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In terms of net assets, Bank of America (Asia) is the most profitable and the largest subsidiary of Bank of America outside of the United States. An agreement was signed on 24 August 2006, that the bank was to be acquired by China Construction Bank (CCB) for HK$ 9.7 billion. [2]
The China Construction Bank Corporation (CCB) is a Chinese state-owned multinational banking and financial services corporation headquartered in Beijing, China.It is one of the "big four" banks in China, and is the third largest bank in the world by total assets behind the Agricultural Bank of China and the Industrial and Commercial Bank of China.
I.e., account holders using their Bank of America ATM card or debit card at a China Construction Bank ATM in mainland China can avoid the "non-Bank of America usage fee" and "ATM operator access fee" for each withdrawal, transfer, or balance inquiry. The 3 percent "international transaction fee" for converting currencies will still apply. [7]
In November 2011, Bank of America announced plans to divest most of its stake in the China Construction Bank. [101] In September 2013, Bank of America sold its remaining stake in the China Construction Bank for as much as $1.5 billion, marking the firm's full exit from the country. [102]
Bank of America: 2 307.900 2 304.56 Industrial and Commercial Bank of China: 3 303.543 3 288.06 Agricultural Bank of China: 4 232.836 4 231.00 Bank of China: 5 209.295 6 187.79 China Construction Bank: 6 192.715 5 197.15 Wells Fargo: 7 192.279 7 187.13 HSBC: 8 163.544 10 159.35 Commonwealth Bank: 9 156.639 Goldman Sachs: 10 156.356 Royal Bank ...
It was wholly owned by China Construction Bank (Asia), a wholly owned subsidiary of China Construction Bank, and renamed from China Construction Bank (Macau) Corporation Limited (Chinese: 中國建設銀行(澳門）股份有限公司)) after its incorporation with China Construction Bank in June 2014.
In 1988, Security Pacific succeeded in wholly acquiring Bank of Canton, which became Security Pacific Asia Bank. When Bank of America acquired Security Pacific Corporation in 1993 it changed Security Pacific Asia Bank's name to Bank of America (Asia). China Construction Bank acquired Bank of America (Asia) in 2006.
The central bank of the People's Republic of China is the People's Bank of China, a component of the State Council, the Central Government of China. The People's Bank of China is mainly responsible for issuing the Renminbi and administering its circulation, in addition to formulating and implementing monetary policy in accordance with Chinese ...