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{{Short description|Intermediately Chinese state-owned bank in Hong Kong}}
{{featured article}}
{{Use Hong Kong English|date=July 2014}}
{{Infobox Company |
{{Use dmy dates|date=December 2023}}
company_name = Bank of China (Hong Kong) Limited |
{{Infobox company
company_logo = ] |
| name = {{nowrap|Bank of China (Hong Kong) Limited}}<br/>中國銀行(香港)有限公司
company_type = ]<br>]: 2388<br>(listing is as BOC (Hong Kong) Holdings Limited) |
| logo = Bankofchinahongkonglogo.png
company_slogan = ''Make every day an opportunity'' |
| logo_alt = BOCHK 中銀香港
foundation = 2001|
| logo_size =
location = ]|
| image = HK Bank of China Tower View.jpg
key_people = ], ] <br> ], ] |
| image_size = 260px
num_employees = 13,009 (June 2004) |
| image_caption = ] in Hong Kong
products = ]|
| industry = ]
revenue = HK$8&nbsp;] (2003) |
| products = {{hlist| ] | ]| ]| ]| ]| ]| ]| ]| ]| ] | ] | ]| ]s| ]s }}
homepage = |
| type = public
| traded_as = {{ubl|{{SEHK|2388}}|] component|(as BOC Hong Kong (Holdings))}}
| foundation = {{ubl|{{start date and age|1964|10|16|df=yes}} (incorporation of the legal entity ])|{{start date and age|2001|10|1|df=yes}} (current name)}}
| hq_location = ], ]
| hq_location_city = ]
| key_people = ], Chairman <br /> Sun Yu, Vice chairman and Chief Executive
| operating_income = {{increase}} ]58.4&nbsp;billion (2019)<ref name=AR2019></ref>
| net_income = {{increase}} ]34.1&nbsp;billion (2019)<ref name=AR2019/>
| assets = {{increase}} ]3,026&nbsp;billion (2019)<ref name=AR2019/>
| num_employees = {{increase}} 14,832 (2022)<ref name=AR2019/>
| parent = ]
| homepage =
}} }}
{{Infobox Chinese|title=Bank of China (Hong Kong) Limited|t=中國銀行(香港)有限公司|s=中国银行(香港)有限公司|p=Zhōngguó yínháng (Xiānggǎng) yǒuxiàn gōngsī|j=zung1 gwok3 ngan4 hong4 (hoeng1 gong2) jau5 haan6 gung1 si1|t2=中銀香港|s2=中银香港|p2=Zhōngyín Xiānggǎng|j2=zung1 ngan4 hoeng1 gong2|showflag=j}}
]


The '''Bank of China (Hong Kong)''' (BOCHK, 中國銀行（香港）) ({{sehk|2388}}) is the second-largest ] in ] in terms of ]s and customer ], with more than 300 branches in Hong Kong. It was established on ], ] from a merger of 12 subsidiaries and associates of the ] in Hong Kong, and listed on the ] in October 2002. As of the end of 2003, the bank had ]763 billion in assets and earned net profit of HK$8 billion in 2003. '''Bank of China''' ('''Hong Kong''') '''Limited''' ({{zh|t=中國銀行(香港)有限公司}}), abbreviated as '''BOCHK''' ({{zh|t=中銀香港}}), is a subsidiary of the ] (via the Hong Kong-listed intermediate holding company '''BOC Hong Kong Holdings'''). Bank of China (Hong Kong) is the second-largest ] in ] in terms of ]s and customer ] (2008 data),<ref>{{Cite book|publisher=John Wiley and Sons|isbn=978-0-470-22312-3|page=|last=Trippon|first=James|title=Becoming Your Own China Stock Guru: The Ultimate Investor's Guide to Profiting from China's Economic Boom|url=https://archive.org/details/becomingyourownc00trip|url-access=limited|year=2008}}<!--|access-date=29 July 2009--></ref> with more than 190 branches across Hong Kong as of the end of 2019.<ref name=AR2019/> It is also one of the three commercial banks licensed by the ] to issue banknotes for the ].


BOCHK is one of the three banks which issue ], the biggest member and a founder of the ] ] and payment system, and the designated ] bank in Hong Kong for transactions involving the ], ]'s ]. It is legally separate from its parent, ] (BOC), although they maintain close relations in management and administration and cooperate in several areas including reselling BOC's ] and ] services. It also shares its Hong Kong headquarters, the ], with its parent; completed in 1988, this was the first building outside of ] to exceed 1,000 feet. BOCHK is legally separated from its parent, ] (BOC), although they maintain close relations in management and administration and co-operate in several areas, including reselling BOC's insurance and ] services. BOCHK is also the biggest member and {{clarify span|a founder of|reason=2001 versus 1982?|date=April 2023}} the ] ] and payment system, and the designated ] bank in Hong Kong for transactions involving the ] (RMB / CNY).

BOCHK was established on 1 October 2001 from a merger of 12 subsidiaries and associates of the ] in Hong Kong, and listed on the ] in October 2002.<ref>{{cite web|url=http://www.fundinguniverse.com/company-histories/bank-of-china-history/ |title=Bank of China History |publisher=fundinguniverse.com |access-date=7 July 2018}}</ref> As of the end of 2019, the bank had ]3,026&nbsp;billion in assets and an operating profit of HKD39.8&nbsp;billion.<ref name=AR2019/> Its head office is in the ] in ].<ref>" {{webarchive|url=https://web.archive.org/web/20110820001414/http://www.bochk.com/ir/contactus_e.html |date=20 August 2011 }}." Bank of China (Hong Kong). Retrieved on 11 September 2011. "Registered Office BOC Hong Kong (Holdings) Limited 52/F Bank of China Tower 1 Garden Road Hong Kong"</ref> The head office is shared with the Hong Kong units of its parent company; it was completed in 1988 and was the first building outside North America to exceed {{convert|1000|ft|m|0}} in height.


