Bank of Communications

By: EconomyWatch   Date: 17 July 2010

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Bank of Communications Limited or BOCOM is a Chinese bank headquartered in Shanghai, People's Republic of China. It is publicly listed in Hong Kong (SEHK: 3328) and Shanghai (SSE: 600000) stock exchanges. Bank of Communications is ranked number #245 on 2008 Forbes Global 2000 list.
Bank of Communications provides personal and corporate banking to its clients. Bank operations are international in nature. BOCOM has branches in Tokyo, Singapore, Macau, Frankfurt and New York. Bank of Communications has a representative office in London.

Brief history
Bank of Communications is one of 4 oldest banks in China. It issued notes during Republic of China days. With ending of Chinese civil war in 1949, this bank was split into two parts: one part relocating to Taiwan, and the other part stayed in Chinese mainland. Mainland China branch became known as nowadays' Bank of Communications. Its head office was relocated from Beijing to Shanghai in 1987.

As of now, HSBC owns 19.9 percent of BOCOM. Other major investors are China SAFE Investment Limited and national Social Security Fund. Bank of Communications was listed in Hong Kong stock exchange in 2005. It was listed in Shanghai stock exchange on 15th May, 2007.

Products and services
Bank of Communications provides personal banking, corporate banking and investment services to its clients. List of personal banking services include credit cards, insurance, loans and mandatory provident fund (MPF). BOCOM provides detailed mortgage services with preferential interest rates to its clients. Insurance services are also provided. Corporate loans and cash management services are part of corporate banking in BOCOM. Insurance and IPO services are available.

Investment services of Bank of Communications include foreign exchange and equity linked deposit products. Securities trading and bond investment are included in BOCOM sphere of activity. Professional FX Margin trading services are also available.

Financials
Bank of Communication Limited made a profit of $757.35 million in 2006. Total assets of bank was $199.44 billion in same period.

Awards and recognition
Bank of Communication was awarded '2005 Quality Recognition Award' for USD Clearing by JP Morgan Chase. It won an award for “Best Structured Products” offered in China region organized by Asiamoney. BOCOM has consistently kept itself among top 10 ranking banks in China.


Current financial crisis
Bank of Communications showed a slowdown in growth in 2008. This was due to increasing economic uncertainty, increasing loan defaults and constricting interest margins.


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