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The Bank of China (BOC; Chinese: 中国银行; pinyin: Zhōngguó Yínháng; Portuguese: Banco da China) is a state-owned Chinese multinational banking and financial services corporation headquartered in Beijing, China.
The Industrial and Commercial Bank of China (ICBC; Chinese: 中国工商银行) is a Chinese partially state-owned multinational banking and financial services corporation headquartered in Beijing, China. It is the largest of the "big four" banks in China, and the largest bank in the world by total assets. [8]
Bank of China Group (中銀集團; BOCG) was the brand used to denote 13 banks that were almost entirely owned by the Chinese government that operated in Hong Kong, until their merger in 2001 to form Bank of China (Hong Kong). The exception was the Hong Kong branch of the Bank of Communications, which left BOCG in 1998.
The Bank of China Tower in Central houses the headquarters of Bank of China Hong Kong. Designed by Ieoh Ming Pei, the 70-storey building's height is 315 metres with two masts reaching 369 metres. Construction began in 1985 and the building was completed in 1989, with its official opening on 17 May 1990.
On 1 April 1987, it was restructured and re-commenced operations as the first state-owned bank in China. [citation needed] Postal Savings Bank of China has the most outlets of any retail bank in China (~40,000). [3] Over 80% of its outlets accompany China Post post offices. [citation needed]
BOC International Holdings Limited, shortly BOCI, is the wholly owned subsidiary of Bank of China, which offers investment banking and securities brokerage services. It was established in 1998 and headquartered in Hong Kong. It has subsidiaries in New York, London, Singapore, Beijing, Shanghai, Guangzhou and Chongqing. [1] [2] [3]
A state-owned enterprise of the People's Republic of China (Chinese: 国有企业) is a legal entity that undertakes commercial activities on behalf of an owner government. As of 2017, the People's Republic of China has more SOEs than any other country, and the most SOEs among large national companies.
In 1979, China initiated a transition from that single-tier banking system to a two-tier system, which was largely completed by 1984. [11]: 188–189 In March 1979, as part of the Chinese economic reforms, the State Council split off state-owned banks from the PBC, first the Agricultural Bank of China (ABC) and the Bank of China (BOC).