==History== ==History==
{{More citations needed section|date=May 2013}}
]

===Bank of China Group=== ===Bank of China Group===
] {{Main|Bank of China Group}}
:''Main article: ]''


The opening of a branch of the Bank of China in Hong Kong 1917 marked the entry of state-owned Chinese banks into the then-colony's banking sector. Other banks soon followed suit, starting with ] in 1918. By the time the ] was established in 1949, there were 15 branches of state owned Chinese banks in Hong Kong, plus branches of nine Mainland-incorporated banks that were public-private ]s. In addition, the Chinese government established ] in 1949 and ] in 1950. Both of these were incorporated in Hong Kong. The opening of a branch of the Bank of China in Hong Kong in 1917 marked the entry of state-owned Chinese banks into the then-colony's banking sector. Other banks soon followed suit, starting with ] in 1918. By the time the People's Republic of China was established in 1949, there were 15 branches of state-owned Chinese banks in Hong Kong, plus branches of nine mainland-incorporated banks that were public-private joint ventures. In addition, the Chinese government established ] in 1949 and ] in 1950. Both of these were incorporated in Hong Kong.


In 1952, the nine public-private banks (namely, ], ], ], ], ], ], ], ] and ]) were grouped into the '''Joint Office of Joint Public-Private Banks'''. The Hong Kong branches of the last three of these nine were closed in 1954 when their parents were shut down by the central government, and management of the remaining six public-private banks were transferred to the Hong Kong and Macau Regional Office of the Bank of China in 1958. The Bank of China later took over management of the Hong Kong branches of ], ] and the ] (HKSE: 3328). In 1952, the nine public-private banks (namely, ], ], ], ], ], ], ], ] and ]) were grouped into the '''Joint Office of Joint Public-Private Banks'''. The Hong Kong branches of the last three of these nine were closed in 1954 when their parents were shut down by the central government, and management of the remaining six public-private banks were transferred to the Hong Kong and Macau Regional Office of the Bank of China in 1958. The Bank of China later took over management of the Hong Kong branches of ], ] and the ] (HKSE: 3328).


In June 1975, the Bank of China moved to increase the capital of the public-private banks. As all of the new capital were from the Chinese government, private ownership in the public-private banks were substantially reduced, in some cases to less than 1%. In June 1975, the Bank of China moved to increase the capital of the public-private banks. As all of the new capital was from the Chinese government, private ownership in the public-private banks was substantially reduced, in some cases to less than 1%.


The 14 banks were rebranded as part of the '''Bank of China Group''' in the 1980s, after a common IT platform was established. Treasury and foreign currency exchange operations were also centralised. However, the individual banks retained their own management. The 14 banks were rebranded as part of the '''Bank of China Group''' in the 1980s, after a common IT platform was established. Treasury and foreign currency exchange operations were also centralised. However, the individual banks retained their own management. They are now the second-largest banking group in Hong Kong.


===Restructuring and listing=== ===Restructuring and listing===
The Hong Kong branch of the Bank of Communications broke off from the Bank of China Group in 1998. The Bank of China Group started to restructure its operations in 1999 in preparation for an ]. All minority shareholders (except for those of Chiyu) were bought out by the Bank of China. Formal plans for a restructuring received the approval of the ] and were launched in January 2001. The Hong Kong branch of the Bank of Communications broke off from the Bank of China Group in 1998. The Bank of China Group started to restructure its operations in 1999 in preparation for an ]. All minority shareholders (except for those of Chiyu) were bought out by the Bank of China. Formal plans for a restructuring received the approval of the ] and were launched in January 2001.


The restructuring saw all operations of the Mainland-incorporated group members merged into Po Sang Bank, which was then immediately renamed Bank of China (Hong Kong) Limited. Hong Kong incorporated Nanyang Commercial Bank and Chiyu Banking Corporation became subsidiaries of Bank of China (Hong Kong) Limited. Legislation was required for the merger, as Hong Kong does not allow mergers via the ], a common procedure in the ]. The ''Bank of China (Hong Kong) Limited (Merger) Ordinance'' was approved by the ] on ], ], and the merger was completed on ], ]. The restructuring saw all operations of the mainland-incorporated group members merged into Po Sang Bank, which was then immediately renamed Bank of China (Hong Kong) Limited. Hong Kong incorporated Nanyang Commercial Bank and Chiyu Banking Corporation became subsidiaries of Bank of China (Hong Kong) Limited. Legislation was required for the merger, as Hong Kong does not allow mergers via the ], a common procedure in the United States.{{original research inline|date=September 2018}} The ''Bank of China (Hong Kong) Limited (Merger) Ordinance'' was approved by the ] on 12 July 2001, and the merger was completed on 1 October 2001.


==Corporate structure and BOC (Hong Kong) Holdings== ==Corporate structure and BOC Hong Kong Holdings==
Bank of China (Hong Kong) is a listed company of ], via its parent company BOC Hong Kong (Holdings) Limited (BOCHK Holdings). The holding owned 100% shares of the bank.
]
BOCHK is listed under the name of '''BOC (Hong Kong) Holdings Limited''' (BOCHK Holdings), a ] whose principal, 100% owned subsidiary is BOCHK. The holding company is listed on the ] {{sehk|2388}} and as ] in the US under the symbol BHKLY. BOC (Hong Kong) Holdings is a constituent of the ]. The listing of BOCHK Holdings in July 2002 listing was the first international stock listing by a ] bank; until that time, other Mainland Chinese bank listings were done in the domestic "A-share" market.


Moreover, ] of the shares of the holdings, were traded on ].
For the 12 months ended ], ], BOCHK Holdings earned HK$11.6 billion in operating income and HK$8.0 billion in net profit. ], 66% of BOCHK Holdings is held by ], in turn 100% owned by ], an investment holding company 100% owned by the Government of the ].


BOCHK Holdings is a constituent of the ]. The listing of BOCHK Holdings in July 2002 listing was the first international stock listing by a ] bank; until that time, other mainland Chinese bank listings were done in the domestic "A-share" market.
==Operations==
], ]]]


For the 12 months ended 31 December 2019, BOCHK Holdings earned HKD58.4&nbsp;billion in operating income and HKD34.1&nbsp;billion in net profit. As of the end of 2019, 65.65% of BOCHK Holdings is held by Bank of China Group,<ref name=AR2019/> in turn 69.265% owned by ], an investment holding company 100% owned by the Government of the People's Republic of China.
BOCHK offers a comprehensive range of financial products and services to retail and corporate customers, similar to those offered by most commercial banks. It is primarily known for its interest-income business (taking ] from retail customers for loans to corporates) although it has been moving into other non-interest-income areas such as personal loans, wealth management and other financial services in recent years. It has Hong Kong's biggest branch network (over 200 branches) and 450 ]s.


