Bank of China (Hong Kong) is set to realise a HK$30 billion profit, after its HK$68 billion sale of subsidiary Nanyang Commercial Bank to mainland “bad bank” asset manager China Cinda Asset Management officially closed on Monday.
The Bank of China is one of Hong Kong's biggest banks. It is also one of China's four state-owned commercial banks; the other three are the Industrial and Commercial Bank of China, China Construction Bank, and the Agricultural Bank of China. The Bank of China was founded in 1912 to replace the Government Bank of Imperial China, and is the oldest bank in the country. Its headquarters are located in Hong Kong.