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Bank of China, established in February of 19 12, is the oldest bank in China.
During the 37 years from 19 12 to 1949, the functions of China Bank have changed three times. 19 12 ~ 1928, exercising the central bank function of the government at that time; 1928 the bank of China was changed into an international exchange bank chartered by the government; 1942 Bank of China became a professional bank to develop international trade.
People's Republic of China (PRC) was founded 1949, and the new China government took over the Bank of China. In the same year, the General Administration Office of China Bank 12 moved from Shanghai to Beijing. 1950 the comprehensive management office of China bank is led by the head office of China people's bank. 1953101On October 27th, the State Council, the Central People's Government, promulgated the Regulations on the Bank of China, making it clear that China Bank is a specialized foreign exchange bank chartered by the State Council, People's Republic of China (PRC).
1979 13 On March 3, with the approval of the State Council, the People's Bank of China established the Bank of China, and at the same time exercised the functions of the State Administration of Foreign Exchange, directly under the leadership of the State Council. The comprehensive management office of China Bank was changed to the head office of China Bank, responsible for the unified operation and centralized management of foreign exchange business throughout the country. 1September 1983, the State Council decided that the People's Bank of China should exercise the functions of the central bank exclusively. Later, the Bank of China and the State Administration of Foreign Exchange were established respectively, each with its own responsibilities, while the responsibilities of the Bank of China in managing the state's foreign exchange remained unchanged. So far, China Bank has become a national specialized foreign exchange and foreign trade bank under the supervision of the People's Bank of China.
Since the reform and opening up, China Bank has made great progress in various businesses and entered the forefront of the world's major banks. At the beginning of 1994, according to the deployment of the national financial system reform, China Bank began to transform from a specialized foreign exchange foreign trade bank to a state-owned commercial bank.
In 2004, Bank of China was transformed from a wholly state-owned commercial bank into a state-controlled joint-stock commercial bank, named Bank of China Co., Ltd.
In 2005, Bank of China introduced strategic investors such as Royal Bank of Scotland and Temasek.
On June 2006 1, Bank of China was listed on the Hong Kong Stock Exchange. It was listed on the Shanghai Stock Exchange on July 5th.
On March 20th, 2007, Bank of China cooperated with Royal Bank of Scotland (RBS) to introduce the private banking business of Bank of China to the public.
The Origin of Bank Card in China
In 1950s, in order to show the external image of China Bank to the world with a new look, Mr. Guo Moruo, a writer and historian invited by Nan, then the chairman of China Bank, wrote the name of China Bank. Guo readily agreed, and wrote the vigorous and elegant four characters "Bank of China". Since then, China Bank has used this bank card at home and abroad.
A brief history of comprehensive banking operation in China for 20 years
In 1970s and 1980s, with the rapid development of non-bank financial services such as securities, insurance, trust, futures, options and other derivative financial instruments, internationally, commercial banks with separate operations are facing an unprecedented crisis of survival, and their importance as lenders is declining. From the perspective of asset business, capital markets, investment banks, leasing companies and foreign banks have robbed a large number of customers and businesses of commercial banks. From the perspective of debt business, residents will invest their savings in government bonds, stocks and investment funds to obtain more favorable returns. Investment funds, insurance companies, money funds, stock markets and pension funds have all become strong competitors in bank debt business. With the rapid development of these financial institutions, the source of bank funds has dropped sharply, followed by a sharp drop in bank spreads. In order to survive, commercial banks have to find ways to carry out investment banking business and compete with investment banks in two major business areas. The fence that standardizes and separates financial affairs has been gradually dismantled. (Xie Ping's research on separate operation, mixed operation and its supervision)
1 and 1979, CITIC became the first trust and investment company after the reform and opening up. 1980, Agricultural Bank, Bank of China, China Construction Bank and Industrial and Commercial Bank were established one after another, with a fixed division of labor to define the business scope, so that funds were distributed from top to bottom in the system. These four banks provide financial services for rural areas, foreign exchange, capital construction and urban industry and commerce respectively.
1984 the State Council organized a financial system reform research group to study the comprehensive operation, and basically formed two opinions: one is in favor of the German model and department store-style operation; The other is a strict separate management model represented by Japan. China is still in the primary stage of the transition from a planned economy to a market economy, and the German model is difficult in macro-management, so it is decided to separate operation and supervision. However, it was later decided to take Bank of Communications as the experimental field and conduct a comprehensive operation pilot alone.
1 987 April1day, as the experimental field of joint-stock, comprehensive and modern commercial banks, Bank of Communications was re-established. It can engage in local and foreign currency business, short-term and long-term loan business, and various non-bank financial businesses such as insurance, securities, trust, investment and real estate, and become the first comprehensive pilot bank in New China. The reorganization of Bank of Communications has broken the division of funds between urban and rural areas, industry and commerce, and at home and abroad.
2. 1986, CCB established China Investment Consulting Company; 1987, the people's construction bank of China trust and investment company was established; From 65438 to 0989, China Construction Bank and other domestic and foreign institutions established Youlian International Leasing Co., Ltd., the largest leasing company in China at that time.
