Bank of China , the oldest Chinese bank is also one of the four biggest state-owned commercial banks of the country. Bank of China was established in 1912 to replace the Ta Ching Government Bank in China.
Since its inception till 1942, Bank of China was solely engaged in the production and issue of bank notes on behalf of the central government in China, along with the existing three big banks – Bank of Communications, Central Bank of China and Farmers Bank of China. From the very beginning, Bank of China operated as the Chinese Central Bank, until in 1928, when the Central Bank of China replaced it. Subsequent to this, it became completely involved with commercial banking.
After the termination of the Chinese Civil War in 1949, the functions and responsibilities of Bank of China got bifurcated into two. A part of it was transferred to Taiwan under Kuomingtan government. This was followed by the privatization of the Bank of China in 1971 and henceforth, it came to be known as the International Commercial Bank of China. At present, Bank of China is the second largest lending bank in China as well as holds the 8 th position in the world as the largest bank in terms of its market capitalization value.
Bank of China is focused on the following four areas of operation:
- Personal Banking
- Corporate Banking
- Foreign Exchange and Settlement
- Investor Relation
Modes of operation of Bank of China:
- Bank of China mainly deals with commercial banking that includes Corporate Banking, Retail Banking, Banking of the financial institutions as well as Treasury Business.
- Bank of China's Corporate Banking handles credit products that offer the customers with the best and the modern financial services and solutions
- The Retail Banking of Bank of China looks after the financial needs and requirements of individual customers in areas like wealth management business, consumer credit cards, savings deposits, etc.
- The Bank's Treasury Business handles investments and trades of local and foreign currencies, fund management, wealth management, value-secured debt business, domestic and foreign financing, etc.
Online banking facilities of Bank of China :
- Corporate Banking
- Personal signing-in
- Direct contact with the call centers
Bank of China provides the Chinese population with most efficient and personalized services, which is why it has been able to maintain its popularity even till date.
