Founded in 1908, BoCom is one of the
note-issuing banks with the longest history in modern China. BoCom reopened
after reorganization on 1 April 1987. It is the first nationwide state-owned
joint-stock commercial bank in China, with Head Office located in Shanghai. The
Bank was listed on the Hong Kong Stock Exchange in June 2005 and on the
Shanghai Stock Exchange in May 2007.
The Bank’s business scope includes
commercial banking, securities, offshore financial services, fund management,
trust, financial leasing, insurance, offshore securities, debt-for-equity
swaps, and asset management, etc.
As at the end of June 2020, the Bank
has set up 246 domestic branches, including 30 Tier-1 branches, 7 directly
operating branches of Head Office and 209 Tier-2 branches. 2,923 banking
outlets were set up nationwide. There are several non-bank subsidiaries, mainly
including wholly-owned subsidiaries such as Bank of Communications Financial
Leasing Co., Ltd., and BoCom Financial Asset Investment Co., Ltd., BOCOM
Wealth Management Co., Ltd., China BoCom Insurance Co., Ltd.,
and subsidiaries with the controlling interests including Bank of
Communications Schroder Fund Management Co., Ltd., Bank of Communications
International Trust Co., Ltd., BoCommLife Insurance Company Limited and BoCom
International Holdings Company Limited.
BoCom set up 23 overseas banking
subsidiaries and branches, including Hong Kong Branch and Bank of
Communications (Hong Kong) Limited, New York Branch, Tokyo Branch, Singapore
Branch, Seoul Branch, Frankfurt Branch, Macau Branch, Ho Chi Minh City Branch,
San Francisco Branch, Sydney Branch, Taipei Branch, London Branch and Bank of
Communications (UK) Ltd., Bank of Communications (Luxembourg) S.A. and
Luxembourg Branch, Brisbane Branch, Bank of Communications (Luxembourg) S.A.
Paris Branch, Bank of Communications (Luxembourg) S.A. Rome Branch, Bank of
Communications (Brazil) Co., Ltd., Melbourne Branch Prague Branch and Toronto
representative office, and established 69 overseas banking outlets in total
(excluding the representative offices).
In 2015, the State Council approved
BoCom’s Plan to Strengthen Reformation. The strengthened reformation
concentrates on three key areas including refining corporate governance
mechanism as a large commercial bank, reinforcing operational improvements and
promoting transformation, and innovating operating model. BoCom steadily
implemented reform programs. In recent years, BoCom focused on three key
reformation including organizing personnel, the “New 531” project and the risk
credit management. The positive effect of reforms, stimulation of
transformation forces and the enhancement of core development indicator are
anticipated. In 2021, BoCom was honored “Top 500 Global Companies” for the thirteenth consecutive years and
was ranked No. 137 in terms of revenue by FORTUNE. It was ranked No. 11
among the global top 1,000 banks in terms of Tier-1 Capital rated by The
Banker for the fifth consecutive years .
As a large state-owned banking group
with the long history, distinct strategy, normative governance, moderate
operation and high-quality services, BoCom always adheres to the State’s
strategies and serve the real economy. BoCom continually strengthens total risk
management, deepens reform, and does the best to provide best services to
customers and rewards the shareholders, employees and society.