https://www.scmp.com/rss/107467/feed 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. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Dividend payments by onshore Chinese companies have risen over 150 per cent in the past decade, as investors value steady returns amid market volatility while firms use it to counter drop in share prices, according to an S&P Global Market Intelligence study released on Thursday. The total dividend payout amount by companies in the CSI 300, which tracks the biggest stocks in Shenzhen and Shanghai, is set to exceed 1 trillion yuan (US$157.2 billion) for financial year 2021 for the first time, up... https://www.scmp.com/business/banking-finance/article/3173460/chinese-firms-csi-300-index-pay-record-us1572-billion?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3173460/chinese-firms-csi-300-index-pay-record-us1572-billion?utm_source=rss_feed Thu, 07 Apr 2022 11:04:17 +0000 The Securities and Futures Commission has urged Hong Kong businesses to prepare for compulsory universal Covid-19 testing, an event that is likely to affect their operations as the city struggles to contain an Omicron-fuelled fifth wave of the pandemic. “Amid the acute situation of the fifth wave of Covid-19 infections in Hong Kong, the SFC again reminds licensed corporations to review and update their business continuity plan (BCP),” said an SFC circular issued late on Monday. “As the HKSAR... https://www.scmp.com/business/article/3169612/sfc-urges-hong-kong-businesses-update-continuity-plans-mass-covid-19?utm_source=rss_feed https://www.scmp.com/business/article/3169612/sfc-urges-hong-kong-businesses-update-continuity-plans-mass-covid-19?utm_source=rss_feed Mon, 07 Mar 2022 22:00:17 +0000 Beijing has pledged to inject ample liquidity into China’s economy while ordering more credit support ahead of the US Federal Reserve’s potential interest rate hikes next year. China’s financial regulator is looking to ensure a reasonable supply of bank credit, optimise the lending structure and lower financing costs, the central bank said at a meeting on Thursday. “It is necessary to intensify cross-cyclical adjustments … maintain reasonable and sufficient liquidity, keep the money supply and... https://www.scmp.com/economy/china-economy/article/3160139/china-needs-firewalls-guard-against-systemic-risks-economy?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3160139/china-needs-firewalls-guard-against-systemic-risks-economy?utm_source=rss_feed Fri, 17 Dec 2021 10:00:39 +0000 Bank of China (Hong Kong), the largest provider of financing for completed homes in the city, is teaming up with developers to offer cash rewards to mortgage applicants in residential developments with “green credentials.” The local unit of China’s third-largest banking group has lined up several projects from 10 developers so far under its so-called Green Mortgage Plan to promote sustainable development, according to its website. Almost 2,300 units are still available for sale in those... https://www.scmp.com/business/article/3149495/bank-china-dangles-cash-reward-going-green-mortgages-sustainable-housing?utm_source=rss_feed https://www.scmp.com/business/article/3149495/bank-china-dangles-cash-reward-going-green-mortgages-sustainable-housing?utm_source=rss_feed Tue, 21 Sep 2021 23:30:23 +0000 China’s top banking and insurance watchdog has widened a requirement for institutions to devise their own recovery and contingency plans beyond just its biggest banks and financial companies. The requirement now also applies to all commercial banks, rural credit co-operatives, asset management firms and financial lease companies with 300 billion yuan (US$46.9 billion) or more in assets, besides insurers with assets worth at least 200 billion yuan. The expansion is aimed at ensuring that... https://www.scmp.com/business/banking-finance/article/3136698/china-gets-tough-financial-sector-risk-management-extends?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3136698/china-gets-tough-financial-sector-risk-management-extends?utm_source=rss_feed Wed, 09 Jun 2021 22:30:00 +0000 Two of China’s biggest state-owned banks reported better-than-expected 2020 full year earnings on Tuesday, helped by a strong rebound during the fourth quarter. Bank officials signaled cautious optimism for 2021, believing the worst of the pandemic’s impact on their asset quality to be largely over, thanks to the country’s economic rebound. “Overall for 2021, as the real economy recovers and a macro environment that is conducive for banks to manage risks [returns], we should see the quality of... https://www.scmp.com/business/banking-finance/article/3127660/bank-china-agricultural-bank-china-2020-profits-beat?