The Agricultural Bank of China (hereafter referred to as ABC or the Bank) is the first commercial bank established in the People's Republic of China in 1951 and the State's first specialized bank set up after the reform and opening-up of the country in February 1979. Ever since its establishment, the Bank has been playing an important role in China's rural economic sector. In 1994, the Agricultural Development Bank was separated from ABC. In 1996, the Rural Credit Cooperatives, once an affiliated financial institution to the Bank, were also detached. After this, ABC started its transformation into a wholly state-owned commercial bank. On January 15th, 2009, the Bank changed the registration with the Industrial and Commercial Bureau and was transformed in its entirety to a joint-stock company, i.e., Agricultural Bank of China Limited.
The year of 2008 witnessed a rapid growth of ABC with enhanced operational efficiency and improved asset quality. ABC's net profits in 2008 increased to RMB 51,453 million. Meanwhile, the total assets stood at RMB 7,014,351 million with total deposits of RMB 6,097,428 million and outstanding loans at RMB 3,100,159 million. Underscoring ABC's prudential operating approach and commitment to sustainable franchise development, ABC's non-performing loan (NPL) ratio is 4.32% and capital adequacy ratio is 9.41%. With the largest network across China and an advanced IT system, the Bank is able to provide convenient, efficient financial services to over 350 million clients. Currently, ABC has 24,064 branches, sub-braches and outlets, 30,089 ATMs and has established correspondent banking relationships with 1,171 banks worldwide.
In 2008, ABC took the 223rd place in the Fortune Global 500 and was rated A1/Stable by the Moody's.
ABC is committed to serving agro-related sectors and dedicated to providing first-class financial services to both urban and rural clients. With full international capabilities, an innovated business model and prudential operations, the Bank provides tailored services to communities both at home and abroad. Based on its large physical and electronic network and diversified products, ABC is striving to build itself into a modern universal bank with a sustainable development outlook.