Founded in 1908, Bank of Communications Co., Ltd. (Stock codes: A shares 601328, H shares 03328) is one of the banks with the longest history and was one of the note-issuing banks in China in the past. Bank of Communications started its business operation after its re-establishment in 1987. It is the first nationwide state-owned joint-stock commercial bank in China, with its head office located in Shanghai. The Bank was listed on the Hong Kong Stock Exchange in June 2005 and on the Shanghai Stock Exchange in May 2007.
The Bank ranked No. 17 among the global top 1,000 banks in terms of Tier 1 Capital rated by the London-based magazine, The Banker in 2015, up 2 places as compared with 2014 and ranked No. 190 among the “Fortune 500 Companies” in terms of operating income by the Fortune in 2015, up 27 places as compared with 2014.
The Bank currently has 230 domestic branches, comprising 30 tier-1 branches, 7 branches directly managed by the Head Office and 193 tier-2 branches. The Bank has also established 3,141 banking outlets in 235 prefecture-level cities or above and 171 county-level cities nationwide. In addition, the Bank has set up 16 overseas institutions, which comprise branches in Hong Kong, New York, San Francisco, Tokyo, Singapore, Seoul, Frankfurt, Macau, Ho Chi Minh City, Sydney, Brisbane, Taipei and London, Bank of Communications (UK) Limited, Bank of Communications (Luxembourg) Limited and representative office in Toronto.
The Bank is one of the major financial services providers in China. The Bank’s business scope comprises commercial banking, securities services, trust services, financial leasing, fund management, insurance, offshore financial services and so on. Its wholly-owned subsidiaries include BOCOM International Holdings Company Limited, China BOCOM Insurance Co., Ltd. and Bank of Communications Finance Leasing Co., Ltd. Subsidiaries controlled by the Bank include Bank of Communications Schroder Fund Management Co., Ltd., Bank of Communications International Trust Co., Ltd., BoCommlife Insurance Company Limited, Dayi Bocomm Xingmin Rural Bank Ltd., Zhejiang Anji BOCOM Rural Bank Ltd., Xinjiang Shihezi BOCOM Rural Bank Ltd. and Qingdao Laoshan BOCOM Rural Bank Ltd. The Bank is also the largest shareholder of Jiangsu Changshu Rural Commercial Bank Co., Ltd. and the paratactic largest shareholder of Bank of Tibet Co., Ltd.
The Bank’s development strategy is to become “a first class listed comprehensive banking group focusing on international expansion and specialising in wealth management”.