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.
ADB seeks bridge aid
THE Asian Development Bank has invited commercial financial institutions to provide a further US$79 million to finance the construction and development of the Shanghai Yangpu bridge project.
The co-financing facility is in addition to a principal loan of $85 million to China through the People's Bank of China, which acts as the borrowing window.
The principal loan and the co-financing facility will be signed today (19th) in Shanghai. The co-financing facility, jointly co-ordinated by Dai-Ichi Kangyo Bank and Hongkong Bank China Services, composes three tranches.