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.
New bribery charge
Former assistant general manager of the Bank of China Li Dafan, 48, will appear in Eastern Court today charged with accepting $650,000 in bribes for arranging banking facilities of $18 million to Lam Mui-tuen, a proprietor of an aluminium company, in October 1997. Li was earlier charged with accepting more than $3.6 million in bribes from Fan Yingchao for granting a $312 million loan to Fan's company. Fan and Li will stand trial together in November.