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3127660/bank-china-agricultural-bank-china-2020-profits-beat?utm_source=rss_feed Tue, 30 Mar 2021 12:12:57 +0000 The United States government said it had not identified any global banks that “knowingly” did business with several officials on a US sanctions list over the Chinese government’s enactment of the national security law for Hong Kong. “At this time, Treasury has not identified any FFI [foreign financial institutions] that has knowingly conducted a significant transaction with a foreign person” identified by the US State Department, the Treasury report said. “Treasury will continue to monitor for... https://www.scmp.com/business/banking-finance/article/3113701/us-lets-banks-serving-sanctioned-officials-hong-kong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3113701/us-lets-banks-serving-sanctioned-officials-hong-kong?utm_source=rss_feed Sat, 12 Dec 2020 05:48:04 +0000 HSBC and Bank of China (Hong Kong), two of the biggest margin lenders for Ant Group’s suspended initial public offering (IPO) in Hong Kong, will pocket up to HK$25 million (US$3.2 million) in interest income, after opting not to waive interest charged from customers. Ant has been refunding investors in Hong Kong since Wednesday, after its mega dual listings in the city and on Shanghai’s Star Market were halted by Chinese regulators. By Friday, it will return a record HK$1.3 trillion to 1.55... https://www.scmp.com/business/banking-finance/article/3108609/hsbc-bochk-pocket-us32-million-interest-income-loans?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3108609/hsbc-bochk-pocket-us32-million-interest-income-loans?utm_source=rss_feed Thu, 05 Nov 2020 10:30:08 +0000 Alison Tudor-Ackroyd Alison Tudor-Ackroyd China’s e-payments ecosystem is set to step up a level of sophistication as the coronavirus pandemic and deteriorating US-China relations hasten Beijing’s plans for a digital fiat currency; potentially complicating a landscape dominated by Alipay and WeChat Pay. The central bank’s e-yuan, called Digital Currency Electronic Payment (DC/EP), would let citizens ­pay for goods with e-wallets, replacing banknotes and coins and ­accelerating the dash by the world’s second-largest economy towards a... https://www.scmp.com/business/banking-finance/article/3100285/what-will-chinas-central-bank-digital-currency-mean-alipay?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3100285/what-will-chinas-central-bank-digital-currency-mean-alipay?utm_source=rss_feed Sat, 05 Sep 2020 02:00:11 +0000 China’s mega banks are ramping up their recruitment of fresh graduates as a record number enter the labour market, joining other state-owned firms in boosting employment even as lenders deal with plunging earnings and ballooning bad debt. The four biggest state banks, led by Industrial & Commercial Bank of China, this month kicked off their autumn campus hiring, instead of in November as in previous years. China Construction Bank plans to add 16,000 graduates this year, up from 13,000 last year.... https://www.scmp.com/business/companies/article/3098732/brush-mandarin-chinas-banks-are-hiring-tens-thousands-graduates?utm_source=rss_feed https://www.scmp.com/business/companies/article/3098732/brush-mandarin-chinas-banks-are-hiring-tens-thousands-graduates?utm_source=rss_feed Tue, 25 Aug 2020 07:13:48 +0000 China should prepare for potential sanctions by the United States by increasing use of its own financial messaging network for cross-border transactions in the mainland, Hong Kong and Macau, according to a report from the investment banking unit of the Bank of China. Chinese state lenders have been revamping contingency plans in anticipation of US legislation that could penalise banks for serving officials who implement the new national security law for Hong Kong. Greater use of the Cross-Border... https://www.scmp.com/economy/china-economy/article/3095153/chinas-banks-urged-switch-away-swift-us-sanctions-over-hong?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3095153/chinas-banks-urged-switch-away-swift-us-sanctions-over-hong?utm_source=rss_feed Wed, 29 Jul 2020 08:22:26 +0000 China’s government will loosen the rules on two-way fund flows between nine cities in the nation’s southern Guangdong province with Hong Kong and Macau, taking a tentative step toward partial relaxation of its capital controls. The new plan, dubbed Wealth Management Connect, will allow residents of Hong Kong and Macau to buy wealth management products sold by mainland Chinese banks located throughout the Greater Bay Area (GBA). Residents of the nine Guangdong provincial cities in the GBA can tap... https://www.scmp.com/business/banking-finance/article/3091031/china-loosens-rules-fund-flows-between-greater-bay-area?