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Bank Of Communications Co.,Ltd.(601328.SH)

Registered Capital:
56259.64(RMB MLN)

Introduction from Google Finace
Bank of Communications Co., Ltd. (the Bank) is engaged in the provision of banking and related financial services. The Bank, along with its subsidiaries, is engaged in the provision of corporate and personal banking services, conducting treasury business, the provision of asset management, trustee, insurance, finance leasing and other financial services. It has four segments: corporate banking, which include corporate loans, bills, trade finance, corporate deposits and remittance; retail banking, which comprises retail loans, retail deposits, credit card and remittance; treasury, which includes money market placements and takings, investment in securities, and securities sold subject to linked repurchase agreements, and other, which includes items not in other segments. As of December 31, 2010, it had 128 domestic branches. Its subsidiaries are Kiu Fai Company Limited and Creative Mart Limited. On January 27, 2010, it acquired 51% interest of China Life-CMG Life Assurance Company Ltd.
Revenue Breakdown (million RMB)
Corporate banking62922.00
Retail banking27564.00
Funds business11266.00
Other business2482.00
Net interest income************
Fees and Commission net income************
Investment income and/(loss)************
Fair value gains and/(loss)************
HSBC cash receipts and/(loss)************
Insurance income************
Other business income************
Exchange gain/(loss)************
Investment gains/(losses)************
Fair value gains/(losses)************
North China12974.00******
East China38475.00******
Central and southern China18986.00******
The Western region8710.00******
Partial mutual offset--******
Introduction from Company WebSite

Founded in 1908, Bank of Communications (BOCOM) is one of four oldest banks in China and one of the early note-issuing banks of China. In 1958, while the Hong Kong Branch continued to operate, the mainland business of BOCOM was merged with People’s Bank of China and the People’s Construction Bank of China on BOCOM’s foundation. To operate in line with economic reforms and development, BOCOM was restructured on July 24, 1986 with approval from the State Council and began operation anew on April 1, 1987, thus becoming China’s first state-owned shareholding commercial bank. Its head office was in Shanghai.

As China’s first national shareholding commercial bank, BOCOM has been playing two roles as the successor to a century-old national banking brand and the pioneer of China’s banking reform since its re-establishment. BOCOM has achieved six “firsts” in China’s banking reform and development: the first to implement shareholding system for its capital and mode of ownership form; the first to command an organizational structure based on market rules and cost/return rules; the first to introduce competition into the banking industry in China; the first to introduce assets/liability ratio management and apply it for regulating business operations and risk; the first to build new bank/enterprise relationships based on two-way selection; and the first commercial bank to integrate banking, insurance and securities businesses. BOCOM’s experience in reform and development paves the way for the development of shareholding commercial banks in China and exemplifies the banking reform of China. 

In June 2004, with the banking reform in China well under way, the Sate Council approved BOCOM’s general plan on deepening the reform of its shareholding structure in a bid to further develop BOCOM into a modern banking enterprise under a century old national brand with improved corporate governance, adequate capital, strict internal controls, safe operations, excellent services and return, and strong international competitiveness. Through the reform, BOCOM has completed financial reorganization, successfully introduced mainland and overseas strategic investors like HSBC, the national Social Security Fund and China SAFE Investment Ltd., and enhanced its organizational structure. On June 23, 2005, BOCOM was listed in Hong Kong, the first China based commercial bank of its kind to get listed outside of the Chinese mainland. On May 15, 2007, BOCOM was listed in Shanghai Stock Exchange. Now BOCOM has grown into a well-established modern commercial bank operating under a century old national brand with its “well-defined development strategy, perfected corporate governance, well developed banking network, advanced operation and management, quality banking service and sound financial status”.

Well-defined development strategy: BOCOM began strategic transformation of its management and development in 2005 in light of its sizeable achievements in shareholding system reform, in order to accommodate the rather complicated external operational environment, the increasingly rigid capital restriction and the ongoing, gradual interest rate reorientation towards the market. Strategically, BOCOM aims at developing itself into a first-class public bank group focused on wealth management services by means of international expansion and universal banking platform build-up.  This stretegic target fully leverages the Bank's advantages in international business and universal financial services and consistently reflects its years of efforts to carry forward the strategic transformation and enhance wealth management services, and points out a clear path for the Bank's development in the future.