==Operations==
BOCHK is the biggest mortgage lender in Hong Kong in the secondary market; ] is the biggest in the primary market. BOCHK resells the ], ], ] (MPF) and asset management services of various subsidiaries of its parent, ].
{{More citations needed section|date=May 2013}}
BOCHK offers a comprehensive range of financial products and services to retail and corporate customers, similar to those offered by most commercial banks. It is primarily known for its interest-income business (taking ] from retail customers for loans to corporates) although it has been moving into other non-interest-income areas such as personal loans, wealth management and other financial services in recent years. It has Hong Kong's biggest branch network including approximately 190 branches, 280
automated banking centres, over 1,000 ]s as of end 2019.<ref name=AR2019/>


BOCHK is one of the key mortgage lenders in Hong Kong. The other key lenders include ] and ].<ref>{{Cite web|url=https://www.centamortgage.com/|title=按揭公司 &#124; 按揭轉介 &#124; 中原按揭|website=www.centamortgage.com}}</ref>
Within ], BOCHK operates 14 branches (]) separately from its parent. BOCHK is treated as a foreign bank (more properly, "&#22659;&#22806;&#38134;&#34892;" or "banks outside of the territory") for regulatory purposes as it is incorporated in Hong Kong.

Within ], BOCHK operates 14 branches ({{As of|2005|alt=as of January 2005}}) separately from its parent. BOCHK is treated as a foreign bank, more properly, 境外銀行 (''banks outside of the territory''), for regulatory purposes as it is incorporated in Hong Kong. However, partly to clear up confusion between it and its parent in the mainland, it shifted all of its mainland-based business to Nanyang Commercial Bank in 2007.


===Renminbi clearing bank=== ===Renminbi clearing bank===
]
BOCHK has been the designated clearing bank for personal transactions involving the ] (RMB, the currency of ]) in ] since February 2004. This means that BOCHK acts as a settlement agent for RMB banknotes and funds in Hong Kong and an intermediary between banks in Hong Kong and the ], the ] of the ]. In return, BOCHK takes a 0.125% cut of all RMB deposits in Hong Kong that are repatriated back to Mainland China.


BOCHK has been the designated clearing bank for personal transactions involving the ] (CNY, the currency of ]) in Hong Kong since February 2004. This means that BOCHK acts as a settlement agent for RMB banknotes and funds in Hong Kong and an intermediary between banks in Hong Kong and the ], the ] of the People's Republic of China. In return, BOCHK takes a 0.125% cut of all RMB deposits in Hong Kong that are repatriated back to mainland China.
The ] announced on November 18 2003 that the ] had agreed to provide clearing arrangements, marking for the first time that the Renminbi, which is fully on the ] but not on the ], has been allowed to clear outside of ]. The scope of such RMB business includes deposit-taking, exchange, remittances and RMB cards. Hong Kong banks were invited to apply to become the designated clearing bank for RMB business; the People's Bank of China subsequently chose BOCHK as the clearing bank, for a term of three years.

The ] announced on 18 November 2003 that the ] had agreed to provide clearing arrangements, marking for the first time that the Renminbi, which is fully on the ] but not on the ], has been allowed to clear outside of ]. The scope of such RMB business includes deposit-taking, exchange, remittances and RMB cards. Hong Kong banks were invited to apply to become the designated clearing bank for RMB business; the People's Bank of China subsequently chose BOCHK as the clearing bank, for a term of three years.


According to the ], the major responsibilities of the clearing bank are to: According to the ], the major responsibilities of the clearing bank are to:
Line 66: Line 85:


===Nanyang Commercial Bank=== ===Nanyang Commercial Bank===
], ]]] ], Hong Kong]]
:''Main article: ]'' {{Main|Nanyang Commercial Bank}}


Founded in 1950 in Hong Kong, Nanyang Commercial Bank is a wholly-owned ] of BOCHK, with 41 branches. Nanyang primarily focuses on corporate customers, in particular small and medium sized trading and manufacturing companies. It also has a loyal following amongst the overseas Chinese community, especially in ]. It relies on BOCHK for back-end office and ] support. Founded in 1950 in Hong Kong, Nanyang Commercial Bank is a wholly owned subsidiary of BOCHK,{{update inline|date=April 2023}} with 42 branches. Nanyang primarily focuses on corporate customers, in particular small and medium-sized trading and manufacturing companies. It also has a loyal following among the overseas Chinese community, especially in ]. It relies on BOCHK for back-end office and ] support. In 2007, it took over all of BOCHK's mainland operations, corporate and individual.


===Chiyu Banking Corporation=== ===Chiyu Banking Corporation===
:''Main articles: ] and ]'' {{Main|Chiyu Banking Corporation|Jimei University}}


Founded by ], an ] in 1947, Chiyu Banking Corporation Limited has 23 branches in Hong Kong and focuses on serving the community of residents of ] descent in Hong Kong. Founded by ], an ] in 1947, Chiyu Banking Corporation Limited has 23 branches in Hong Kong and focuses on serving the community of residents of ] descent in Hong Kong.


Chiyu was explicitly created by Chen to create a sustainable business with profits to be devoted to education in ] and the rest of ] province in China. Since its founding, it has spent more than HK$1 billion in education in the province, primarily through funding ] and its related schools. Chiyu was explicitly created by Chen to create a sustainable business with profits to be devoted to education in ] and the rest of ] province in China. Since its founding, it has spent more than HK$1&nbsp;billion in education in the province, primarily through funding ] and its related schools.

In 2017 BOC (HK) sold Chiyu Bank.{{citation needed|date=April 2023}}


===JETCO=== ===JETCO===
] <!-- Image with inadequate rationale removed: ] -->


:''Main article: ]'' {{Main|JETCO}}


'''JETCO''' (traditional Chinese: &#37504;&#36890;) (Joint Electronic Teller Services Limited) is the biggest network of ] in ] and ], with nearly 1,700 cash machines. JETCO was founded by BOCHK in 1982 along with the ], ], ] and ], and at present covers all licensed ] in Hong Kong and Macau, except for ] and ], which has their own system. JETCO connects with the ] network in ]: JETCO cardholders can withdraw ] cash at UnionPay machines in a number of major cities in Mainland China, while UnionPay cardholders can withdraw cash (up to around ]4,500 per day) at JETCO machines in Hong Kong. '''JETCO''' ({{zh|t=銀通}}) (Joint Electronic Teller Services Limited) is the biggest network of ] in Hong Kong and ], with nearly 3,000 cash machines.<ref>{{Cite web|url=https://www.jetco.com.hk/en|title=JETCO Hong Kong|website=www.jetco.com.hk}}</ref> JETCO was founded {{clarify span|by BOCHK in 1982|date=April 2023}} along with the ], ], ] and ], and at present covers {{clarify span|reason=What about Tai Sang Bank and ], e.g.? Or Morgan Stanley Bank Asia? BDO Unibank? |all licensed ] in Hong Kong and Macau, except for|date=April 2023}} ] and ], which have their own system. JETCO's agreement with UnionPay has been terminated {{citation needed span|due to disagreements,|date=April 2023}} leaving two choices for Hong Kong-based customers: get a UnionPay card, usable like any other on the mainland, or look for a Bank of East Asia ATM (Bank of East Asia has linked all of its mainland-based ATMs into the JETCO network) that can be used like any other JETCO ATM.


