The development history of Bank of Communications

Bank of Communications (English name Bank of Communications, abbreviated BCM, Chinese name abbreviated as Bank of Communications) was founded in 1908. It is one of the six major banks in China and one of the oldest banks in China. One of China's note-issuing banks. The following is the content related to the development history of Bank of Communications that I have compiled for you. It is for reference only. I hope it can help you!

In 1908 (the thirty-fourth year of Guangxu), Bank of Communications was founded by Liang Shiyi.

After the founding of the Republic of China, the Bank of Communications was entrusted by the Central Bank to jointly undertake the treasury revenue and expenditure and the issuance and exchange of national currencies together with the Bank of China.

Bank of Communications Headquarters Building In 1928, the Government Legislative Yuan passed the "Bank of Communications Regulations", and Bank of Communications became a bank dedicated to supporting farmers, mining merchants. When Bank of Communications was established, its head office was located in Beijing.

In 1919, after the end of World War I, the Shanghai Branch of the Bank of Communications took over the four-story Renaissance-style building of the Dehua Bank located at No. 14, the Bund, in the Shanghai Public Concession.

In 1928, as the national political center moved from Beijing to Nanjing, the Bank of Communications also moved its head office to No. 14, the Bund, Shanghai.

In 1937, when the Anti-Japanese War broke out, Bank of Communications moved its head office to Chongqing.

From 1946 to 1947, the Shanghai Head Office was rebuilt into a six-story building in the Art Deco style.

In 1951, the Bank of Communications' head office moved back to Shanghai, and the branch address at No. 14 on the Bund was occupied by the Shanghai Federation of Trade Unions.

In 1958, except for the Hong Kong branch, which continued to operate, Bank of Communications' domestic operations were merged into the local People's Bank of China and the People's Construction Bank of China (now known as China Construction Bank) Hong Kong, which was established on the basis of Bank of Communications. Exchange: 0939.

On July 24, 1986, in order to adapt to the reform and development of China’s economic system and as a pilot project for financial reform, the State Council approved the reorganization of Bank of Communications.

On April 1, 1987, the reorganized Bank of Communications officially opened for business and became China's first national state-owned joint-stock commercial bank. Its head office is located at No. 200 Jiangxi Middle Road, Shanghai (the former Jincheng Bank Building ); At present, the Bank of Communications head office has moved to No. 188 Yincheng Middle Road, Pudong, Shanghai.

Early note-issuing banks[18] In June 2004, in the process of deepening China's financial reform, the State Council approved the overall plan for deepening the joint-stock reform of the Bank of Communications. The goal is to turn the Bank of Communications into a It is a modern financial enterprise with a sound corporate governance structure, sufficient capital, tight internal controls, safe operations, good services and benefits, strong international competitiveness and a century-old national brand.

In 2004, the Hong Kong and Shanghai Banking Corporation invested nearly US$1.7 billion to acquire a 19.9 stake in Bank of Communications.

On June 23, 2005, it was listed on the Hong Kong Stock Exchange, stock code HKEx: 3328, becoming the first mainland Chinese commercial bank to be listed overseas.

In August 2005, Bank of Communications Schroder Fund Management Company was established as a joint venture with Schroder Group, the world's top asset management company. It is one of the first banking fund companies in China.

Exterior view of Bank of Communications in Beijing Financial Street (6 photos)

In August 2005, Bank of Communications Schroders Fund Management Co., Ltd. was established. Bank of Communications, Schroder Investment Management Co., Ltd., and China International Container Shipping (Group) Co., Ltd. *** jointly established Bank of Communications Schroder Fund Management Co., Ltd., Bank of Communications, Schroder Investment Management Co., Ltd., China International Container Shipping (Group) Co., Ltd. holds 65, 30 and 5 shares respectively. [20]

On April 25, 2007, Bank of Communications issued shares on the Shanghai Stock Exchange, with the final price per share being RMB 7.90.

On May 15, 2007, Bank of Communications was listed on the Shanghai Stock Exchange, stock code: 601328.

On August 13, 2007, the Hang Seng Index Service Company announced that Bank of Communications H shares were a constituent stock (blue chip stock) of the Hang Seng Index, which took effect on September 10 of the same year.

On September 10, 2007, Bank of Communications H shares officially became a constituent stock of the Hang Seng Index.

On December 28, 2007, Bank of Communications invested in Changshu Rural Commercial Bank of Jiangsu Province10 and became the largest shareholder.

In 2007, Bank of Communications merged and reorganized Hubei International Trust and Investment Co., Ltd., initiated the establishment of Bank of Communications Financial Leasing Co., Ltd. with regulatory approval, and established Bank of Communications International Holdings Co., Ltd. and its subsidiaries in Hong Kong. BOCOM International Asia Co., Ltd., BOCOM International Securities Co., Ltd., and BOCOM International Asset Management Co., Ltd. have taken solid steps in the field of comprehensive operations. [21]

In 2008, Bank of Communications successfully invested in Changshu Rural Commercial Bank and initiated the establishment of Dayi Bank of Communications Xingmin Rural Bank.

On March 25, 2008, Bank of Communications received the "Ministry of Finance" of the People's Republic of China and the Ministry of Finance of the People's Republic of China ("Ministry of Finance") and Central Huijin Investment Co., Ltd. ("Central Huijin") respectively. "Report on Changes in Equity", Central Huijin plans to transfer the 3 billion H shares of the Bank it holds to the Ministry of Finance. After the completion of this share change, the Ministry of Finance will hold 12,974,982 shares of the Bank. 648 shares (including 3,000,000,000 H shares), accounting for 26.48% of the total share capital.