Perfected corporate governance: BOCOM’s equity structure has become more diversified after the establishment of fundamental system and structure for corporate governance. BoCom’s corporate governance continues to be improved and well-standardized. In compliance with relevant requirements concerning public holding bank, domestic and international regulatory standards, BoCom established a highly professional and international Board of Directors, Board of Supervisors responsible to the Shareholders’ Meeting, strengthened the special functions under the Board of Directors and Board of Supervisors. The senior management performs the operations and management as authorized by the Board of Directors. The Board of Directors, the senior management, and the Board of Supervisors have been proven to adequately fulfill their duties of decision-making, operations and management, and supervision respectively. A basic system has been set up for the efficient operation and coordination of general meetings, board of directors, board of supervisors and the senior management.

Well-positioned branch network: BOCOM has a nationwide and internationally oriented business network, with branches and outlets in developed regions, central cities and international financial centers. The Bank has 30 provincial branches all over China except for Tibet, altogether 2643 outlets in more than 220 major cities in mainland China.  Overseas, BOCOM has set up branches in Hong Kong, New York, Tokyo,  Singapore, Seoul,  Frankfurt, Macao and Ho Chi Minh as well as three representative offices in London, Sydney and Taipei. We have also established correspondent relations with over 1400 banks in 146 countries or regions. BOCOM has a staff of 85,290 employees.

Advanced operation and management: BOCOM adheres to the business philosophy of “Development is the absolute principle, the bank’s priority business; quality is the absolute requirement, the bank’s priority obligation; and efficiency is the absolute task, the bank’s priority target”. BOCOM places equal emphasis on business development and risk control. We have implemented an incentive and requirement system centering on evaluation of capital performance, set up a comprehensive risk management system for furthering the rebuilding our organization structure and promoting the vertical reform of business management. BOCOM has completed China’s leading data concentration project. Based on the practices of advanced international banks, BoCom devoted great efforts in building a procedural bank to optimize the business process. Major progress has been made in back-office centralization and organizational restructuring. A vertical, independent and professional management framework has been set up for the credit management and auditing lines. At the same time, in accordance with the requirement of “mutual understanding, mutual benefits, extended cooperation and common development”, BOCOM has been closely working with HSBC through introducing advanced concepts, technologies and products, which brings a positive influence in the business operation and management of BOCOM.

Quality banking services: Capitalizing on its advantages, BOCOM has kept exploring for new developments of banking products, banking tools and banking systems, and formed a business system featuring diversified products and advanced technical means. Combining the traditional “one-to-one” service network and all-directional modern electronic service channels, BOCOM now provides diversified and comprehensive professional services in such fields as corporate banking, personal banking, international banking and fee-based business. The Bank focuses on providing high-quality service to high and medium net-worth customers through its “Private Banking”, “OTO Fortune” and “BOCOM Fortune” brand.  BOCOM has developed a range of branded products well-represented by “FX Easy”, “Man Jin Bao”, “Win-To Fortune”, “Pacific Card”, “Nationwide Through”, “Zhan Ye Tong” and “Fund Supermarket”, taking up a large market share in the industry.  The dual-currency credit card developed jointly with HSBC, known as “the Global Card for the Chinese”, has 16 million registered cards as of December 31, 2010.  The Bank has achieved substantial progress in universal banking.  BOCOM Shroders Fund Management Co., Ltd., a joint venture with Shroders, was established in August 2005 as one of the first batch of fund management subsidiaries of banks.  In 2007, the Bank acquired Hubei International Trust and Investment Co., Ltd., established BOCOM Financial Leasing Company, and set up BOCOM International Holdings Limited in Hong Kong.  In 2008, the bank investmented in Shangshu Rural Commercial bank and founded Dayi BoCom Rural bank. In 2009, the bank took a leading step in acquiring stakes in domestic insurance companies, and the subsidiary Bocommlife Insurance was set up in January 2010. At the same time, Anji Bocom Rural Bank was set up in 2010, Shihezi Bocom Rural Bank in Xinjiang also received approval from the regulators.

Solid financial performance.  As of December 31, 2010, the Bank's total asset was RMB 3.95 trillion, and its CAR was 12.36%.  Its annualized ROAA and ROAE were 1.08% and 20.20% respectively, and impaired loan ratio was 1.12%.  The Bank ranked No. 46 in the world in terms of total asset, and No. 49 in terms of tier-1 capital.

Today, BOCOM is pushing forward the strategic transformation to build itself into a first-class modern financial corporate. “Communication and Credibility” is the common wish of both BOCOM and you. BOCOM will continue to commit itself in providing better services for customers, creating more value for shareholders and making greater contributions for the community. 

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