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.
BOC behind times in fraud report
Bank of China yesterday said suspected fraud had been discovered at a sub-branch in the northeastern province of Heilongjiang. It was a belated official confirmation of press reports about an 800 million yuan embezzlement at the sub-branch.
'The Heilongjiang branch uncovered abnormal movements of deposits at the Hesong Street sub-branch,' said Wang Zhaowen, a spokesman at the BOC headquarters, in a statement.
He was referring to the reported embezzlement of about 800 million yuan of corporate deposits by the sub-branch's chief, Gao Shan, who has since fled to Canada.