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.
QUOTES OF THE WEEK
'We only focus on property. We are not as smart as Mr Lee when it comes to investing.'
Sun Hung Kai Properties boss Walter Kwok Ping-kwong, referring to rival developer Henderson Land chairman Lee Shau-kee, who famously said it was easier to make money on China's H shares than local properties
'It is an embodiment of Bank of China, Bank of Communications and China Construction Bank - that's a sure winner.'
A seasoned trader explaining the market's excitement about China Communications Construction's IPO
Sports supremo and legislator Timothy Fok Tsun-ting, on being asked if he might reunite with divorced wife and former beauty queen Loletta Chu Ling-ling after the pair were spotted watching several Asian Games events together in Doha