rules on transferring money overseas, two government officials familiar with the matter said.
Bloomberg  Jul 10  Comment 
Wall Street Journal  Jul 9  Comment 
China's state broadcaster took aim at Bank of China as it accused the lender of laundering money and helping clients skirt the country's controls on cross-border fund transfers.
Mondo Visione  Jul 9  Comment 
The Korea Exchange (KRX) entered into a comprehensive MOU with the Bank of China on 4th of July, 2014. On behalf of both organizations, Mr. Kyungsoo Choi, Chairman & CEO of the KRX, and Mr. Tian Guoli, Chairman of the Bank of China signed the...




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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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