Bank of China
Bank of China
Bank of China is one of the big four state-owned commercial banks of the People's Republic of China – the other three are Industrial and Commercial Bank of China, China Construction Bank and Agricultural Bank of China. Bank of China was founded in 1912 to replace the Government Bank of Imperial China, and is the oldest bank in China. From its establishment until 1942, it issued banknotes on behalf of the Government of the Republic of China along with the "Big Four" banks of the period: the Central Bank of China, Farmers Bank of China and Bank of Communications. Although it initially functioned as the Chinese central bank, in 1928 the Central Bank of China replaced it in that role. Subsequently, BOC became a purely commercial bank.
Bank of China ready to increase CD issue
The Bank of China is expected to increase its five-year floating rate certificates of deposit to $4 billion.
Arranger China Development Finance Co (CDFC) said the bank's headquarters had earlier approved a maximum issue of $4 billion.
After the $2 billion issue was 4.5 times over-subscribed on Monday, the Hong Kong branch had been expected to seek final approval from Beijing to increase the issue.
Final clearance has been delayed until today because of the public holidays in China.
'We have to report to the Beijing headquarters. But the chance for the issue to increase to the maximum amount is very high,' CDFC said.