Bank of China

Bank of China Limited (BOC) (中国银行; 中國銀行; Zhōngguó Yínháng; often abbreviated as 中行) is one of the big four state-owned commercial banks of the People's Republic of China. Founded in 1912 to replace the Ta Ching Government Bank, it is the oldest bank in China. From its establishment until 1942, it issued banknotes on behalf of the Central Government along with the "Big Four" banks of the period: the Central Bank of China, Farmers Bank of China and Bank of Communications. Although it initially functioned as the Chinese central bank, it was replaced by the Central Bank of China in 1928. Subsequently, it became a purely commercial bank.
After the Chinese civil war ended in 1949, the Bank of China effectively split into two operations. Part of the bank relocated to Taiwan with the Kuomintang government. It was privatised in 1971 to become the International Commercial Bank of China (中國國際商業銀行). It has subsequently merged with the Taiwan Bank of Communications (Chiao Tung Bank, 交通銀行) to become the http://www.megabank.com.tw/ Mega International Commercial Bank (兆豐國際商業銀行).The Mainland operation is the current entity known as the Bank of China.
It is the second largest lender in China overall, and the 8th largest bank in the world by market capitalization value. Once 100% owned by the central government, via Central Huijin Investment and National Council for Social Security Fund (SSF), an IPO of its shares took place in June 2006, the free float is at present over 26%. (...) more....