Bank of Communications: Chinese Mega Bank
A bank that was founded before China became a communist state, Bank of Communications continues to thrive and be a very relevant business entity in China with presence in a number of key cities around the world.
Bank of Communications Co., Ltd. was founded in 1908 and headquartered in Shanghai, China. It offers various commercial and retail banking products and services in the Peoples Republic of China. The company provides personal banking products and services, including time deposits, education savings, fixed deposits, current deposits, personal call deposits, integrated current and time deposits, hypothecated loans, and local and foreign currency time deposits; credit, quasi-credit, and debit cards; housing, vehicle, and shop property loans; and wealth management services.
Bank of Communications also offers corporate banking products and services comprising corporate time, corporate current, and contracted deposits. Aside from transfer of receivables, account overdrafts, bill discounts, re-lending of foreign government loans, guarantees, re-purchase of inter-bank credit assets, and buy-out of inter-bank credit assets. The bank also provides online tax payments, agent salary payments, agent collection and payments, and transfer settlements as well as corporate cash management, wealth management, import and export settlement, trade finance, offshore banking, and remittance and bill services.
The bank furthermore, is also into treasury, asset management, trustee, insurance, finance lease, and other financial services. It also deals in securities dealing and brokerage business; and general insurance and reinsurance activities, as well as provision of fund management services. Bank of Communications operates 224 branches in the Mainland China; and 13 branches in Hong Kong, New York, Tokyo, Singapore, Seoul, Frankfurt, Macau, Ho Chi Minh City, Sydney, San Francisco, and Taipei. It also has 2,785 banking outlets in China.
The bank is not only one of the largest banks in the world but also one of the largest public companies in the entire world. It has around 93,658 employees and generates sales of over $53 billion.