3. Since June 1987 1 1, Bank of Communications Shanghai Branch has started to handle insurance business. 199 1 On April 26th, Bank of Communications established a wholly-owned subsidiary insurance company, Pacific Insurance Company, with Dai Xianglong, President of Bank of Communications, as the chairman of the company, and drew up a famous advertising slogan for CPIC-"Pacific Insurance for Peace". Pacific Insurance Company became the second national and comprehensive insurance company after China People's Insurance Company. 1On March 9, 1995, Pacific Insurance Company was fully funded by Bank of Communications and transformed into a national joint-stock commercial insurance enterprise controlled by Bank of Communications.
4.1September 1988, Bank of Communications established Shanghai Haitong Securities Company on the basis of its securities department, with a registered capital of100000 yuan, which is one of the earliest securities companies in New China. 1In August 1992, Shanghai Haitong Securities Company was reorganized into a joint stock limited company, and the general manager responsibility system was implemented under the leadership of the board of directors. 1994 65438+ 10, Haitong was restructured into a national securities company with a registered capital of 10 billion yuan, which is a holding subsidiary of Bank of Communications, and its headquarters and branches are no longer engaged in securities business. On September 27th, 1994, "Haitong Securities Co., Ltd." was formally established, with Dong Wenbiao as the chairman and general manager.
In May and June, 1993, 1 1, Bank of Communications clearly outlined the financial group model of mixed operation, "insisting on comprehensive operation and separate operation, and gradually forming the traditional commercial banking business system operated by Bank of Communications and the non-bank financial business system with subsidiaries and holding subsidiaries as the main body."
6. From 65438 to 0995, China Construction Bank and Morgan Stanley jointly established China International Capital Corporation, the first real investment bank in China.
7. 1992 Since the second half of the year, financial institutions have been operating in serious violation of regulations, with risks concentrated and financial order in disorder. 199365438+On February 25th, the State Council issued the Decision on Financial System Reform, which stipulated that "state-owned commercial banks should not invest in non-financial enterprises" and "should be separated from people, property and things in insurance, trust, securities and other industries and operate separately." From 65438 to 0995, People's Republic of China (PRC) Commercial Bank Law, China People's Bank Law and Insurance Law were promulgated and implemented one after another, marking the establishment of the separate operation pattern of China's financial system.
8. 1996 Bank of China was registered as an investment bank in London and then moved to Hongkong. 1998 BOC International was established in Hong Kong and is the first Chinese investment bank. Its predecessor was China Construction Finance (Hong Kong) Co., Ltd., which was established in 1979. Subsequently, BOC International established BOC International Securities Company with five large enterprises in the Mainland, and invested in Bohai Industrial Investment Fund, the first industrial fund in China.
9. On August 28th, 1999, Bank of Communications and Shanghai Municipal Government formally signed a transfer agreement, and China Pacific Insurance Company and Haitong Securities Company were officially "decoupled" from Bank of Communications and placed under the leadership of Shanghai Municipal Government. At the same time, all the capital contributions and related rights and interests of Bank of Communications in the two companies were also transferred.
10, in March 2002, CCB became the first commercial bank in China to carry out financial consulting business with the approval of the People's Bank of China. In 2003, in order to promote the development of investment banking, CCB established a special investment banking department.
1 1. CITIC Group has been characterized by comprehensive operation since its establishment. In addition to comprehensive financial services, it has actually set foot in many other areas within the group. On August 8, 2002, the People's Bank of China approved the establishment of CITIC Holding Company.
12, in 2004, China everbright bank applied to CBRC for the first domestic wealth management business.
13. In 2005, Bank of Communications was approved by the regulatory authorities as a pilot bank for comprehensive operation and began to implement strategic transformation of business development. Its strategic goal is to move towards the goal of "international public bank, innovative bank, comprehensive bank, intensive bank and advanced management bank" and strive to establish a first-class modern financial enterprise.
14 and in 2005, domestic commercial banks were allowed to initiate the establishment of joint venture fund management companies, which took an important step in the comprehensive operation of the banking industry.
15. In August 2005, Bank of Communications, internationally renowned Schroeder Investment Management Co., Ltd. and China International Container Shipping (Group) Co., Ltd., a large domestic enterprise, jointly initiated the establishment of Bank of Communications Schroeder Fund Management Co., Ltd., with shareholding ratios of 65%, 30% and 5% respectively. The company is headquartered in Shanghai with a registered capital of 200 million yuan. The establishment of Bank of Communications Schroeder Fund Management Company marks a breakthrough in the integrated operation of Bank of Communications. At present, the company has successfully issued five fund products, with assets under management reaching 59.458 billion yuan and nearly 2 million customers.
16. In May 2007, Bank of Communications acquired and reorganized Hubei International Trust and Investment Co., Ltd. for 122 billion yuan. Bank of Communications and Hubei Provincial Department of Finance held 85% and 15% respectively, and changed their names to "Bank of Communications International Trust Co., Ltd." (hereinafter referred to as "Bank of Communications Guo Xin"). This is the first time that the domestic trust industry has introduced commercial banks as strategic investors after many rectifications, and it is also the first bank to be a trust company.
17. In 2007, with the approval of the regulatory authorities, Bank of Communications initiated the establishment of Bank of Communications Financial Leasing Co., Ltd., and established Bank of Communications International Holdings Co., Ltd. and its subsidiaries, Bank of Communications International Asia Co., Ltd., Bank of Communications International Securities Co., Ltd. and Bank of Communications International Asset Management Co., Ltd. in Hong Kong, which took a solid step in the comprehensive management field. (Wu Yushan data collection)