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Bank of Communications
Bank of Communications (BOCOM or BankComm) is a Chinese multinational banking and financial services corporation. It was originally established in 1908 and was one of a handful of domestic Chinese banks that issued banknotes in modern history. Following the Chinese Communist Revolution in 1949, the mainland operation of that bank were merged into the People's Bank of China and People's Construction Bank of China under the Communist single-tier banking system, while its continuation in Taiwan eventually became part of Mega International Commercial Bank.
In 1986, the Bank of Communications was revived in the mainland as a commercial credit institution. It was listed on the Stock Exchange of Hong Kong in June 2005 and the Shanghai Stock Exchange in May 2007. The Bank was ranked No. 151 among the Fortune Global 500 in terms of operating income and No. 11 among the global top 1,000 banks in terms of Tier 1 capital rated by the London-based magazine The Banker. In 2023, the company was ranked 53rd in the Forbes Global 2000.
In 1907, Liang Shiyi proposed the formation of a Bank of Communications to redeem the Beijing–Hankou Railway from its Belgian owners and place the railway under Chinese control. The Bank of Communications was formed in 1908 and provided more than half of the financing needed to buy the railway. The successful redemption enhanced the prestige of Liang's Communications Clique.
The bank's name uses the word "communications" to refer to the linking of two points by a means of transportation.
In order to expand the business overseas, the Bank opened its first Hong Kong branch on 27 November 1934.
In late July 1942, it lost its note-issuance privilege simultaneously as the Bank of China and the Farmers Bank of China, whereas the Central Bank of China was granted the issuance monopoly in the territories still ruled by the Nationalist government.
After the Chinese Civil War ended in 1949, the Bank of Communications, like the Bank of China, was effectively split into two operations, with part of it relocating to Taiwan with the Kuomintang government. In Taiwan, the bank was also known as the Bank of Communications or Chiao Tung Bank (Chinese: 交通銀行; Wade–Giles: Chiao-T'ung Yin-hang). It eventually merged with the International Commercial Bank of China (中國國際商業銀行), the renamed Bank of China in Taiwan after its 1971 privatization, to become the Mega International Commercial Bank.
In the early years of the People's Republic, the bank's operations in the mainland were merged into the PBC and PCBC, while the Hong Kong branch continued to exist under the same name and was integrated in the so-called Bank of China Group. The State Council decided to re-establish the Bank of Communication as a mainland commercial bank in 1986. The Bank was then restructured and re-commenced operations on 1 April 1987.[citation needed] Since then, its Head Office has been located in Shanghai.
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Bank of Communications
Bank of Communications (BOCOM or BankComm) is a Chinese multinational banking and financial services corporation. It was originally established in 1908 and was one of a handful of domestic Chinese banks that issued banknotes in modern history. Following the Chinese Communist Revolution in 1949, the mainland operation of that bank were merged into the People's Bank of China and People's Construction Bank of China under the Communist single-tier banking system, while its continuation in Taiwan eventually became part of Mega International Commercial Bank.
In 1986, the Bank of Communications was revived in the mainland as a commercial credit institution. It was listed on the Stock Exchange of Hong Kong in June 2005 and the Shanghai Stock Exchange in May 2007. The Bank was ranked No. 151 among the Fortune Global 500 in terms of operating income and No. 11 among the global top 1,000 banks in terms of Tier 1 capital rated by the London-based magazine The Banker. In 2023, the company was ranked 53rd in the Forbes Global 2000.
In 1907, Liang Shiyi proposed the formation of a Bank of Communications to redeem the Beijing–Hankou Railway from its Belgian owners and place the railway under Chinese control. The Bank of Communications was formed in 1908 and provided more than half of the financing needed to buy the railway. The successful redemption enhanced the prestige of Liang's Communications Clique.
The bank's name uses the word "communications" to refer to the linking of two points by a means of transportation.
In order to expand the business overseas, the Bank opened its first Hong Kong branch on 27 November 1934.
In late July 1942, it lost its note-issuance privilege simultaneously as the Bank of China and the Farmers Bank of China, whereas the Central Bank of China was granted the issuance monopoly in the territories still ruled by the Nationalist government.
After the Chinese Civil War ended in 1949, the Bank of Communications, like the Bank of China, was effectively split into two operations, with part of it relocating to Taiwan with the Kuomintang government. In Taiwan, the bank was also known as the Bank of Communications or Chiao Tung Bank (Chinese: 交通銀行; Wade–Giles: Chiao-T'ung Yin-hang). It eventually merged with the International Commercial Bank of China (中國國際商業銀行), the renamed Bank of China in Taiwan after its 1971 privatization, to become the Mega International Commercial Bank.
In the early years of the People's Republic, the bank's operations in the mainland were merged into the PBC and PCBC, while the Hong Kong branch continued to exist under the same name and was integrated in the so-called Bank of China Group. The State Council decided to re-establish the Bank of Communication as a mainland commercial bank in 1986. The Bank was then restructured and re-commenced operations on 1 April 1987.[citation needed] Since then, its Head Office has been located in Shanghai.