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.
Sin Hua Bank sues Rhine in $6.3m claim
Sin Hua Bank has commenced two separate legal proceedings against Rhine Holdings and its wholly owned subsidiary, Rhine Jewellery, to claim a total of about $6.35 million. On June 17, Sin Hua Bank sued the company for $676,015 it claimed was payable by the company under an undertaking for repayment of overdraft dated May 31, 1996. On the same day, the bank sued Rhine Jewellery for approximately $5.68 million under an agreement of pledge dated July 19, 1996. The company is now seeking legal advice.