What are China's four major banks? A list of the names of the four major banks
A bank is a financial institution established in accordance with the law to engage in the business of currency and credit. Usually, when we speak of banks, we mean commercial banks. China's four major banks are the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China, and the China Construction Bank (ICBC, ABC, BOC, CCB). They represent China's strongest financial capital power. Now let's take a look at these four major banks of our country!
Industrial and Commercial Bank of China
The Industrial and Commercial Bank of China was established in 1984. As one of the commercial banks with the largest assets in China, it has been ranked among the Fortune Global 500 enterprises for many years. After more than 20 years of reform and development, the Industrial and Commercial Bank of China has stepped onto a track of coordinated development in quality, efficiency, and scale.
◆In 2010, in the ranking by Tier 1 capital by the British magazine The Banker, the Industrial and Commercial Bank of China ranked 16th in the "Top 1000 World Banks".
◆In April 2013, in Forbes' 2013 Global 2000 list, the Industrial and Commercial Bank of China surpassed ExxonMobil to become the world's largest enterprise.
◆In March 2015, the Industrial and Commercial Bank of China earned a net profit of 276.3 billion yuan in 2014, once again becoming the most profitable bank.
◆In July 2016, it ranked 15th in the Fortune Global 500.
Agricultural Bank of China
The Agricultural Bank of China is the first state-owned commercial bank established after the founding of New China, one of the commercial banks with the strongest financial capital in China, and an important part of China's financial system. It was initially established in 1951, with its head office in Beijing. It ranks 8th in the "Top 1000 World Banks", and its Moody's credit rating is A1.
◆In January 2009, the Agricultural Bank of China was wholly restructured from a wholly state-owned commercial bank into a joint-stock commercial bank, renamed "Agricultural Bank of China Limited", and completed an "A+H" dual listing in 2010, officially becoming a large listed bank. Agricultural Bank's A+H share IPO raised 22.1 billion US dollars globally, becoming the largest IPO in global history.
◆At the end of 2009, total assets were approximately 8,882.588 billion yuan, accounting for 11.3% of the total assets of the national banking and financial industry. It is China's modern commercial bank with the greatest scale and strength. Various deposits were approximately 7,497.618 billion yuan, various loans were 4,138.187 billion yuan, the capital adequacy ratio was 10.07%, the non-performing loan ratio was 2.91%, net profit was 65 billion yuan, and the net profit growth rate ranked first among the four major banks.
◆In March 2012, the British magazine The Banker released the "2012 Top 500 Global Banking Brands Ranking". Agricultural Bank ranked 18th globally with a brand value of 9.929 billion US dollars.
◆In July 2016, Fortune released the latest Global 500 ranking, and the Agricultural Bank of China ranked 29th.
Bank of China
The Bank of China is one of the commercial banks with the longest history in China. Its full name is Bank of China Limited. It is one of the four major state-owned commercial banks in mainland China (excluding Hong Kong, China, Macao, China, and Taiwan, China), ranking third in scale. The Bank of China was approved for establishment by order of President Sun Yat-sen on January 24, 1912, and officially opened on February 5, 1912. It was reorganized from the Hubu Bank established by the Qing government in 1905 (renamed the Ta-Ching Bank from 1908, responsible for rectifying the currency system, issuing currency, consolidating the national treasury, and exercising central bank rights).
◆In July 2013, the British magazine The Banker announced the 2013 "Top 1000 World Banks" ranking, in which it ranked 9th, consistent with its 2012 ranking.
◆In November 2014, the Bank of China and Germany's second-largest bank, Commerzbank, signed an agreement to provide RMB payment services directly to customers from Frankfurt in the future.
◆In July 2016, Fortune released the latest Global 500 ranking, and the Bank of China ranked 35th. In August, the Bank of China ranked 8th in the 2016 Top 500 Chinese Enterprises.
China Construction Bank
China Construction Bank was established on October 1, 1954 (at that time its name was People's Construction Bank of China, and it was renamed China Construction Bank on March 26, 1996). The basic background of the establishment of China Construction Bank is that as the People's Republic of China began implementing its First Five-Year Plan for developing the national economy, large-scale economic construction centered on building 156 key projects unfolded across the country. In order to manage huge construction funds well, China Construction Bank emerged at the historic moment and began a arduous and glorious course.
◆In May 2007, China Construction Bank was rated by the "Hurun Brand List" as one of the "2007 Top Ten Most Valuable Brands in China".
◆In July 2008, the "Top 100 Chinese Listed Companies Ranking" was released, and CCB ranked third, while PetroChina and the Industrial and Commercial Bank of China ranked first and second respectively.
◆In July 2010, in the "Interbrand 2010 Best China Brand Value Ranking" released by the US magazine Forbes, CCB ranked third and was honored as the top Chinese-funded bank.
◆In April 2013, the Forbes 2013 Global 2000 list was released. China Construction Bank ranked second only to the Industrial and Commercial Bank of China, becoming the world's second-largest enterprise.