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.

In Brief

PUBLISHED : Tuesday, 09 November, 2010, 12:00am
UPDATED : Tuesday, 09 November, 2010, 12:00am
 

SFC fines Noble Apex HK$1m

The Securities and Futures Commission (SFC) has reprimanded and fined financial planning and investment advisory firm Noble Apex Advisors HK$1 million for breaching its code of conduct. SFC's investigation found the company allowed an unlicensed person to head a team of its representatives. Yvonne Liu

Ex-Im plans 5b yuan bond sale

Export-Import Bank of China plans to sell five billion yuan worth of bonds in Hong Kong to institutional and retail investors. This is the bank's third public offering of yuan-denominated bonds. The mimimum retail subscription will be 10,000 yuan. The bond has an annual fixed interest rate of 2.65 per cent. Lulu Chen

SJM reports 528% profit spike

SJM Holdings yesterday said its net profit surged 528 per cent to HK$867 million in the third quarter from HK$138 million a year earlier. Revenue grew 69 per cent to HK$13.99 billion from HK$8.26 billion in the third quarter last year. Adjusted ebitda for the period was HK$1.18 billion. Shares fell 1.62 per cent to close at HK$12.16 yesterday. Yvonne Liu

UBS launches yuan bond

Swiss bank UBS yesterday launched its first yuan-denominated bond in Hong Kong, paying investors 2.5 per cent interest every year. The total size of the issuance was 100 million yuan and the bond, which matures in two years, would be traded and settled in the offshore bond market locally. Amanda Lee

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