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Commercial banks in Singapore may undertake universal banking, such as the taking of deposits and the provision of cheque services and lending, as well any other business authorised by the Monetary Authority of Singapore, including financial advisory services, insurance brokering and capital market services, as long as they are permitted under section 30 of the Banking Act.
At the time of opening, the building's basement housed the bank's safe deposit boxes and a car park, while the Bank of China occupied the lowest three and top three floors of the building. The lower half of the building was air-conditioned, and the building was the first in Singapore to incorporate a mail chute and document lifts. [4]
Bank of China (Canada), commonly known as BOCC, is the Canadian subsidiary of the Bank of China (BOC). The Bank of China began its business in Canada by opening a representative office in Toronto on 8 September 1992. BOCC was incorporated as a subsidiary of BOC in 1993 under Schedule II of the Bank Act. [45]
As of end-2002, the Bank had over 88,000 employees and a total asset reaching RMB 5.15 trillion. Bank of Communications currently possesses 236 domestic organs, including 30 provincial branches, seven directly managed branches, 199 sub-branches managed by the provincial branches, with 3,529 network organs in over 239 large- and medium-sized cities.
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]
In July 2018, Bank of Singapore was granted an investment company license to operate a wealth management subsidiary in Luxembourg – a first for a Singapore private bank. [16] BOS Wealth Management Europe S.A. was officially launched on 1 April 2019 in Luxembourg. The official opening for its UK branch in London was held the next day. [17]
ICBC opened its first overseas branch in Singapore in 1993. It opened a branch in Luxembourg in 1999, which became its European headquarters in 2011. [22] In 2000, ICBC acquired the Union Bank of Hong Kong and renamed it ICBC (Asia).
The tower is located adjacent to the Bank of China Building [5] and faces the Singapore River. It is a class-A office building and houses the offices of several multi-national companies. [ citation needed ] The development had a net floor area of 46,060 m 2 (495,800 sq ft), as of 30 June 2007, [ 6 ] and has direct access to Raffles Place MRT ...