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3091031/china-loosens-rules-fund-flows-between-greater-bay-area?utm_source=rss_feed Mon, 29 Jun 2020 09:11:03 +0000 Mainland retail investors want more financial options to play the market. The big banks are happy to oblige. This has been a recipe for selling risky products to mom-and-pop investors. An unhappy ending is almost guaranteed. The latest to blow up in their faces is the so-called crude oil treasure, sold to ordinary punters as a wealth management product by the Bank of China. Other big players offering similar oil-linked trading platforms include the Industrial and Commercial Bank of China, China... https://www.scmp.com/comment/opinion/article/3082804/warning-all-after-investors-skid-badly-oil-futures-market?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3082804/warning-all-after-investors-skid-badly-oil-futures-market?utm_source=rss_feed Mon, 04 May 2020 13:30:07 +0000 Every day since April 15, David Wang's smartphone would buzz with a message from Bank of China. May contracts for Crude Oil Treasure, a structured financial product that gives the layperson an easy entry into the complex world of oil trading, was expiring in a week, and investors must close or roll over their positions, said the automated message. Wang dismissed the warnings, and kept going long with 400,000 yuan (US$56,500) of his money at stake, believing that record-low oil prices offered him... https://www.scmp.com/business/china-business/article/3082298/bank-chinas-us1-billion-hole-plunging-oil-shows-how?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3082298/bank-chinas-us1-billion-hole-plunging-oil-shows-how?utm_source=rss_feed Sat, 02 May 2020 03:30:15 +0000 April Dong stared in disbelief at the oil price on her phone. The bank clerk in China’s Hebei province had invested 40,000 yuan (US$5,600) in US crude futures through popular bank products, and she was watching it vanish in real time. It was Monday night in China, just about the time traders in New York were having their morning coffee. West Texas Intermediate had been sliding all day since it opened at about US$18 a barrel. When prices hit US$11, Dong closed out, having lost about half her... https://www.scmp.com/business/banking-finance/article/3081170/devil-detail-catches-unaware-traders-guard-beijing?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3081170/devil-detail-catches-unaware-traders-guard-beijing?utm_source=rss_feed Thu, 23 Apr 2020 03:25:17 +0000 Bad debt at Chinese banks climbed in the first quarter after the coronavirus outbreak brought the world’s second-largest economy to a standstill. The non-performing loan ratio rose to 2.04 per cent at the end of March, up 0.06 percentage point from December, the China Banking and Insurance Regulatory Commission (CBIRC) said at a press briefing in Beijing on Wednesday. That comes even as lenders agreed to delay 880 billion yuan (US$124 billion) in repayments on loans to smaller businesses and... https://www.scmp.com/business/companies/article/3081002/coronavirus-impact-chinas-first-quarter-bad-loans-climb?utm_source=rss_feed https://www.scmp.com/business/companies/article/3081002/coronavirus-impact-chinas-first-quarter-bad-loans-climb?utm_source=rss_feed Wed, 22 Apr 2020 04:47:06 +0000 Three leading Chinese state-owned banks reported that their non-performing loan ratios had stayed largely stable in 2019 even as the economy slowed amid a trade war with the US. But bank officials and analysts expect their asset quality to worsen this year as the coronavirus strains the financial health of their borrowers. Major Chinese lenders started reporting their full-year results on Friday. Ahead of Friday’s results, Fitch Ratings said in a press release on Thursday that it expects Chinese... https://www.scmp.com/business/banking-finance/article/3077353/chinese-banks-brace-bad-debt-blowout-coronavirus-pandemic?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3077353/chinese-banks-brace-bad-debt-blowout-coronavirus-pandemic?utm_source=rss_feed Sat, 28 Mar 2020 02:15:10 +0000 Thousands of bankers are set for a reprieve as Morgan Stanley and Citigroup joined European lenders in pledging to preserve jobs amid the widespread impact of the coronavirus. Citigroup will suspend any planned job cuts, according to a person familiar with the matter. And Morgan Stanley Chief Executive Officer James Gorman told employees in a memo Thursday that the bank will not trim the workforce this year. The New York-based banks are seeking to reassure employees as the pandemic roils markets... https://www.scmp.com/business/companies/article/3077213/citi-morgan-stanley-join-europes-banks-hitting-pause-job-cuts?utm_source=rss_feed https://www.scmp.com/business/companies/article/3077213/citi-morgan-stanley-join-europes-banks-hitting-pause-job-cuts?utm_source=rss_feed Fri, 27 Mar 2020 04:11:47 +0000 China’s central bank and financial regulators have offered additional funds to banks, prodding them to help manufacturers and businesses pull through an economy that is being hobbled by the twin burdens of a trade war and the nation’s worst health crisis in nearly two decades. The bank regulator will ensure that small and medium enterprises (SMEs) get access to the 537 billion yuan (US$77 billion) of credit lined up to help them pull through the business slump caused by the coronavirus outbreak,... https://www.scmp.com/business/china-business/article/3050792/chinas-monetary-authorities-keep-bank-credits-tap-help?