Overview

Bank of China (BOC), formally Bank of China Limited, is one of China's largest state-controlled commercial banks and one of the country's four major banking groups. Its institutional history reaches back to the early twentieth century, while the present joint-stock company was established during China's banking-sector restructuring in 2004. The bank is headquartered in Beijing and is listed in both Hong Kong and Shanghai under the codes 3988 and 601988. The institution opened in Shanghai on 5 February 1912 after the former Qing government bank was reorganized into a national bank serving the new Republic of China. From 1912 to 1928, it performed central-banking functions for the government. It later became a government-authorized international exchange bank and developed an overseas presence in financial centers including London, Singapore and New York. This early international orientation became a defining characteristic of the modern BOC brand. After 1949, the mainland institution was incorporated into the state banking system and operated for many years as China's specialized foreign-exchange and foreign-trade bank. It handled international settlements, foreign-exchange operations and trade-related financial services at a time when those activities were concentrated within a small number of state institutions. Its Hong Kong and Macau operations also became important parts of the wider Bank of China group; the bank has participated in the issuance of Hong Kong and Macau currency through the relevant local banking arrangements. Following financial reforms beginning in the 1990s, BOC broadened its role from a specialist foreign-trade institution into a full-service commercial bank. The group expanded across corporate banking, personal banking, financial markets, investment banking, asset management, insurance-related distribution and aircraft leasing. The joint-stock Bank of China Limited was created in 2004, followed by Hong Kong and Shanghai listings in 2006. These listings made BOC the first mainland Chinese commercial bank to list in both markets. The bank's current business covers deposits and accounts, corporate lending, project and trade finance, international settlement, cash management, treasury and market services, personal loans, wealth management, pensions, private banking, credit and debit cards, remittances, foreign-exchange services and digital banking. It also operates or is associated with specialist group businesses in investment banking, funds, insurance and aviation leasing. Its cross-border capabilities support Chinese companies operating overseas, international businesses working in China, exporters and importers, travelers, students and retail customers with foreign-currency needs. BOC positions itself as a globally connected modern banking group. The brand emphasizes internationalization, prudent risk management, service to the real economy, the international use of the renminbi and support for major national and international economic events. Official service materials highlight corporate financing, trade finance, renminbi settlement, inclusive finance, pension services, global cash management, personal wealth products, overseas financial services and online and mobile banking. The bank remains active in mainland China and maintains an international network, although the precise number and geographic distribution of current outlets should be verified against the latest annual report. As a systemically important state-controlled bank, it combines commercial banking operations with a significant role in China's financial infrastructure and cross-border economic relationships.