===Other operations=== ===Other operations===
BOCHK also owns a travel agency known as '''BOC Travel Services'''. This is a legacy from its acquisition of Nanyang Commercial Bank, which ran a travel agency for the convenience of its Southeast Asian customers. BOCHK also owns a travel agency known as '''BOC Travel Services'''. This is a legacy from its acquisition of Nanyang Commercial Bank, which ran a travel agency for the convenience of its Southeast Asian customers.


==Bank notes== == Southeast Asia ==
{{Expand section|date=April 2023}}
:''Main article: ]''
<ref>{{cite web|url=https://www.bochk.com/dam/bochk/an/2016/20160831a_en.pdf|title=Question answer session|access-date=13 April 2023|website=bochk.com|date=31 August 2016}}</ref>


===Brunei===
BOCHK is one of the three banks which issue ], the other two being ] and ]. As one of the three note-issuing banks, it is also a rotating chairman of the ], the main industry body of commercial banks in Hong Kong.
In 2016, BOCHK opened a branch in Brunei, becoming the first Chinese bank to establish itself in the country.<ref>{{cite web | url=https://www.privatebankerinternational.com/news/bank-of-china-hong-kong-opens-new-brunei-office-211216-5702250/ | title=Bank of China Hong Kong opens new Brunei office | date=21 December 2016 }}</ref><ref>{{Cite web|url=https://www.chinadaily.com.cn/business/2016-04/23/content_24778837.htm|title=BOC (Hong Kong) approved to operate first Brunei branch - Business - Chinadaily.com.cn|website=www.chinadaily.com.cn}}</ref><ref>{{cite web | url=https://thediplomat.com/2016/05/brunei-to-get-its-first-china-bank/ | title=Brunei to Get Its First China Bank }}</ref>


===Malaysia, Thailand===
Bank of China started to issue Hong Kong dollar notes on ] 1994, under the name of "Bank of China Hong Kong Branch". Under the ''Bank of China (Hong Kong) Limited (Merger) Ordinance'', After the restructuring, banknotes issued by the Bank of China before its merger remained legal tender after the merger and became the obligations of Bank of China (Hong Kong). A new set of notes bearing the name Bank of China (Hong Kong) went into circulation in 2004.
<ref> bochk.com 30 August 2016</ref><ref>{{cite web|url=https://www.bochk.com/dam/bochk/desktop/top/aboutus/pressrelease2/2016/20161017_01_Press_Release_EN.pdf|title=Press release|access-date=13 April 2023|website=bochk.com|date=17 October 2016}}</ref>


==Banknotes==
==Bank of China Tower==
{{Main|Banknotes of the Hong Kong dollar}}
]
{{See also|Macanese pataca}}
:''Main article: ]''
]
Although not a ], BOCHK issues banknotes in Hong Kong. Under present arrangements, most ] are not issued by a central bank or monetary authority, but by three specially licensed commercial banks, these being the Bank of China, ] and ].


Bank of China started to issue Hong Kong dollar notes on 1 May 1994, under the name of ''"Bank of China Hong Kong Branch"''. Following the bank's 2001 merger and restructuring, a new set of notes bearing the name ''"Bank of China (Hong Kong)"'' went into circulation in 2004. Under the ''Bank of China (Hong Kong) Limited (Merger) Ordinance'', banknotes issued by the Bank of China prior to its merger remained legal tender and became the obligations of Bank of China (Hong Kong).
The '''Bank of China Tower''' in ] houses the headquarters of BOCHK. Designed by ], the 70-storey building's height is 315 ]s with two masts reaching 369 meters. Construction began in 1985 and the building was completed in 1989, with its official opening on ], ].

As one of the three note-issuing banks, BOCHK is also a rotating chairman of the ], the main industry body of commercial banks in Hong Kong.

==Bank of China Tower==
{{Main|Bank of China Tower, Hong Kong}}


Bank of China Tower was the first building outside ] to break the 1,000 ] mark, the first composite ] high-rise building and was the tallest building in Hong Kong and Asia from 1989 to 1992. A small observation deck on the 43rd floor of the building is open to the public; visits to the main observation deck on the 70th floor is by appointment only. The '''Bank of China Tower''' in ] houses the headquarters of Bank of China Hong Kong. Designed by ], the 70-storey building's height is 315 metres with two masts reaching 369 metres. Construction began in 1985 and the building was completed in 1989, with its official opening on 17 May 1990.


Bank of China Tower was the first building outside North America to break the {{convert|1000|ft|m}} mark, the first composite ] high-rise building and was the tallest building in Hong Kong and Asia from 1989 to 1992. A small observation deck on the 43rd floor of the building is open to the public; visits to the main observation deck on the 70th floor is by appointment only.
The structural expressionism adopted in the design of this building resembles growing ] ], symbolising livelihood and prosperity. The whole structure is supported by the four reinforced concrete columns at the corners of the building, with the triangular frameworks transferring the weight of the structure into these four columns. It is covered with glass curtain walls. While its distinctive look makes it one of Hong Kong's most identifiable ] today, it was the source of some controversy at one time, as the bank is the only major building in Hong Kong to have bypassed the convention of consulting with ] masters on matters of design prior to construction.


The structural expressionism adopted in the design of this building resembles growing ] ], symbolising livelihood and prosperity. While its distinctive look makes it one of Hong Kong's most identifiable ] today, it was the source of some controversy at one time, as the bank is the only major building in Hong Kong to have bypassed the convention of consulting with ] masters on matters of design prior to construction.
Bank of China Tower was initially built by the Hong Kong Branch of the Bank of China; its Garden Road entrance continues to display the name "Bank of China", rather than BOCHK. Ownership has since been transferred to BOCHK, although the Bank of China has leased back several floors for use by its own operations in Hong Kong.


