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.
Shangri-La, BOC launch credit card
Bank of China (BOC) and Shangri-La Hotels and Resorts have launched a Mastercard in Hong Kong and the mainland to increase the bank's credit-card exposure and tap mainland business spending.
BOC Credit Card (International) managing director of Dickson So Sing-shun said 100,000 to 200,000 cards would be issued.
The co-branded Gold Mastercard would be a Hong Kong dollar card, useable worldwide at all Mastercard outlets and offering discounts at Shangri-La and Traders hotels in the region.
BOC's credit-card department deputy manager in Beijing, Hou Ping, said the Mastercard issued in the mainland later this year would be in renminbi and restricted by the card-holders' savings.
Mr Hou said minimum savings for a cardholder would be about 2,000 yuan (about HK$1,862).
He said the People's Bank of China had approved credit-card spending limits of 5,000 yuan to 10,000 yuan.
He said rules on consumer loans had yet to be clarified and it would take at least two years to bring mainland credit cards to international standards.
Mr Hou said the BOC would discourage cash withdrawals on the card, which was being marketed to domestic and foreign corporations in the mainland.