China Construction Bank is one of the 4 biggest Chinese Banks. It was established on 1 st October, 1954. Initially the China Construction Bank was known as People's Construction Bank of China. On 26 th March, 1996 it was renamed as China Construction Bank. In 2004, September the China Construction Bank Corporation was set up as a joint-stock commercial bank.
In 2005 Bank of America got a 9% stake in China Construction Bank for $3 billion. The same year China Construction Bank made a public offering on the Stock Exchange of Hong Kong.
Currently China Construction Bank is working hard on its expansion plans. It has been planning to open branches in the United States and Australia. Currently China Construction Bank has bought the Bank of America (Asia). This has increased its assets and has pushed it to the ninth position in Hong Kong.
China Construction Bank has five branches situated in Seoul, Frankfurt, Tokyo, Johannesburg and Singapore. There is no doubt in the fact that China Construction Bank is running its overseas operation quite efficiently. Nowadays CCB is working hard on the growth of loan book and net fee income.
President Zhang who has acquired a bachelors degree in economics from Tianjin University of Finance and Economics used to work at Bank of Communications and Industrial & Commercial Bank of China. Now he has joined the Construction Bank.
The deposits taken by the Hong Kong branch of the China Construction Bank are protected under the Deposit Protection Scheme. This is indeed one of the popular banks of China and is most recognized for its quality services.