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3050792/chinas-monetary-authorities-keep-bank-credits-tap-help?utm_source=rss_feed Sat, 15 Feb 2020 08:22:28 +0000 Hong Kong’s banks were among the world’s best capitalised last year, and local currency deposits rose even amid an unprecedented political crisis, according to the city’s de facto central bank, as it called the bluff on doomsday predictions by short-sellers of an imminent banking crisis. The capital adequacy ratio of Hong Kong’s banks stood at 20.9 per cent last year, among the highest worldwide, according to the annual banking review by the Hong Kong Monetary Authority (HKMA). Local currency... https://www.scmp.com/business/banking-finance/article/3046577/crisis-what-crisis-hong-kong-banks-remain-profitable-solid?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3046577/crisis-what-crisis-hong-kong-banks-remain-profitable-solid?utm_source=rss_feed Fri, 17 Jan 2020 10:00:42 +0000 Nearly a dozen branches and outlets of HSBC and its Hang Seng Bank subsidiary were closed on January 2 , a day after vandals laid waste to their premises and automated teller machines during a chaotic New Year’s Day protest in the city. HSBC, which traces its 154-year history to colonial-era Hong Kong and Shanghai, said that two branches in Mong Kok and Kowloon Tong remained closed “until further notice,” while seven express banking centres were shuttered. An HSBC spokesman declined to say how... https://www.scmp.com/business/companies/article/3044324/hsbc-hang-seng-bank-keep-nearly-dozen-hong-kong-outlets-closed?utm_source=rss_feed https://www.scmp.com/business/companies/article/3044324/hsbc-hang-seng-bank-keep-nearly-dozen-hong-kong-outlets-closed?utm_source=rss_feed Thu, 02 Jan 2020 08:23:47 +0000 A third day of violence and traffic disruptions by protesters in Hong Kong led 250 bank branches to close Wednesday the whole day – the most in the city’s history except during severe typhoons. One in five branches of the 18 major banks, including all three note-issuing banks in the city – HSBC, Standard Chartered Bank and Bank of China (Hong Kong) – shut their doors for the day. In addition, another 100 bank branches closed earlier than usual. The troubling sign in one of Asia’s most important... https://www.scmp.com/business/banking-finance/article/3037523/protest-chaos-leads-most-bank-branch-closings-hong-kongs?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3037523/protest-chaos-leads-most-bank-branch-closings-hong-kongs?utm_source=rss_feed Wed, 13 Nov 2019 07:20:17 +0000 Hong Kong’s eight virtual banks, poised to roll out their services in the next few months, are in talks with the city’s dominant operator of automated teller machines (ATMs) to give customers of branchless banks access to more than 2,000 ATMs across the urban centre. The banks are in talks with the Joint Electronic Teller Services (Jetco), which operates 60 per cent of Hong Kong’s 3,300 ATMs, according to the network’s chief executive Angus Choi Ping-chung. The discussions offer the eight... https://www.scmp.com/business/companies/article/3036059/hong-kongs-virtual-banks-talks-jetco-customer-gain-access-2000?utm_source=rss_feed https://www.scmp.com/business/companies/article/3036059/hong-kongs-virtual-banks-talks-jetco-customer-gain-access-2000?utm_source=rss_feed Sun, 03 Nov 2019 23:30:16 +0000 China’s state-owned banks, which survived the US-China trade war with their asset quality and profitability unscathed, may see their interest margins coming under pressure in the fourth quarter as competition intensifies for deposits. The overall non-performing loans (NPL) ratio in China’s banking industry improved by between 1 and 2 basis points in the third quarter. This came at the expense of net interest margins (NIM), especially among the four largest state-run lenders – Industrial &... https://www.scmp.com/business/companies/article/3036038/good-times-may-soon-be-over-chinas-banks-interest-margins-are?utm_source=rss_feed https://www.scmp.com/business/companies/article/3036038/good-times-may-soon-be-over-chinas-banks-interest-margins-are?utm_source=rss_feed Sun, 03 Nov 2019 16:00:10 +0000 Hong Kong’s three largest banks are lowering their prime rates for the first time in 11 years to support local businesses. The cuts are likely to renew pressure on their margins at an awkward time, as the city’s economy shrank deeper than expected and slipped into its first technical recession in a decade. HSBC, Standard Chartered Bank and Bank of China (Hong Kong), the city’s three currency issuers, will all cut their best lending rate by 12.5 basis points, taking their cues from