Bank of China (Hong Kong)
| Bank of China (Hong Kong) Limited 中國 銀行 (香港) 有限公司 |
|
|---|---|
| legal form | Public company ( HKSE : 2388 ) |
| ISIN | HK2388011192 |
| founding | October 1, 2001 |
| Seat |
 Hong Kong
|
| management | Xiao Gang, Chairman He Guangbei, CEO |
| Number of employees | 13,009 (June 2004) |
| sales | HK $ 8 billion (2003) |
| Website | www.bochk.com |
The Bank of China (Hong Kong) Limited ( BOCHK ) is a financial company from the People's Republic of China . The bank is listed in the Hang Seng Index . The company's headquarters are in Hong Kong . The company was founded on October 1, 2001 through a merger and employs around 13,000 people (as of June 2004). It is a subsidiary of the Bank of China , which is legally independent from its parent company, but works closely with it in administrative, management, insurance and securities matters. It is one of the three banks that issue the Hong Kong dollar . The company is the largest member and founder of the JETCO ATM system as well as the only licensed bank in Hong Kong for currency transactions with the renminbi , China's currency. The Bank of China Hong Kong is the second largest banking group in Hong Kong in assets and customer accounts with more than 300 branches in Hong Kong. The seat of the bank is in the Bank of China Tower , which it shares with the parent company. It was the largest building outside the United States when it was completed in 1990 .
history
The Bank of China Group
In 1917, the Bank of China opened a branch in Hong Kong. It was the first state-owned Chinese bank in what was then the Crown Colony , but others soon followed. The Yien Yieh Bank moved to in 1918 as the first. When the People's Republic of China was proclaimed in 1949, there were already 15 state-owned banks and another nine, some of which were privatized, in Hong Kong.
In 1952, the partially privatized banks ( Sin Hua Bank Limited, China & South Sea Bank Limited, Kincheng Banking Corporation, China State Bank Limited, The National Commercial Bank Limited, Yien Yieh Commercial Bank, Young Brothers Banking Corporation, Wo Sang Bank and the National Industrial Bank of China ) with the Bank of China in Hong Kong, the latter three having to give up their branches two years later. The management of the remaining six companies in Hong Kong was transferred to a department of the Bank of China in 1958 . The Kwangtung Provincial Bank , Hua Chiao Commercial Bank Limited and the Bank of Communications were taken.
A common IT platform was set up in the 1980s . Thus, financial and foreign exchange transactions could be simplified significantly. The Bank of China Group was created through the merger of the banks, but the management of the individual companies was retained.
Company restructuring
The Bank of Communications broke away in 1998 from the merger of the Bank of China Group , which then completely restructured itself for the IPO . The shareholders have been paid off and official restructuring plans have been approved by the Peoples Bank of China . The first changes took effect in early 2001. The restructuring involved a merger of the mainland banks with Po Sang Bank . The company was now called the Bank of China (Hong Kong) . The Nanyang Commercial Bank , Chiyu Banking Corporation and the BOC Credit Card Ltd. subsidiaries were established in Hong Kong. The merger was legitimized by the Legislative Council of Hong Kong on July 12, 2001 and was fully completed on October 1.
Exchange structure
The Bank of China Hong Kong is listed on the stock exchange under the name BOC (Hong Kong) Holdings Limited . It can be found on the Hong Kong Stock Exchange under the symbol 2388 and on the American Depositary Receipt under the symbol BHKLY . The bank has been listed in the Hang Seng Index since July 2002 . This made it the first company in a Chinese stock index that was not located in mainland China . For the twelve months ended December 31, 2003, BOC (Hong Kong) Holdings Limited had annual net income of HK $ 8 billion on revenues of HK $ 11.6 billion. In 2008, 65.73% of the company was owned by the Bank of China , which in turn is 67.49% owned by Central SAFE Investments Limited . It is an asset management company that is completely under the government of the People's Republic of China.
The Hong Kong dollar
- Main article: Hong Kong dollar
The Bank of China Hong Kong is one of the three banks that issues the Hong Kong dollar. The other two institutions are HSBC and Standard Chartered Bank . The board of directors of the Hong Kong Association of Banks , which is the core of the banks in Hong Kong , rotates between these three banks .
On May 1, 1994, the Bank of China began distributing the Hong Kong dollar with the imprint "Bank of China Hong Kong Branch" on it . Since 2004 a new set of banknotes has been in circulation that is labeled “Bank of China (Hong Kong)” .
The renminbi
- Main article: Renminbi
Prior to 1993, the renminbi was not allowed to circulate outside mainland China. Travelers therefore had to exchange the money for another currency when leaving. This provision was lifted in March and it was allowed to export 6,000 renminbi per person (around EUR 540 at the time). This limit was raised to 20,000 at the beginning of 2005, although there was already discussion in 2001 about establishing an official facility for official currency exchange within Hong Kong.
Since January 2004, the Bank of China Hong Kong has been the only bank in Hong Kong that is allowed to conduct transactions with the renminbi. In a decision-making process on December 31, 2003, it was selected as the clearing bank for Hong Kong. Initially, credit cards issued by banks in mainland China could be used. After that, from February 25th, it was already possible to deposit and transfer money and exchange the currencies of China and Hong Kong in the respective country. As of April 30, 2004, banks even offered credit cards for use in China, as well as cash.
Bank of China Tower
- Main article: Bank of China Tower
The Bank of China Hong Kong headquarters is located in the Bank of China Tower , which is located in the Central district . The 367.4 m high office tower was built by the architect Ieoh Ming Pei in the Expressionist style and has 72 floors. It is the first building outside of North America to be over 1,000 feet tall. The building was the tallest in Asia from 1989 to 1992 and is still number 12 worldwide. The 42nd and 70th floors have viewing platforms, the latter of which can only be reached by appointment. The structure indicates growing bamboo plants, which are to be understood as a symbol of livelihood and prosperity. The overall structure of the building is supported by the four pillars on the edges, onto which the weight is shifted with the help of the triangular frames. The outer facade of the skyscraper is glass.
literature
- Feng, Bangyan; (2002): A Century of Hong Kong Financial Development . Joint Publishing Hong Kong, ISBN 962-04-2129-9 .
Web links
- Official company website
- Bank of China Group
- Banknotes issued by the Bank of China (Hong Kong)
- Banknotes issued by the Bank of China (Macau)
Individual evidence
- ↑ Company history: History .
- ↑ Press release on the legitimation of the merger, Bank of China (Hong Kong) Limited (Merger) Bill 2001 Passed by Legco .
- ↑ Annual Report 2003, BOCHK 2003 Annual Report (PDF; 1.7 MB), March 2004.
- ↑ shares, BOCHK Shareholding Structure ., 2008
- ↑ Hong Kong Monetary Authority on the Hong Kong Dollar, Banks and banknotes .
- ↑ Hong Kong Monetary Authority press release on the Hong Kong dollar, New Hong Kong Banknotes , October 10, 2004.
- ↑ External Department, Renminbi banking business in Hong Kong , March 2005.
- ^ Building information About BOC Tower ( Memento from January 5, 2011 in the Internet Archive )