Bank of China (Hong Kong)

The Bank of China (Hong Kong ) Limited ( BOCHK ) is a financial company from the People's Republic of China. The Bank is listed on the Hang Seng Index. The company's headquarters is located in Hong Kong. The company was founded on 1 October 2001 through a merger and has approximately 13,000 employees (as of June 2004). It is a subsidiary of Bank of China, which is legally separate from its parent company, but working closely with him in administrative, management, insurance and securities matters. It is one of the three banks that issue the Hong Kong dollar. The company is the largest member and the founder of JETCO ATM system and the only licensed bank in Hong Kong for currency transactions involving the renminbi, China's currency. The Bank of China Hong Kong is the second largest banking group in Hong Kong in assets and customer accounts with more than 300 stores in Hong Kong. The office of the Bank is Bank of China Tower, which it shares with the parent company. He was the tallest building outside the United States upon its completion in 1990.

History

The Bank of China Group

In 1917, the Bank of China in Hong Kong opened a branch. She was the first state-owned Chinese bank in the former crown colony, but it was soon followed by another. The Yien Yieh Bank moved to first in 1918. As 1949, the People's Republic of China was proclaimed, were already 15 state, and another nine partly privatized banks in Hong Kong.

In 1952 joined the partially privatized banks (Sin Hua Bank Limited, China & South Sea Bank Limited, Kincheng Banking Corporation, China State Bank Limited, The National Commercial Bank Limited, Yien Yieh Commercial Bank, Young Brothers Banking Corporation, where Sang Bank and the National Industrial Bank of China) with the Bank of China in Hong Kong together, the last three being had to give up two years later their branches. The line of six other companies in Hong Kong was transferred to a division of Bank of China in 1958. The Kwangtung Provincial Bank, Hua Chiao Commercial Bank Limited and the Bank of Communications were accepted.

In the 1980s, a common IT platform was set up. Thus, financial and foreign exchange transactions could be significantly simplified. The Bank of China Group was founded by the merger of the banks, the management of each company was kept.

Restructuring of the company

The Bank of Communications broke up in 1998 from the merger of Bank of China Group, which is then completely restructured for the IPO. The shareholders were paid and official restructuring plans are recognized by the People's Bank of China. In early 2001, the first changes were effective. The restructuring provided for a merger of the on the mainland banks with the Po Sang Bank. The company took the name Bank of China (Hong Kong). The Nanyang Commercial Bank, Chiyu Banking Corporation Ltd and BOC Credit Card. in Hong Kong were subsidiaries. The merger was legitimated by the Legislative Council of Hong Kong on 12 July 2001 and was completed on October 1.

Market structure

The Bank of China Hong Kong is listed under the name of BOC ( Hong Kong) Holdings Limited on the stock exchange. You can find it on the Hong Kong Stock Exchange under the symbol 2388 and in American Depositary Receipts under the symbol BHKLY. The Bank is listed on the Hang Seng Index since July 2002. Thus, it was the first company in a Chinese stock index, which was not located in mainland China. In twelve months, until December 31, 2003, BOC ( Hong Kong) Holdings Limited had a net income of 8 billion Hong Kong dollars with a yield of 11.6 billion HK $. 2008 were 65.73 % of the company's Bank of China, which in turn is held to 67.49 % by the Central SAFE Investments Limited. It is an asset management company that is fully subordinated to the Government of the People's Republic of China.

The Hong Kong Dollar

The Bank of China Hong Kong is one of the three banks, which publishes the Hong Kong dollar. The other two institutions are HSBC and Standard Chartered Bank. Between these three banks, the Executive Board of the Hong Kong Association of Banks is reviewed regularly changed, which is the core of banks in Hong Kong.

On 1 May 1994, the Bank of China began with the spread of the Hong Kong dollar imprinted with " Bank of China Hong Kong Branch ". Since 2004 is a new set of banknotes in circulation, which carries the inscription " Bank of China (Hong Kong) ."

The renminbi

The circulation of the yuan was before 1993 are not allowed outside of mainland China. Therefore, travelers had to exchange into another currency when leaving the money. This provision was repealed in March and it was allowed per person carry 6000 yuan (currently about 540 EUR ). This limit has been increased to 20 000 in early 2005, although it has been discussed already in 2001 about the creation of an official way to the official foreign exchange within Hong Kong.

Since January 2004, the Bank of China Hong Kong is the only bank in Hong Kong, may carry out the transactions with the yuan. In a decision-making process, she was selected on 31 December 2003 as a clearing bank for Hong Kong. Initially credit cards were used, which were issued by banks in the Chinese mainland. Then, from February 25, there were already paid the possibility of money to transfer and exchange the currencies of China and Hong Kong in each country. From 30 April 2004 even credit cards for use in China, as well as cash were offered in the banks.

Bank of China Tower

The Bank of China Tower, which is located in the Central District, the Main Branch of Bank of China Hong Kong is housed. The 367.4 -meter-high office tower was built by the architect IM Pei in the style of expressionism and has 72 floors. It is the first building outside of North America, which is about 304 m tall. The building from 1989 to 1992, the highest in Asia and the world is today ranked 12th in the 42nd and 70th floor are viewing platforms, the latter of which only agreement is reached. The structure indicates growing bamboo plants that are to be understood as a sign of livelihood and prosperity. The overall structure of the building is supported by the four columns at the edges, to which the weight is transferred by means of the triangular frame. The exterior facade of the skyscraper is made of glass.

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