a... https://www.scmp.com/business/companies/article/3035775/hong-kongs-biggest-banks-find-themselves-vice-they-cut-rates?utm_source=rss_feed https://www.scmp.com/business/companies/article/3035775/hong-kongs-biggest-banks-find-themselves-vice-they-cut-rates?utm_source=rss_feed Thu, 31 Oct 2019 13:00:14 +0000 Banks, particularly those in the Asia-Pacific region, must think hard about “radical” moves to reshape their businesses as the global economic cycle reaches a late stage and central banks become more dovish, according to a new report by the consulting firm McKinsey & Company. Globally, only about 40 per cent of lenders are generating returns below their cost of equity, while the remaining 60 per cent are destroying value, McKinsey said. A prolonged economic downturn, with banks navigating low to... https://www.scmp.com/business/companies/article/3033908/asia-pacific-banks-must-make-radical-changes-survive-coming?utm_source=rss_feed https://www.scmp.com/business/companies/article/3033908/asia-pacific-banks-must-make-radical-changes-survive-coming?utm_source=rss_feed Mon, 21 Oct 2019 23:30:11 +0000 Nine of Hong Kong’s biggest lenders have pledged their support to the Hong Kong Monetary Authority’s push to help 330,000 small-and-medium enterprises (SMEs) survive the city’s business slump, as four months of civil unrest added weight to the year-long US-China trade war in driving the local economy into recession. The nine banks, including three of Hong Kong’s currency issuers HSBC, Standard Chartered Bank and Bank of China (Hong Kong), will provide a range of measures to help SMEs, maintain... https://www.scmp.com/business/companies/article/3033229/nine-hong-kong-banks-add-their-heft-hkmas-coordinated-financial?utm_source=rss_feed https://www.scmp.com/business/companies/article/3033229/nine-hong-kong-banks-add-their-heft-hkmas-coordinated-financial?utm_source=rss_feed Wed, 16 Oct 2019 12:00:15 +0000 Nine of Hong Kong’s biggest banks will meet the city’s de facto central bank on Wednesday to discuss how to help small and medium enterprises find financing to survive an expected downturn, as the economy heads for a technical recession in the fiscal third quarter ending in December. The nine lenders include all three of the city’s currency issuing banks – HSBC, Standard Chartered Bank, and Bank of China (Hong Kong) – as well as Hang Seng Bank and Bank of East Asia (BEA), said Thomas Tsui, head... https://www.scmp.com/business/companies/article/3033068/nine-banks-meet-hong-kongs-monetary-authority-ways-ease-business?utm_source=rss_feed https://www.scmp.com/business/companies/article/3033068/nine-banks-meet-hong-kongs-monetary-authority-ways-ease-business?utm_source=rss_feed Tue, 15 Oct 2019 12:30:11 +0000 Five banks, including two of mainland China’s largest state-owned lenders, shut some of their branches and automated teller machines in Hong Kong on Tuesday after a long weekend of violence and vandalism sparked by protest rallies around the city. The partial shutdown affected 13 branches and 330 ATMs across several districts in the city, about one in 10 automated tellers in one of the world’s most over-banked urban centres, according to South China Morning Post’s tabulation of data and press... https://www.scmp.com/business/companies/article/3032031/five-banks-keep-13-branches-shut-and-hundreds-atms-offline-after?utm_source=rss_feed https://www.scmp.com/business/companies/article/3032031/five-banks-keep-13-branches-shut-and-hundreds-atms-offline-after?utm_source=rss_feed Tue, 08 Oct 2019 10:19:34 +0000 Stock investors have never been so downbeat on the world’s biggest banks. China’s “big four” state-owned lenders, which together control more than US$14 trillion of assets, tumbled to record-low valuations on Monday amid mounting concern that Beijing will encourage them to bail out smaller peers. Industrial & Commercial Bank of China, the world’s largest lender by assets, lost US$11 billion of market value last week after injecting capital into a troubled regional bank as part of a... https://www.scmp.com/business/banking-finance/article/3021417/valuations-worlds-biggest-banks-sink-record-lows-chinas?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3021417/valuations-worlds-biggest-banks-sink-record-lows-chinas?utm_source=rss_feed Mon, 05 Aug 2019 03:35:45 +0000 Hong Kong’s first virtual banks are not expected to be operational for at least another month, but banking customers in the city are already reaping the benefits. For the first time in about two decades, eight of the special administrative region’s largest banks will no longer charge fees for failure to maintain a minimum monthly balance. HSBC, one of the city's three currency-issuing banks, kick started the movement and announced in June it would scrap the fees starting August 1. The award of... https://www.scmp.com/business/companies/article/3021123/hongkongers-are-reaping-benefits-virtual-banks-even-their-launch?utm_source=rss_feed