Bank of China was formally established in February 1912 following the approval of Dr. Sun Yat-sen. From 1912 to 1949, the Bank served consecutively as the country's central bank, international exchange bank and specialist foreign trade bank, and fulfilled its commitment to serving the public and developing China's financial services sector. Prudent management and progressive reforms resulted in many significant achievements across the Bank's diversified business operations. After the founding of the People's Republic of China, Bank of China became the state-designated specialist foreign exchange and foreign trade bank and contributed substantially to the development of China's foreign trade and national economy. Transformed from a specialist foreign exchange bank into a state-owned commercial bank in 1994, Bank of China began a joint stock restructuring in 2003, which resulted in Bank of China Limited being incorporated in August 2004 and listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange in June and July 2006 respectively, becoming the first A share and H share dual listed Chinese commercial bank.
As the most international and diversified bank in China, Bank of China provides a comprehensive range of financial services to customers across the Chinese mainland, Hong Kong, Macau and 29 overseas countries. The Bank's core business is commercial banking, including corporate banking, personal banking and financial markets services. BOC International Holdings Limited, one of its wholly-owned subsidiaries, is the Bank's investment banking arm. Bank of China Group Insurance Co., Ltd. and its subsidiary and affiliated companies run the Bank's insurance business. Bank of China Investment Management Co., Ltd, its controlling subsidiary, operates the Bank's fund management business. BOCG Investment Limited, a wholly-owned subsidiary, undertakes the Bank's direct investment and investment management business. BOC Aviation Private Limited is in charge of the Bank's aircraft leasing business. In terms of tier one capital, the Bank was ranked 11th among the world's top 1,000 banks by The Banker magazine in 2009.
Bank of China has upheld the spirit of "pursuing excellence" throughout its near hundred-year history. It is widely recognized within the industry and by its customers for its prudent operations and customer-centric business concepts. With historical opportunities now arising, Bank of China will stay true to its sustainable approach to development and remain focused on its goal of becoming a premier international bank.