History

Bank of China's history is rooted in the creation of a national banking institution during the final years of the Qing dynasty. The former Ministry of Revenue Bank was established in Beijing in 1905 and renamed the Great Qing Bank in 1908, taking on central-banking functions. Following the establishment of the Republic of China, the institution was reorganized as Bank of China and began operations in Shanghai on 5 February 1912. During its first period, from 1912 to 1928, BOC performed functions associated with a central bank. In 1928 it was repositioned as a government-authorized international exchange bank. Its mandate and overseas network made it a principal channel for foreign exchange, international payments and external trade. Branches and representative operations were developed in prominent international financial centers, reinforcing a global identity that later distinguished BOC from other large mainland banks. The political division of China after 1949 produced separate institutional trajectories. The mainland operations were taken into the new People's Republic's state banking system and continued under the Bank of China name. The former central management that moved to Taiwan was later reorganized into a separate institution, now known as Mega International Commercial Bank. The mainland BOC became China's designated foreign-exchange and foreign-trade specialist, concentrating on international settlements, foreign-currency business and trade-related financing. From the 1980s, BOC expanded its role in Hong Kong and Macau and supported the wider overseas activities of Chinese banks. It participated in local currency-note issuance arrangements in Hong Kong and Macau. The bank also introduced retail innovations, including an early credit-card offering in mainland China, while continuing to develop foreign-exchange, international settlement and correspondent-banking capabilities. The 1990s brought a decisive transformation. Under China's financial-sector reforms, BOC was reorganized from a specialized foreign-trade and foreign-exchange institution into a state-owned commercial bank with broader corporate and retail capabilities. The group added or expanded investment banking, insurance-related, fund-management and other financial businesses. In 2003 the restructuring toward a joint-stock corporate model began, and Bank of China Limited was formally established in August 2004. The new company raised capital through strategic investment and then pursued dual-market public listings. Its H-share listing in Hong Kong in June 2006 was followed by an A-share listing in Shanghai in July 2006. The transactions established BOC as the first mainland Chinese commercial bank listed in both Hong Kong and mainland China. Public ownership brought additional disclosure and governance requirements while the state remained the controlling shareholder. In the following years, BOC continued to develop as a diversified banking group. Its principal businesses came to include corporate banking, personal banking and financial markets, supported by specialist subsidiaries and group companies. It retained a distinctive role in international finance, serving Chinese enterprises expanding abroad, foreign companies operating in China and customers requiring cross-border payment, foreign-exchange and trade services. It also built digital channels, wealth-management products, private-banking services and inclusive-finance offerings. The modern BOC brand therefore combines three layers of identity: a historic national banking institution, a large state-controlled commercial bank and an international financial group. Its current public materials emphasize cross-border finance, renminbi settlement, trade finance, corporate funding, global cash management, personal wealth and digital banking. Governance is exercised through a board and specialist committees covering strategy, sustainability and consumer protection, audit, risk, nomination and remuneration, and related-party transactions. The bank remains active and listed in both Hong Kong and Shanghai.

2011
Designated a global systemically important bank
[6]Bank of China overview and historybaike.baidu.com
The bank was identified as a global systemically important financial institution.
2006
Dual listing in Hong Kong and Shanghai
[5]Bank of China overviewwiki.mbalib.com
The company listed in Hong Kong and Shanghai, becoming the first mainland Chinese commercial bank to list in both markets.
2004
Bank of China Limited established
[5]Bank of China overviewwiki.mbalib.com
The joint-stock Bank of China Limited was formally established during China's banking-sector restructuring.
1994
Transition toward a full commercial bank
[5]Bank of China overviewwiki.mbalib.com
Bank of China was reorganized from a foreign-exchange and foreign-trade specialist into a broader state-owned commercial bank.
1949
Mainland operations entered the state banking system
[5]Bank of China overviewwiki.mbalib.com
The mainland operations were taken over and continued as Bank of China under the financial system of the People's Republic of China.
1928
Mandate shifted to international exchange banking
[5]Bank of China overviewwiki.mbalib.com
The institution was repositioned as a government-authorized international exchange bank.
1912
Bank of China opened
[5]Bank of China overviewwiki.mbalib.com
Bank of China opened in Shanghai on 5 February after the predecessor institution was reorganized.
1905
Predecessor national bank established
[6]Bank of China overview and historybaike.baidu.com
A predecessor institution, the Ministry of Revenue Bank, was established as an early national banking institution.

Products and positioning

A globally oriented, state-controlled Chinese commercial bank with particular strength in foreign exchange, international settlement, trade finance and cross-border banking.