https://www.scmp.com/business/companies/article/3021123/hongkongers-are-reaping-benefits-virtual-banks-even-their-launch?utm_source=rss_feed Fri, 02 Aug 2019 16:00:10 +0000 Chinese companies that are engaged in financial technology, or fintech, are increasingly collaborating with banks, some of them even helping banks acquire retail customers, as the financial institutions build out their digital banking services and technology. That is a fundamental shift from several years ago, when fintech companies enter the market with the aim of using digital technology to disrupt and disintermediate traditional banks from the financial business. Tighter regulations such as... https://www.scmp.com/business/money/article/3009314/chinese-fintech-firms-cosy-banks-collaborators-instead-disrupters?utm_source=rss_feed https://www.scmp.com/business/money/article/3009314/chinese-fintech-firms-cosy-banks-collaborators-instead-disrupters?utm_source=rss_feed Wed, 08 May 2019 05:21:23 +0000 China has chosen the Hong Kong unit of the country’s largest overseas lender to roll out a cross-border account that would break down barriers between the two jurisdictions, making it easier for local residents to gain access to banking services in the world’s second-largest economy. Bank of China (Hong Kong), one of the city’s three currency printers, would allow existing customers to open bank accounts with its Beijing-based parent Bank of China without having to visit mainland China in... https://www.scmp.com/business/banking-finance/article/3002454/bank-china-offers-first-one-stop-account-hong-kong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3002454/bank-china-offers-first-one-stop-account-hong-kong?utm_source=rss_feed Wed, 20 Mar 2019 04:15:23 +0000 Activists of 12 countries conducted rallies in London, Hong Kong and Nairobi last week to protest financing by Bank of China to build the Batang Toru Dam in Indonesia’s North Sumatra, due to its catastrophic impact on communities and biodiversity. If built, scientists say that the dam will doom the Tapanuli orangutan, which was only discovered in 2017, almost to certain extinction. It would also impoverish downstream communities who rely on the natural flow of the river for their... https://www.scmp.com/business/banking-finance/article/2189351/chinas-institutions-and-banks-need-help-worlds-civil?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2189351/chinas-institutions-and-banks-need-help-worlds-civil?utm_source=rss_feed Sun, 10 Mar 2019 05:03:37 +0000 Bank of China Hong Kong (BOCHK) now handles almost all its real estate appraisals via blockchain, as part of a concerted push into financial technology (fintech) and smart banking, officials revealed on Monday. The lender is processing 85 per cent of its mortgage-related property valuations using its own digital ledger, according to general manager of information technology Rocky Cheng Chung-ngam. Speaking at the official opening of its new branch in Hong Kong Science and Technology Park... https://www.scmp.com/business/banking-finance/article/2142997/bank-china-embracing-blockchain-use-hong-kong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2142997/bank-china-embracing-blockchain-use-hong-kong?utm_source=rss_feed Mon, 23 Apr 2018 14:31:40 +0000 Bank of China and Bank of Communications (BoCom) reported a better than expected result on Thursday, bringing the banking results season to an end. All five of the mainland’s biggest lenders saw improved results this year as a result of better loan growth and fewer bad debts. Bank of China, the country’s fourth-largest bank by assets, reported a net profit of 172.41 billion yuan (US$27.41 billion) for 2017, up 4.7 per cent from 164.58 billion yuan the previous year. That is better than the... https://www.scmp.com/business/banking-finance/article/2139485/bank-china-bocom-see-profits-rise-shadow-banking-crackdown?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2139485/bank-china-bocom-see-profits-rise-shadow-banking-crackdown?utm_source=rss_feed Thu, 29 Mar 2018 09:15:15 +0000 By Yen Nee Lee As the U.S. mulls its next move against North Korea , some have suggested that sanctioning the major Chinese banks could be the most effective way to pressure the rogue nation into halting its nuclear programme. Targeting the big lenders from the world’s second-largest economy is not a new idea . And it would not necessarily just be a way to lash out at Beijing for not controlling Pyongyang sufficiently: Some Chinese banks, like the Bank of China, are said to have helped North... https://www.scmp.com/business/banking-finance/article/2109682/us-could-end-crippling-worlds-largest-banks-it-takes-north?