==Corporate governance== ==Corporate governance==
{{More citations needed section|date=May 2013}}
One of the stated goals of the restructuring of BOCHK was to aggressively improve ] and ]. Issues regarding BOCHK's corporate governance were widely reported in 2003 and 2004 following allegations of misconduct. Investigations are continuing ]. BOCHK subsequently reorganised and tightened internal controls, and made several executive appointments via a global replacement effort.
One of the stated goals of the restructuring of BOCHK was to aggressively improve ] and ]. Issues regarding BOCHK's corporate governance were widely reported in 2003 and 2004 following allegations of misconduct. Investigations are continuing {{As of|2005|lc=on}}. BOCHK subsequently reorganised and tightened internal controls, and made several executive appointments via a global replacement effort.


===Liu Jinbao=== ===Liu Jinbao===
A former ] of BOCHK, ], was abruptly transferred back to ] to become vice-chairman of Bank of China in May 2003. Investigations subsequently found Liu to have "committed economic crimes" in connection with his previous appointment as the head of the ] branch of the Bank of China. Liu was subsequently dismissed from his post. Liu, along with three other senior managers, were also alleged to have made "unauthorised distribution for personal purposes" of funds belong to the Bank of China before BOCHK was established. '']'' speculated that the amount involved was HK$30 million. A former CEO of BOCHK, ], was abruptly transferred back to Beijing to become vice-chairman of Bank of China in May 2003. Investigations subsequently found Liu to have "committed economic crimes" in connection with his previous appointment as the head of the Shanghai branch of the Bank of China. Liu was subsequently dismissed from his post. Liu, along with three other senior managers, were also alleged to have made "unauthorised distribution for personal purposes" of funds belonging to the Bank of China before BOCHK was established. '']'' speculated that the amount involved was HK$30&nbsp;million.


===New Nongkai loan=== ===New Nongkai loan===
A special committee appointed by BOC (Hong Kong) Holdings in consultation with the ] found that the granting of a HK$1.77 billion bridge loan to ] (sometimes referred to as "Zhou Zhengyi" depending on transliteration), involved "risks identified at the start (that) were not addressed adequately" and was granted despite "serious reservations expressed by the Risk Management Department (BOCHK)". ] was criticised by the committee and a deputy CEO, Or Man-ah, took early retirement as a result. A special committee appointed by BOC (Hong Kong) Holdings in consultation with the ] found that the granting of a HK$1.77&nbsp;billion bridge loan to Chau Ching-ngai (sometimes referred to as ''Zhou Zhengyi'' depending on transliteration), involved ''risks identified at the start (that) were not addressed adequately'' and was granted despite ''serious reservations expressed by the Risk Management Department (BOCHK)''. ] was criticised by the committee and a deputy CEO, Or Man-ah, took early retirement as a result.

==See also==
{{Portal bar|Hong Kong|Companies|Banks}}
* ]
* Bank of China (Hong Kong) ]
* ]


==References== ==References==

===General=== ===General===
{{Refbegin}}
<div style="font-size:90%">
* Feng, Bangyan; (2002). ''A Century of Hong Kong Financial Development''. Joint Publishing Hong Kong. ISBN 962-04-2129-9. * Feng, Bangyan; (2002). ''A Century of Hong Kong Financial Development''. Joint Publishing Hong Kong. {{ISBN|962-04-2129-9}}.
* ''''. March 2004. * ''BOCHK 2003 Annual Report''. March 2004.
* ''''. August 2002. * ''BOC (Hong Kong) Holdings IPO Prospectus''. August 2002.
{{Refend}}
</div>

=== Inline ===
{{Reflist}}


===Corporate governance=== ===Corporate governance===
{{Refbegin}}
<div style="font-size:90%">
* Chung, O. ''''. '']''. ], ]. * Chung, O. ''Liu probe began in 2000: magazine''. '']''. 10 March 2004.
* ''''. ] News report, ], ]. Retrieved ], ]. * ''Suspect loans' at Shanghai firm''. ] News report, 10 June 2003. Retrieved 16 February 2005.
* Batchelor, M. '''' '']'' via '']''. ], ]. * Batchelor, M. ''BOC Hong Kong hires 3 executives'' '']'' via '']''. 4 January 2005.
* , '']''. ], ]. * , '']''. 20 August 2004.
* ], ''''. Via ]. ], ]. * ], ''Investigation not affecting BOCHK operating results: statement''. Via ]. 6 August 2004.
* ''''. BOCHK announcement and press release, ], ]. * ''Suspension from duty of Messrs Zhu Chi and Ding Yansheng, Deputy Chief Executives of the Company''. BOCHK announcement and press release, 2 August 2004.
* ''''. BOCHK announcement and press release, ], ]. * ''Investigation of Liu Jinbao and Zhang Debao''. BOCHK announcement and press release, 5 August 2004.
* Ling, H. ''''. ], ] ]. * Ling, H. ''Top Bankers Brought Down by NPLs''. ], 5 March 2004.
* ''''. '']''. ], ]. * ''BOC vice-chairman sacked for suspected corruption''. '']''. 20 February 2004.
{{Refend}}
</div>


===Renminbi business=== ===Renminbi business===
{{Refbegin}}
<div style="font-size:90%">
* Hong Kong Monetary Authority press release, ''''. ], ]. * Hong Kong Monetary Authority press release, ''Hong Kong banks to conduct personal renminbi business on trial basis''. 18 November 2003.
* Hong Kong Monetary Authority, ''''. * Hong Kong Monetary Authority, ''HKMA Annual Report 2003''.
* Hong Kong Monetary Authority press release, ''''. ], ]. * Hong Kong Monetary Authority press release, ''The People's Bank of China Appoints Clearing Bank for RMB Business in Hong Kong''. 24 December 2003.
* Xinhua News Agency, ''''. Via '']'', ], ]. * Xinhua News Agency, ''Officials hail arrangements for conducting RMB business in HK''. Via '']'', 18 November 2003.
{{Refend}}
</div>

==See also==
{{commons|Bank of China (Hong Kong)}}

* ]
* ]
* ]
* ]