Commercial banking
Corporate banking
Services for companies and institutions, including deposits, lending, project finance, corporate cash management, settlement, guarantees and other working-capital solutions. The business is especially connected with cross-border companies and enterprises involved in international trade.
Cross-border banking
Trade finance and international settlement
Documentary credits, trade-related lending, guarantees, collections, foreign-currency settlement and renminbi settlement services for importers, exporters and multinational businesses. These services reflect BOC's historic specialization in foreign exchange and international payments.
Retail banking
Personal banking
Retail accounts, deposits, personal loans, remittances, foreign-exchange services, payment cards, investment products and digital banking channels. The bank also markets services for overseas study, travel and other customers with international financial needs.
Wealth management
Wealth management and private banking
Investment and savings products distributed through the bank and group companies, including structured deposits, funds, insurance-related products and private-banking services. Product availability and risk characteristics vary by jurisdiction and customer eligibility.
Treasury and capital markets
Financial markets
Foreign-exchange, bond, gold and securities-market services, together with treasury, market-making, investment and risk-management activities. The business serves institutional clients and supports the bank's broader liquidity and international-finance operations.
Digital financial services
Digital banking
Personal online banking, corporate online banking, mobile banking and telephone banking provide account access, payments, transfers, product applications and service information through electronic channels.

Controversies

2024
Conviction of Liu Lian'ge
A Jinan court sentenced Liu Lian'ge to death with a two-year reprieve, confiscation of all personal property and related penalties after finding him guilty in the bribery and unlawful-loan case.
Source
2021
Five banks fined a total of 366 million yuan
China's banking regulator imposed administrative penalties on Huaxia Bank, Bohai Bank, Bank of China, China Merchants Bank and Bank of East Asia China, with fines totaling about 366 million yuan. The source does not specify the underlying violations.
Source
2020
Crude Oil Bao investors prepare collective lawsuit against Bank of China
In April 2020, investors in Bank of China's Crude Oil Bao product organized rights groups and prepared a collective lawsuit against the bank, according to a report. The report states that the product's settlement at -$37.63 per barrel angered investors and prompted these preparations. The report describes the investors' preparations only; it does not establish that a lawsuit was filed. No further details on participants, filing dates, amounts, or outcomes are provided in the source.
Source
2020
Investors allege deficiencies in Bank of China's Crude Oil Bao product
In April 2020, investors in Bank of China's Crude Oil Bao product reported severe losses after oil futures prices fell. Some of these investors alleged that the product's design and risk disclosures were deficient. According to the report, investors also said they wanted to pursue a collective lawsuit. The report does not establish that a court has found any wrongdoing. The event concerns investor allegations and stated intentions rather than any adjudicated outcome.
Source
2020
Regulator fines Bank of China over crude oil product violations
In December 2020, China's banking and insurance regulator announced administrative penalties related to Bank of China's crude oil product risk incident. The penalties included a combined fine of 50.5 million yuan imposed on the bank and its branches. The regulator also suspended related business and ordered the bank to review personnel responsibilities and rectify the identified problems. The announcement concerned violations connected to the crude oil product and set out both financial penalties and corrective requirements for the bank.
Source
2020
Bank of China responds to the 原油宝 penalty
In December 2020, Bank of China issued a response regarding the penalty connected to its 原油宝 product. According to the statement, the bank said it accepted the penalty, would implement the regulatory measures, hold responsible personnel accountable, strengthen remediation, and continue communicating with customers to seek a resolution. The response did not specify the amount of the penalty, the identities of the personnel involved, or the terms of any resolution with customers.
Source

Marketing campaigns

2022China International Import Expo financial services
China
Official service materials identify Bank of China support for the China International Import Expo, consistent with its role in trade finance, cross-border settlement and corporate banking.
Source
2022China International Consumer Products Expo financial services
China
BOC public materials describe services supporting the China International Consumer Products Expo and related participating businesses and consumers.
Source
2021New corporate promotional and image films
China
BOC launched a procurement process for a new corporate promotional film and image advertising film. The stated purpose was to communicate the bank's brand image and support marketing activity during its development as a globally leading modern banking group.
Source

Brand decisions

2021
Commissioned new brand filmsOther
Background
The bank sought updated corporate and image materials to support marketing and communicate its global-modern-bank positioning.
Action taken
BOC invited qualified suppliers to participate in procurement for separate image-advertising and corporate-promotion film packages.
Source
2006
Completed Hong Kong and Shanghai listingsStrategy
Background
The restructured joint-stock bank sought broader capital-market access and enhanced corporate disclosure.
Action taken
Bank of China Limited listed in Hong Kong and then Shanghai.
Aftermath
The dual listing established BOC as a publicly traded, state-controlled commercial bank in both markets.
Source