Bank of Communications In 2008, after comprehensive analysis and discussion, Bank of Communications further clarified “taking the road of internationalization and comprehensiveness” on the basis of inheriting the existing development goals and strategic transformation series of the Bank of Communications.

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Starting from December 15, 2008, all branches of the Bank of Communications began to handle the daily conversion business of Cinda Australian Bank Leading Growth and Cinda Australian Bank Essence Flexible Allocation Funds.

In 2009, Bank of Communications was approved to become the first domestic commercial bank with a domestic insurance license. The insurance company controlled by it, Bank of Communications Kanglian, was officially established in January 2010.

2009. At the end of the year, Bank of Communications' total assets were 3.31 trillion yuan; its capital adequacy ratio was 12; its return on average assets (ROAA) was 1.01; its weighted return on average equity (ROAE) was 19.49; its total impaired loan ratio was 1.36. Ranked 56th in terms of assets and 49th in terms of primary capital.

In April 2010, Anji Bank of Communications Rural Bank was established.

In June 2010. On the 6th, Bank of Communications issued new shares at a ratio of 10 to 1.5 through an A H rights issue, raising up to 33.071 billion yuan (RMB, the same below). The bank will jointly issue 7.349 billion new A and H shares. A-shares and H-shares account for 5.292 (3.889 billion shares) and 4.708 (3.460 billion shares) respectively. The A-share rights issue price is RMB 4.5 per share. The H-share rights price is HK$5.14 per share. Converted according to the exchange rate, A shares and H shares The placement price is the same. A shares are expected to raise 17.5 billion yuan, and H shares are expected to raise 15.6 billion yuan; the proceeds will be used to supplement capital to improve core capital adequacy ratio.

Bank of Communications in November 2010. On the 29th, the Bank of Communications Taipei Representative Office was officially established in Taipei 101. Bank of Communications became the first mainland bank to establish an institution in Taiwan. According to cross-strait regulatory regulations, the Bank of Communications Taipei Representative Office is mainly engaged in non-operational activities such as financial market research and customer liaison. activities and will play an active role in learning from Taiwan’s advanced banking products and services experience.

In May 2011, the Bank of Communications Bank of Shihezi Village Bank was established.

In 2011. On July 28, Bank of Communications spent RMB 300 million to invest 20 shares in the Bank of Tibet, which is under preparation.

On March 15, 2012, approximately 6.542 billion A shares will be issued to 7 subscribers including the Ministry of Finance, Social Security Fund, Shanghai Haiyan and Yunnan Hongta at a price of 4.55 yuan/share. ; Issued an additional 5.560 billion H shares to 7 subscribers, including the Ministry of Finance, HSBC and the Social Security Fund, at a price of HK$5.63 per share. The total amount of funds raised through private placement and placement is approximately RMB 56.57 billion.

During the 2013 New Year’s Day holiday, Bank of Communications’ e-banking services focused on improving customer experience and made full use of channel advantages to provide customers with safe and convenient financial services during the holiday. During the holidays, Bank of Communications' electronic channels processed 9.4 million transactions, of which the 95559 Telephone Banking Self-Service Voice (IVR) *** accepted 530,000 customer calls, an increase of 2.05% over the same period in 2012.

On August 30, 2013, at the 7th Shanghai Small, Medium and Micro Enterprises Financial Services Fair, as the chairman unit of the Shanghai Financial Federation, Bank of Communications held a special information conference on financial services for small, medium and micro enterprises. .

On October 13, 2014, 360 Security Guards officially issued an emergency notification stating that the official website of Bank of Communications’ mobile banking suddenly experienced a redirection of access. When users use a computer to access Bank of Communications mobile banking, the page will jump to the advertising page of a third-party website, but they can access it normally using a mobile phone. 360 has notified Bank of Communications for processing.

On May 7, 2015, Bank of Communications (Luxembourg) Co., Ltd. was officially established, marking the birth of the bank’s first subsidiary bank in the Eurozone.

On the evening of June 16, 2015, Bank of Communications issued an announcement stating that the company’s deepening reform plan had been approved by the State Council.

In July 2015, Bank of Communications successfully joined the London Bullion Market Association (LBMA) and was officially granted ordinary membership status by the association, becoming the fourth Chinese bank to successfully join the association. [28]

On February 25, 2016, China’s five major state-owned commercial banks, Bank of Communications, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank, jointly held a signing ceremony in Beijing. The five major banks have promised to waive handling fees for domestic RMB transfers and remittances handled by customers through mobile banking, and to waive handling fees for domestic RMB online banking transfers and remittances of less than RMB 5,000 to reduce customer expenses. [29-30]

In 2016, Bank of Communications ranked 153rd in the list of Fortune 500 companies in the world in terms of operating income.

On January 4, 2019, the China Banking and Insurance Regulatory Commission officially approved the establishment of a wealth management subsidiary by Bank of Communications[33]. On February 25, China Minsheng Investment Group held a creditors meeting in Shanghai, at which a creditors committee was established, with Bank of Communications serving as vice chairman of the creditors committee.

Bank of Communications On May 20, 2019, Bank of Communications Prague Branch officially opened in Prague, the capital of the Czech Republic, becoming the first branch of Bank of Communications in Central and Eastern Europe[35].

On June 26, 2019, eight banks including Bank of Communications were among the first to launch an online corporate information verification system.