==External links== ==External links==
* {{Commons category|Bank of China (Hong Kong)}}
* {{Finance links
*
| symbol = 2388
*
| google = HKG:+2388
*
| yahoo = 2388.HK
* , for BOC Hong Kong (Holdings) Limited.
| bloomberg = 2388:HK
*Images of the 2004 issue of BOCHK bank notes can be seen at the homepage of the .
| reuters = 2388.HK
}}
* {{Official website|https://www.bochk.com}}
* {{dead link|date=January 2025|bot=medic}}{{cbignore|bot=medic}}, for BOC Hong Kong (Holdings) Limited.
* {{in lang|en|de}}
* {{in lang|en|de}}


{{Banks of Hong Kong}}
{{Hang Seng Index}}
{{Bank of China}}
{{HK_currency_and coinage}}
{{Authority control}}


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Latest revision as of 02:18, 12 January 2025

Intermediately Chinese state-owned bank in Hong Kong

Bank of China (Hong Kong) Limited
中國銀行(香港)有限公司
[REDACTED]
Bank of China Tower in Hong Kong
Company typepublic
Traded as
IndustryFinancial services
Founded
  • 16 October 1964; 60 years ago (1964-10-16) (incorporation of the legal entity Po Sang Bank)
  • 1 October 2001; 23 years ago (2001-10-01) (current name)
HeadquartersBank of China Tower, Central, Hong Kong
Key peopleGe Haijiao, Chairman
Sun Yu, Vice chairman and Chief Executive
Products
Operating incomeIncrease HKD58.4 billion (2019)
Net incomeIncrease HKD34.1 billion (2019)
Total assetsIncrease HKD3,026 billion (2019)
Number of employeesIncrease 14,832 (2022)
ParentBank of China
Websitebochk.com
Bank of China (Hong Kong) Limited
Traditional Chinese中國銀行(香港)有限公司
Simplified Chinese中国银行(香港)有限公司
Jyutpingzung1 gwok3 ngan4 hong4 (hoeng1 gong2) jau5 haan6 gung1 si1
Transcriptions
Standard Mandarin
Hanyu PinyinZhōngguó yínháng (Xiānggǎng) yǒuxiàn gōngsī
Yue: Cantonese
Jyutpingzung1 gwok3 ngan4 hong4 (hoeng1 gong2) jau5 haan6 gung1 si1
Alternative Chinese name
Traditional Chinese中銀香港
Simplified Chinese中银香港
Jyutpingzung1 ngan4 hoeng1 gong2
Transcriptions
Standard Mandarin
Hanyu PinyinZhōngyín Xiānggǎng
Yue: Cantonese
Jyutpingzung1 ngan4 hoeng1 gong2

Bank of China (Hong Kong) Limited (Chinese: 中國銀行(香港)有限公司), abbreviated as BOCHK (Chinese: 中銀香港), is a subsidiary of the Bank of China (via the Hong Kong-listed intermediate holding company BOC Hong Kong Holdings). Bank of China (Hong Kong) is the second-largest commercial banking group in Hong Kong in terms of assets and customer deposits (2008 data), with more than 190 branches across Hong Kong as of the end of 2019. It is also one of the three commercial banks licensed by the Hong Kong Monetary Authority to issue banknotes for the Hong Kong dollar.

BOCHK is legally separated from its parent, Bank of China (BOC), although they maintain close relations in management and administration and co-operate in several areas, including reselling BOC's insurance and securities services. BOCHK is also the biggest member and a founder of the JETCO ATM and payment system, and the designated clearing bank in Hong Kong for transactions involving the Renminbi (RMB / CNY).

BOCHK was established on 1 October 2001 from a merger of 12 subsidiaries and associates of the Bank of China in Hong Kong, and listed on the Hong Kong Stock Exchange in October 2002. As of the end of 2019, the bank had HKD3,026 billion in assets and an operating profit of HKD39.8 billion. Its head office is in the Bank of China Tower in Central, Hong Kong. The head office is shared with the Hong Kong units of its parent company; it was completed in 1988 and was the first building outside North America to exceed 1,000 feet (305 m) in height.

History

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The Bank of China Building under construction in 1988

Bank of China Group

Main article: Bank of China Group

The opening of a branch of the Bank of China in Hong Kong in 1917 marked the entry of state-owned Chinese banks into the then-colony's banking sector. Other banks soon followed suit, starting with Yien Yieh Commercial Bank in 1918. By the time the People's Republic of China was established in 1949, there were 15 branches of state-owned Chinese banks in Hong Kong, plus branches of nine mainland-incorporated banks that were public-private joint ventures. In addition, the Chinese government established Po Sang Bank in 1949 and Nanyang Commercial Bank in 1950. Both of these were incorporated in Hong Kong.

In 1952, the nine public-private banks (namely, Sin Hua Bank Limited, China & South Sea Bank, Kincheng Banking Corporation, China State Bank Limited, The National Commercial Bank Limited, Yien Yieh Commercial Bank, Young Brothers Banking Corporation, Wo Sang Bank and National Industrial Bank of China) were grouped into the Joint Office of Joint Public-Private Banks. The Hong Kong branches of the last three of these nine were closed in 1954 when their parents were shut down by the central government, and management of the remaining six public-private banks were transferred to the Hong Kong and Macau Regional Office of the Bank of China in 1958. The Bank of China later took over management of the Hong Kong branches of Kwangtung Provincial Bank, Hua Chiao Commercial Bank and the Bank of Communications (HKSE: 3328).

In June 1975, the Bank of China moved to increase the capital of the public-private banks. As all of the new capital was from the Chinese government, private ownership in the public-private banks was substantially reduced, in some cases to less than 1%.

The 14 banks were rebranded as part of the Bank of China Group in the 1980s, after a common IT platform was established. Treasury and foreign currency exchange operations were also centralised. However, the individual banks retained their own management. They are now the second-largest banking group in Hong Kong.

Restructuring and listing

The Hong Kong branch of the Bank of Communications broke off from the Bank of China Group in 1998. The Bank of China Group started to restructure its operations in 1999 in preparation for an initial public offering. All minority shareholders (except for those of Chiyu) were bought out by the Bank of China. Formal plans for a restructuring received the approval of the People's Bank of China and were launched in January 2001.