Recent events

Unconfirmed
Bank of China Guangzhou branch launches 'Token Loan' product[19]中国银行广州分行推出「Token 贷」产品163.com
Reported: 2026-08-15
Guangzhou's Haizhu district launched Guangdong's first token-economy financial product, 'Token Loan'; Bank of China's Guangzhou branch designed a 'computing power Token loan' for small and micro computing enterprises in Haizhu, with credit lines based on computing contracts and token consumption, and pilot credit of 28 million yuan.
Unconfirmed
Bank of China Manila Branch launches online currency exchange[20]中国银行马尼拉分行推出线上货币兑换服务shangbao.com.ph
Bank of China Manila Branch launched an online exchange feature for its individual customers, allowing currency exchange through mobile banking and personal online banking.
Unconfirmed
Bank of China launches Suishihui inclusive finance service[21]中国银行推出“随时惠”普惠金融服务方案finance.sina.com.cn
Reported: 2021-06-07
Bank of China launched the Suishihui inclusive finance service scheme for small and micro businesses, offering flexible access to and repayment of loans within an approved credit limit.
Unconfirmed
Five banks fined a total of 366 million yuan[18]Five banks fined a total of 366 million yuanfinance.sina.com.cn
Reported: 2021-05-21
China's banking regulator imposed administrative penalties on Huaxia Bank, Bohai Bank, Bank of China, China Merchants Bank and Bank of East Asia China, with fines totaling about 366 million yuan. The source does not specify the underlying violations.
Unconfirmed
Bank of China launches Suishihui inclusive finance service scheme[22]中国银行推出“随时惠”普惠金融服务方案finance.qingdaonews.com
Bank of China launched the Suishihui service scheme, offering targeted inclusive financial services to key small and micro enterprises.
2021-02-09
WM Motor announces RMB 11.5 billion strategic financing cooperation[23]威马汽车宣布达成115亿元战略合作finance.sina.com.cn
Reported: 2021-02-09
WM Motor announced strategic cooperation agreements totaling RMB 11.5 billion with multiple banks and financial institutions. The first RMB 3.5 billion credit facility from a Shanghai banking syndicate had been signed.
2020-12-05
Bank of China responds to the 原油宝 penalty[17]Bank of China responds to the 原油宝 penaltyfinance.ce.cn
Reported: 2020-12-06
Bank of China said it accepted the penalty, would implement the regulatory measures, hold responsible personnel accountable, strengthen remediation and continue communicating with customers to seek a resolution.
2020-12-05
China Banking and Insurance Regulatory Commission fines Bank of China over crude oil product violations[16]Regulator fines Bank of China over crude oil product violationsfinance.sina.com.cn
Reported: 2020-12-05
China's banking and insurance regulator announced administrative penalties related to Bank of China's crude oil product risk incident, including a combined 50.5 million yuan fine for the bank and its branches. The regulator also suspended related business and ordered the bank to review personnel responsibilities and rectify the problems.
2020-08-13
Shandong Gold Group and Bank of China sign strategic cooperation agreement[24]山东黄金集团与中国银行签署战略合作协议f.sdnews.com.cn
Shandong Gold Group and Bank of China signed a strategic cooperation agreement covering financial services, overseas mergers and acquisitions, and asset operations. The agreement provides Shandong Gold Group with a comprehensive credit line of 30 billion yuan.
2020-08-13
Bank of China and Shandong Hi-Speed Group sign strategic cooperation agreement[25]中国银行与山东高速集团签署战略合作协议finance.sina.com.cn
Reported: 2020-08-15
Bank of China and Shandong Hi-Speed Group signed a strategic cooperation agreement in Jinan, China, on August 13, 2020.

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