As China’s economy grows rapidly – so is its banking industry. Chinese banks are significantly growing both domestically and internationally– no wonder it constitutes the largest global banking sector in the world. As we are all aware, China has the highest number of exports, so it established numerous banks to make money remittance to China easier. As of 2016, China has over 4,398 different banking institutions domestically. Basically, the country’s bank industry has made phenomenal strides into contributing to the growth of its economy by making the inflow and outflow of money more efficient, by providing funds to businessmen to start or expand businesses, and by providing home and student loans to help citizens fulfill a career or dream.
Below are China’s big 5 banks – all of which are among the largest banks in the world.
1. Bank of China
BOC was founded in 1912 and was one of the oldest banks in China. From 1912 to 1949, the Bank served consecutively as the country’s central bank, international exchange bank, and specialized international trade bank. Fulfilling its commitment to serving the public and developing China’s financial services sector, the Bank rose to a leading position in the Chinese financial industry and developed a good standing in the international financial community, despite many hardships and setbacks. In 2017, BOC was ranked as the 4th largest bank by assets in the world.
Branches: 10,674 branches and outlets & 545 overseas institutions
Location: Beijing, China
Founder: Chen Jintao
2. Bank of Communications
BoComm was established in 1908 and was also one of the oldest banks in China – just a few years older than BOC. It was one of the first banks to have issued banknotes and became one of the major financial service providers in China. become covers commercial banks, securities, trusts, financial leasing, fund management, insurance, and offshore financial services. In 2017, it was listed as the 34th world’s biggest public company and 24th on the list of the World’s biggest banks by Forbes.
Branches: 3,270 banking outlets and 65 overseas banking outlets
Location: Shanghai, China
Founder: State Council of the People’s Republic of China
3. China Construction Bank
Branches: 14,985 banking stores & 251 overseas entities
Location: Xicheng District, Beijing, China
Founder: Ministry of Finance of the People’s Republic of China
4. Industrial and Commercial Bank of China
ICBC is the world’s number 1 largest and richest bank by total assets (26 Trillion RMB). It’s a state-owned commercial bank that was founded on January 1, 1984. ICBC is listed as number one on the World’s Biggest Public Companies by Forbes and has surpassed Wells Fargo to become the world’s most valuable banking brand.
Branches: 16,732 physical outlets & 419 overseas institutions
Location: Xicheng District, Beijing, China
Founder: Central Huijin Investment
5. Agricultural Bank of China
ABC or AgBank is one of China’s “big four” banks that was founded in 1951. It was ranked top 3 among the world’s biggest banks in 2017, and it’s one of the country’s five top lenders. The bank’s main principle is to seek progress while maintaining stability and promote supply-side structural reform to support national economic development. Adhering to this principle, ABC regarded green credit as a major direction for business development and structural adjustment.
Branches: 23,661 domestic branch outlets, 13 overseas branches, and 4 overseas representative offices
Location: Beijing, China
Founder: ABC International Holdings Limited
Published by: Antika
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