The restructuring saw all operations of the mainland-incorporated group members merged into Po Sang Bank, which was then immediately renamed Bank of China (Hong Kong) Limited. Hong Kong incorporated Nanyang Commercial Bank and Chiyu Banking Corporation became subsidiaries of Bank of China (Hong Kong) Limited. Legislation was required for the merger, as Hong Kong does not allow mergers via the pooling of interests, a common procedure in the United States. The Bank of China (Hong Kong) Limited (Merger) Ordinance was approved by the Legislative Council of Hong Kong on 12 July 2001, and the merger was completed on 1 October 2001.

Corporate structure and BOC Hong Kong Holdings

Bank of China (Hong Kong) is a listed company of the Stock Exchange of Hong Kong, via its parent company BOC Hong Kong (Holdings) Limited (BOCHK Holdings). The holding owned 100% shares of the bank.

Moreover, American depositary receipt of the shares of the holdings, were traded on OTC Market.

BOCHK Holdings is a constituent of the Hang Seng Index. The listing of BOCHK Holdings in July 2002 listing was the first international stock listing by a mainland China bank; until that time, other mainland Chinese bank listings were done in the domestic "A-share" market.

For the 12 months ended 31 December 2019, BOCHK Holdings earned HKD58.4 billion in operating income and HKD34.1 billion in net profit. As of the end of 2019, 65.65% of BOCHK Holdings is held by Bank of China Group, in turn 69.265% owned by Central Huijin Investment, an investment holding company 100% owned by the Government of the People's Republic of China.

Operations

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BOCHK offers a comprehensive range of financial products and services to retail and corporate customers, similar to those offered by most commercial banks. It is primarily known for its interest-income business (taking deposits from retail customers for loans to corporates) although it has been moving into other non-interest-income areas such as personal loans, wealth management and other financial services in recent years. It has Hong Kong's biggest branch network including approximately 190 branches, 280 automated banking centres, over 1,000 automatic teller machines as of end 2019.

BOCHK is one of the key mortgage lenders in Hong Kong. The other key lenders include HSBC and Hang Seng Bank.

Within mainland China, BOCHK operates 14 branches (as of January 2005) separately from its parent. BOCHK is treated as a foreign bank, more properly, 境外銀行 (banks outside of the territory), for regulatory purposes as it is incorporated in Hong Kong. However, partly to clear up confusion between it and its parent in the mainland, it shifted all of its mainland-based business to Nanyang Commercial Bank in 2007.

Renminbi clearing bank

BOCHK has been the designated clearing bank for personal transactions involving the Renminbi (CNY, the currency of mainland China) in Hong Kong since February 2004. This means that BOCHK acts as a settlement agent for RMB banknotes and funds in Hong Kong and an intermediary between banks in Hong Kong and the People's Bank of China, the central bank of the People's Republic of China. In return, BOCHK takes a 0.125% cut of all RMB deposits in Hong Kong that are repatriated back to mainland China.

The chief executive of Hong Kong announced on 18 November 2003 that the People's Bank of China had agreed to provide clearing arrangements, marking for the first time that the Renminbi, which is fully on the current account but not on the capital account, has been allowed to clear outside of mainland China. The scope of such RMB business includes deposit-taking, exchange, remittances and RMB cards. Hong Kong banks were invited to apply to become the designated clearing bank for RMB business; the People's Bank of China subsequently chose BOCHK as the clearing bank, for a term of three years.

According to the Hong Kong Monetary Authority, the major responsibilities of the clearing bank are to:

  • open RMB settlement accounts for participating banks for the acceptance and withdrawal of RMB funds
  • open a settlement account with the PBOC's Shenzhen sub-branch to centralise the acceptance and withdrawal of RMB funds of the Clearing Bank and the participating banks
  • collect and distribute RMB banknotes
  • provide clearing services for RMB remittances and RMB cards issued by Hong Kong banks
  • provide services for the participating banks to square their RMB open positions that result from the exchange of RMB into Hong Kong dollars and vice versa.

Nanyang Commercial Bank

Nanyang Commercial Bank branch in Kennedy Town, Hong Kong
Main article: Nanyang Commercial Bank

Founded in 1950 in Hong Kong, Nanyang Commercial Bank is a wholly owned subsidiary of BOCHK, with 42 branches. Nanyang primarily focuses on corporate customers, in particular small and medium-sized trading and manufacturing companies. It also has a loyal following among the overseas Chinese community, especially in Southeast Asia. It relies on BOCHK for back-end office and IT support. In 2007, it took over all of BOCHK's mainland operations, corporate and individual.

Chiyu Banking Corporation

Main articles: Chiyu Banking Corporation and Jimei University

Founded by Tan Kah Kee, an overseas Chinese in 1947, Chiyu Banking Corporation Limited has 23 branches in Hong Kong and focuses on serving the community of residents of Fujian descent in Hong Kong.

Chiyu was explicitly created by Chen to create a sustainable business with profits to be devoted to education in Xiamen and the rest of Fujian province in China. Since its founding, it has spent more than HK$1 billion in education in the province, primarily through funding Jimei University and its related schools.

In 2017 BOC (HK) sold Chiyu Bank.

JETCO

Main article: JETCO

JETCO (Chinese: 銀通) (Joint Electronic Teller Services Limited) is the biggest network of automatic teller machines in Hong Kong and Macau, with nearly 3,000 cash machines. JETCO was founded by BOCHK in 1982 along with the Bank of East Asia, Chekiang First Bank, Shanghai Commercial Bank and Wing Lung Bank, and at present covers all licensed commercial banks in Hong Kong and Macau, except for HSBC and Hang Seng Bank, which have their own system. JETCO's agreement with UnionPay has been terminated due to disagreements, leaving two choices for Hong Kong-based customers: get a UnionPay card, usable like any other on the mainland, or look for a Bank of East Asia ATM (Bank of East Asia has linked all of its mainland-based ATMs into the JETCO network) that can be used like any other JETCO ATM.

Other operations

BOCHK also owns a travel agency known as BOC Travel Services. This is a legacy from its acquisition of Nanyang Commercial Bank, which ran a travel agency for the convenience of its Southeast Asian customers.

Southeast Asia

This section needs expansion. You can help by adding to it. (April 2023)

Brunei

In 2016, BOCHK opened a branch in Brunei, becoming the first Chinese bank to establish itself in the country.

Malaysia, Thailand

Banknotes

Main article: Banknotes of the Hong Kong dollar See also: Macanese pataca
A Bank of China HK$20 note of the 2003 series.

