Bank of Communications
 |
|
| Public | |
| Traded as | : 3328 : |
| Industry | Financial services |
| Founded | 1908 |
| Headquarters | Shanghai, People's Republic of China |
|
Key people
|
Niu Ximing, Chairman of the Board Peng Chun, President |
| Products | Insurance |
| Revenue |
 $20.274 billion RMB (2007) |
| Total assets |
$2110.444 billion RMB (2007) |
|
Number of employees
|
79,122 (31 December 2009) |
| Parent |
Chinese Ministry of Finance (26.52%) HKSCC Nominees Limited (21.92%) HSBC (18.63%) (As of 31 December 2011) |
| Subsidiaries | BOCOM International, BOCOM Insurance, BOCOM Leasing, BOCOM Schroder |
| Website | www.bankcomm.com |
Bank of Communications Limited (BoCom or BoComm) (simplified Chinese: 交通银行; traditional Chinese: 交通銀行; pinyin: Jiāotōng Yínháng; often abbreviated as 交行; Jiāoháng), founded in 1908, is one of the largest banks in China.
Established in 1908, the Bank of Communications claims a long history in China and is one of the banks to have issued banknotes in modern Chinese history. It was listed on the in June 2005 and the in May 2007.
In 1907, Liang Shiyi proposed the formation of a Bank of Communications to redeem the Beijing–Hankou Railway from its Belgian owners and place the railway under Chinese control. The Bank of Communications was duly formed in 1908 and provided more than half of the financing needed to buy the railway. The successful redemption enhanced the prestige of Liang's Communications Clique.
The bank's English name uses the word communications to refer to the linking of two points by a means of transportation. When the Qing Dynasty established the Ministry of Posts and Communications in 1906, the English word communications still carried this meaning. The word transportation later became the preferred English term, but the Bank retained its original English name.
In order to expand business into the overseas area, the Bank opened its first Hong Kong Branch on 27 November 1934.
After the Chinese Civil War ended in 1949, the Bank of Communications, like the Bank of China, was effectively split into two operations, part of it relocating to Taiwan with the Kuomintang government. In Taiwan, the bank was also known as the Bank of Communications (Chinese: 交通銀行; Wade–Giles: Chiao-T'ung Yin-hang; Chiao Tung Bank). It eventually merged with the International Commercial Bank of China (中國國際商業銀行), the renamed Bank of China in Taiwan after its 1971 privatization to become the Mega International Commercial Bank.
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Wikipedia