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2109682/us-could-end-crippling-worlds-largest-banks-it-takes-north?utm_source=rss_feed Mon, 04 Sep 2017 09:15:30 +0000 Bank of China, China’s fourth-largest bank by assets, reported net profits for 2016 rose 2.58 per cent year on year, beating analysts’ expectations and higher than the profit gains posted by its competitors earlier this week. BOC, the last of the nation’s biggest state-owned banks to release 2016 results, reported net profit of 184.1 billion yuan (US$26.7 billion), beating an average estimate of 167 billion yuan by analysts polled by Bloomberg. The result was bolstered by a 23.64 per cent rise... https://www.scmp.com/business/banking-finance/article/2083887/boc-hk-reports-2016-profit-more-doubles-y55b-thanks-sale?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2083887/boc-hk-reports-2016-profit-more-doubles-y55b-thanks-sale?utm_source=rss_feed Fri, 31 Mar 2017 12:59:12 +0000 China’s large state-owned banks are expected to disappoint when they report earnings for 2016 this week, according to analysts. Of the Big Five state-owned banks, Agricultural Bank of China is expected to post the largest profit decline, of 2 per cent, to 177.3 billion yuan (US$25.8 billion), according to a poll of 21 analysts by Bloomberg. This will mark the lender’s first earnings drop since 2010. Industrial and Commercial Bank of China, Bank of China and Bank of Communications may even have... https://www.scmp.com/business/banking-finance/article/2082237/chinese-banks-feel-pinch-falling-interest-income?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2082237/chinese-banks-feel-pinch-falling-interest-income?utm_source=rss_feed Mon, 27 Mar 2017 00:17:55 +0000 The iconic Bank of China Tower on Garden Road in Central is one of Hong Kong’s landmark buildings – a “masterpiece” designed by well known architect I.M. Pei. Pei’s son Sandi Pei Li-Chung, 67, who followed in his father’s footsteps to become an architect in New York, spent eight years helping his father design for the 70-storey tower which, when completed in 1990, was the tallest building in Hong Kong. The Pei family has a strong relationship with Bank of China. Sandi Pei’s grandfather, Pei... https://www.scmp.com/property/hong-kong-china/article/2072625/architect-family-behind-hong-kongs-bank-china-tower?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/2072625/architect-family-behind-hong-kongs-bank-china-tower?utm_source=rss_feed Tue, 21 Feb 2017 07:47:21 +0000 Bank of China’s top official in New York said he’s boosting compliance efforts amid a US crackdown on illicit money moves that already led to a US$215 million penalty against Agricultural Bank of China. “From the perspective of regulation, the US is the toughest,” Xu Chen, chief executive officer and president of Bank of China’s New York branch, said in an interview on Sunday. In September, his unit was delegated the first yuan-clearing bank in the US by the People’s Bank of China. “We have the... https://www.scmp.com/business/companies/article/2043895/bank-chinas-us-chief-sees-lesson-fine-against-agricultural-bank?utm_source=rss_feed https://www.scmp.com/business/companies/article/2043895/bank-chinas-us-chief-sees-lesson-fine-against-agricultural-bank?utm_source=rss_feed Tue, 08 Nov 2016 00:00:49 +0000 Bank of China Ltd’s New York branch has been designed as the first clearing bank in the US for handling renminbi transactions, part of the Chinese government’s move to expand the worldwide infrastructure for making the yuan a global currency. The bank, China’s largest overseas lender, is the biggest beneficiary of the yuan’s aspiration as global currency, receiving 11 yuan-clearing mandates outside the mainland. US banks are also welcomed to apply to be clearing banks for transactions in... https://www.scmp.com/news/china/diplomacy-defence/article/2021222/china-designates-first-renminbi-clearing-bank-new-york?utm_source=rss_feed https://www.scmp.com/news/china/diplomacy-defence/article/2021222/china-designates-first-renminbi-clearing-bank-new-york?utm_source=rss_feed Wed, 21 Sep 2016 03:15:15 +0000 China’s four biggest banks are likely to report a bad interim when they post their financial results for the six months ended June starting this week, as rising bad loans force them to set aside provisions, while a shrinking economy crimps demand for lending. Declines are likely to be led by Bank of China, the country’s oldest lender, with a 4.2 per cent drop in first-half profit to 89.6 billion yuan (HK$89.6 billion), according to estimates by CLSA. The Beijing-based bank is scheduled to report... https://www.scmp.com/business/banking-finance/article/2008866/chinas-big-4-banks-may-post-bad-interim-week-bad-loans-rise?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/2008866/chinas-big-4-banks-may-post-bad-interim-week-bad-loans-rise?utm_source=rss_feed Thu, 25 Aug 2016 05:56:08 +0000 The Bank of China (Hong Kong) has alerted the public about the recent discovery of fake HK$50 notes, as well as made a police report about the counterfeit cash. A bank spokesman said on Monday that anyone doubtful about the authenticity of bills on hand could approach the bank or turn them over to police. These remarks came after a photo of two HK$50 notes carrying the same serial number, CN485659, and issued on January 1, 2009 was circulated online. Video Explainer: What's the difference... https://www.scmp.com/news/hong-kong/law-crime/article/1974976/watch-out-fake-hk50-notes-bank-china-hong-kong-warns-public?