Bank of China: Chinese Central Bank

861 Words Jun 21st, 2018 4 Pages
Bank of China (BOC) was established in February 1912. From 1912 to 1949, the Bank served consecutively as Chinese central bank, international exchange bank and specialised international trade bank. Fulfilling its commitment to serving the public and developing China's financial services sector, the Bank rose to a leading position in the Chinese financial industry and developed a good standing in the international financial community. In 1994, the Bank was transformed into a wholly state-owned commercial bank. In August 2004, Bank of China Limited was incorporated. The Bank was listed on the Hong Kong Stock Exchange and Shanghai Stock Exchange in June and July 2006 respectively, becoming the first Chinese commercial bank to launch an …show more content…
During China's reform and opening up period, BOC seized the unique opportunity, and became the country's key foreign financing channel by building up its competitive advantages in foreign exchange business. In 1994, the Bank was transformed into a wholly state-owned commercial bank. Later, In August 2004, Bank of China Limited was incorporated (Bank of China, 2008).
As China's most international and diversified bank, the Bank provides a comprehensive range of financial services to customers across the Chinese mainland, Hong Kong, Macau, Taiwan and 37 countries. The bank's core business is commercial banking, including corporate banking, personal banking and financial markets services (Bank of China, 2008).
Bank of China has maintained the spirit of “pursuing excellence” throughout its hundred-year history. BOC has the principle of “people first”, and BOC also has built and building an excellent brand image that is widely recognised within the industry and by its customers. For the future opportunities and challenges, BOC will meet its social responsibilities, strive for excellence, and make further contributions to the society and the world. In additional, Bank of China also attempting to expand their overseas market for better development and increase the profit, for example expand the Australian market (Bank of China, 2008).

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