Bank of China
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 to chair association
IN a widely-tipped move, Bank of China will soon become one of the rotating chairmen of the Hong Kong Association of Banks (HKAB), the influential industry body, sharing the helm with Hongkong Bank and Standard Chartered Bank.
Bank of China's chairmanship, likely to start next year, is a further confirmation of its importance in the financial system since the bank became the third note-issuing firm in May.
The proposal was made by HKAB to the Hong Kong Monetary Authority, the territory's central bank after yesterday's weekly HKAB meeting.
Included in the proposal was the suggestion to reduce the term of the HKAB chairman from two years to one.
Changes will also be made so that instead of one vice-chairman, there will be two.