Although not a central bank, BOCHK issues banknotes in Hong Kong. Under present arrangements, most Hong Kong dollar notes are not issued by a central bank or monetary authority, but by three specially licensed commercial banks, these being the Bank of China, HSBC and Standard Chartered Bank.

Bank of China started to issue Hong Kong dollar notes on 1 May 1994, under the name of "Bank of China Hong Kong Branch". Following the bank's 2001 merger and restructuring, a new set of notes bearing the name "Bank of China (Hong Kong)" went into circulation in 2004. Under the Bank of China (Hong Kong) Limited (Merger) Ordinance, banknotes issued by the Bank of China prior to its merger remained legal tender and became the obligations of Bank of China (Hong Kong).

As one of the three note-issuing banks, BOCHK is also a rotating chairman of the Hong Kong Association of Banks, the main industry body of commercial banks in Hong Kong.

Bank of China Tower

Main article: Bank of China Tower, Hong Kong

The Bank of China Tower in Central houses the headquarters of Bank of China Hong Kong. Designed by Ieoh Ming Pei, the 70-storey building's height is 315 metres with two masts reaching 369 metres. Construction began in 1985 and the building was completed in 1989, with its official opening on 17 May 1990.

Bank of China Tower was the first building outside North America to break the 1,000 feet (300 m) mark, the first composite space frame high-rise building and was the tallest building in Hong Kong and Asia from 1989 to 1992. A small observation deck on the 43rd floor of the building is open to the public; visits to the main observation deck on the 70th floor is by appointment only.

The structural expressionism adopted in the design of this building resembles growing bamboo shoots, symbolising livelihood and prosperity. While its distinctive look makes it one of Hong Kong's most identifiable landmarks today, it was the source of some controversy at one time, as the bank is the only major building in Hong Kong to have bypassed the convention of consulting with feng shui masters on matters of design prior to construction.

Corporate governance

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One of the stated goals of the restructuring of BOCHK was to aggressively improve corporate governance and risk management. Issues regarding BOCHK's corporate governance were widely reported in 2003 and 2004 following allegations of misconduct. Investigations are continuing as of 2005. BOCHK subsequently reorganised and tightened internal controls, and made several executive appointments via a global replacement effort.

Liu Jinbao

A former CEO of BOCHK, Liu Jinbao, was abruptly transferred back to Beijing to become vice-chairman of Bank of China in May 2003. Investigations subsequently found Liu to have "committed economic crimes" in connection with his previous appointment as the head of the Shanghai branch of the Bank of China. Liu was subsequently dismissed from his post. Liu, along with three other senior managers, were also alleged to have made "unauthorised distribution for personal purposes" of funds belonging to the Bank of China before BOCHK was established. The Standard speculated that the amount involved was HK$30 million.

New Nongkai loan

A special committee appointed by BOC (Hong Kong) Holdings in consultation with the Hong Kong Monetary Authority found that the granting of a HK$1.77 billion bridge loan to Chau Ching-ngai (sometimes referred to as Zhou Zhengyi depending on transliteration), involved risks identified at the start (that) were not addressed adequately and was granted despite serious reservations expressed by the Risk Management Department (BOCHK). Liu Jinbao was criticised by the committee and a deputy CEO, Or Man-ah, took early retirement as a result.

See also

Portals:

References

General

  • Feng, Bangyan; (2002). A Century of Hong Kong Financial Development. Joint Publishing Hong Kong. ISBN 962-04-2129-9.
  • BOCHK 2003 Annual Report. March 2004.
  • BOC (Hong Kong) Holdings IPO Prospectus. August 2002.

Inline

  1. ^ BOCHK 2019 Annual Report
  2. Trippon, James (2008). Becoming Your Own China Stock Guru: The Ultimate Investor's Guide to Profiting from China's Economic Boom. John Wiley and Sons. p. 153. ISBN 978-0-470-22312-3.
  3. "Bank of China History". fundinguniverse.com. Retrieved 7 July 2018.
  4. "Contact Us Archived 20 August 2011 at the Wayback Machine." Bank of China (Hong Kong). Retrieved on 11 September 2011. "Registered Office BOC Hong Kong (Holdings) Limited 52/F Bank of China Tower 1 Garden Road Hong Kong"
  5. "按揭公司 | 按揭轉介 | 中原按揭". www.centamortgage.com.
  6. "JETCO Hong Kong". www.jetco.com.hk.
  7. "Question answer session" (PDF). bochk.com. 31 August 2016. Retrieved 13 April 2023.
  8. "Bank of China Hong Kong opens new Brunei office". 21 December 2016.
  9. "BOC (Hong Kong) approved to operate first Brunei branch - Business - Chinadaily.com.cn". www.chinadaily.com.cn.
  10. "Brunei to Get Its First China Bank".
  11. Press release bochk.com 30 August 2016
  12. "Press release" (PDF). bochk.com. 17 October 2016. Retrieved 13 April 2023.

Corporate governance

  • Chung, O. Liu probe began in 2000: magazine. The Standard. 10 March 2004.
  • Suspect loans' at Shanghai firm. BBC News report, 10 June 2003. Retrieved 16 February 2005.
  • Batchelor, M. BOC Hong Kong hires 3 executives Bloomberg via International Herald Tribune. 4 January 2005.
  • Bank executives arrested over $30m fraud scandal, The Standard. 20 August 2004.
  • Xinhua News Agency, Investigation not affecting BOCHK operating results: statement. Via People's Daily. 6 August 2004.
  • Suspension from duty of Messrs Zhu Chi and Ding Yansheng, Deputy Chief Executives of the Company. BOCHK announcement and press release, 2 August 2004.
  • Investigation of Liu Jinbao and Zhang Debao. BOCHK announcement and press release, 5 August 2004.
  • Ling, H. Top Bankers Brought Down by NPLs. Caijing, 5 March 2004.
  • BOC vice-chairman sacked for suspected corruption. People's Daily. 20 February 2004.

Renminbi business

  • Hong Kong Monetary Authority press release, Hong Kong banks to conduct personal renminbi business on trial basis. 18 November 2003.
  • Hong Kong Monetary Authority, HKMA Annual Report 2003.
  • Hong Kong Monetary Authority press release, The People's Bank of China Appoints Clearing Bank for RMB Business in Hong Kong. 24 December 2003.
  • Xinhua News Agency, Officials hail arrangements for conducting RMB business in HK. Via China Daily, 18 November 2003.

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