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-crime/article/1974976/watch-out-fake-hk50-notes-bank-china-hong-kong-warns-public?utm_source=rss_feed Tue, 14 Jun 2016 01:30:15 +0000 Bank of China (Hong Kong) will take over its parent’s branch and sub-branch network in six Asean countries, Thailand, Singapore, Malaysia, Cambodia, Vietnam and the Philippines, as it looks to transform itself into a regional player to beat a sluggish Hong Kong market. Detailing the plans for the first time at its annual general meeting on Monday, Yue said the expansion would go alongside continued efforts to expand the bank’s operations in Hong Kong, particularly in syndicated loans where is... https://www.scmp.com/business/banking-finance/article/1967479/bank-china-hong-kong-chief-sees-regional-expansion-antidote?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1967479/bank-china-hong-kong-chief-sees-regional-expansion-antidote?utm_source=rss_feed Mon, 06 Jun 2016 12:44:25 +0000 Bank of China on Tuesday posted a 1.7 per cent year-on-year growth in net profit for the first quarter, slowing down from the gain in the previous quarter, highlighting the continued challenges the bank faces in asset quality and net interest margins amid China’s economic slowdown. The fourth-largest lender by assets in China saw its net profit reach 46.6 billion yuan (HK$55.6 billion) in the first three months of the year, up 1.7 per cent from a year earlier. The growth compared with a 2 per... https://www.scmp.com/business/banking-finance/article/1938677/bank-china-posts-sluggish-profit-growth-q1-amid-faltering?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1938677/bank-china-posts-sluggish-profit-growth-q1-amid-faltering?utm_source=rss_feed Tue, 26 Apr 2016 12:43:40 +0000 Turnover reaches $645m, accounting for 9pc of the total, as the market remains bullish on China Bank of China's warrants were well received by the market on their trading debut yesterday, helped by investors' interest in the underlying shares and their need for derivatives to hedge risks. Turnover of 33 derivative warrants on the country's second-largest lender amounted to $645.84 million, accounting for about 9.16 per cent of total derivative turnover of $7.05 billion yesterday. They were... https://www.scmp.com/article/556188/investors-chase-boc-warrants?utm_source=rss_feed https://www.scmp.com/article/556188/investors-chase-boc-warrants?utm_source=rss_feed Mon, 10 Jul 2006 16:00:00 +0000 Two directors of one of Hong Kong's biggest travel agencies are being sued for more than $1 billion. The Bank of China (Hong Kong) Ltd has filed a High Court writ seeking the repayment of loans totalling $955,870,210, plus more than $500 million in interest, from Chan Yeuk-wai and Chan Yeuk-pun. The pair are directors and main shareholders of Ananda Enterprises Limited, formerly known as Ananda Wing On Travel (Holdings) Limited. The writ says the company was granted two loans in 1996 and 1997... https://www.scmp.com/article/388604/bank-sues-travel-agency-directors-over-1b-loans?utm_source=rss_feed https://www.scmp.com/article/388604/bank-sues-travel-agency-directors-over-1b-loans?utm_source=rss_feed Sat, 17 Aug 2002 16:00:00 +0000 The Bank of China's lucrative monopoly of yuan forward contracts business is coming under threat as other state and commercial banks lobby the People's Bank of China for a share of the market. Banking sources said the Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China and smaller banks had stepped up pressure on the central bank to allow them to offer the service to their clients. The renewed pressure comes amid growing expectations the yuan... https://www.scmp.com/article/308188/lenders-lobby-slice-yuan-forward-trade-cake?utm_source=rss_feed https://www.scmp.com/article/308188/lenders-lobby-slice-yuan-forward-trade-cake?utm_source=rss_feed Tue, 15 Feb 2000 16:00:00 +0000 The Bank of China (BOC) has promised more loans for Guangdong exporters whose trade volume accounts for more than 40 per cent of the national total. BOC's Guangdong branch lent 35 billion yuan (about HK$32.5 billion) to trade firms by the end of August, with the bulk going to foreign-funded enterprises, Xinhua news agency reported, quoting a bank official. The official said the mainland's exporters were faced with unprecedented difficulties due to the deepening financial crisis in Asia. As... https://www.scmp.com/article/257380/guangdong-gets-export-loan-lift?utm_source=rss_feed https://www.scmp.com/article/257380/guangdong-gets-export-loan-lift?utm_source=rss_feed Fri, 02 Oct 1998 16:00:00 +0000