Timeline of overseas activities
Timeline of overseas activities[edit]
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- 1917: BOC opened a branch in Hong Kong.[18][19]
- 1929: BOC opened its first overseas branch in London.[20] The branch managed the government's foreign debt, became a center for the bank's management of its foreign exchange, and acted as an intermediary for China's international trade.
- 1931: BOC opened a branch in Osaka.[21]
- 1936: BOC opened a branch in Singapore to handle remittances to China of overseas Chinese. It also opened an agency in New York.
- 1937: On the outbreak of hostilities with Japan, Japanese forces blockaded China's major ports. BOC opened a number of branches in Batavia, Penang, Kuala Lumpur, Haiphong, Hanoi, Rangoon, Bombay, and Calcutta to facilitate the gathering of remittances and the flow of military supplies. It also opened sub-agencies in Surabaya, Medan, Dabo, Batu Pahat, Baichilu, Mandalay, Lashio, Ipoh, and Seremban.
- 1941-1942: The Japanese conquest of Southeast Asia forced BOC to close all overseas its branches, agencies, sub-branches and sub-agencies, except London, New York, Calcutta, and Bombay. Nevertheless, in 1942, it managed to set up six new overseas branches, such as in Sydney, (Australia), Liverpool, and Havana, and possibly Karachi.
- 1946: BOC reopened its branches and agencies in Hong Kong, Singapore, Haiphong, Rangoon, Kuala Lumpur, Penang, and Jakarta. It moved the Hanoi agency to Saigon. At the suggestion of the Allied Forces Headquarters, it liquidated the branch in Osaka and opened a sub-branch in Tokyo.
- 1947: BOC opened agencies in Bangkok, Chittagong, and Tokyo.
- 1950: After victory of Communist forces in the civil war, some branches (ex. Hong Kong, Singapore, London, Penang, Kuala Lumpur, Jakarta, Calcutta, Bombay, Chittagong, and Karachi) of Bank of China joined the bank headquartered in Beijing, while others (ex. New York, Tokyo, Havana, Bangkok, and one other, possibly Panama) opted to remain with the Bank of China headquartered in Taipei. In 1971, this bank took the name International Commercial Bank of China.
- 1963: The Burmese government nationalized all banks, foreign and domestic, including the Bank of China's Rangoon branch.
- 1971: The Bank of China transferred its two branches in Karachi and Chittagong to the National Bank of Pakistan.
- 1975: The Republic of South Vietnam nationalized the Bank of China's branch in Saigon and the Khmer Rouge government nationalized its Phnom Penh branch.
- 1979: BOC opened a branch in Luxembourg, which gradually became its European headquarters through the 1990s.[22]
- 1981: BOC opened a branch in New York.[23]
- 1985: BOC opened a branch in Paris (France)
- 1987: BOC became an ordinary member of the LBMA.
- 1992: BOC opens a representative office in Toronto.
- 1993: Bank of China (Canada) established to conduct business in Canada as a Schedule II bank.
- 2001: Kwangtung Provincial Bank was closed and merged under Bank of China, Singapore Branch.
- 2002: Bank of China Futures Pte Ltd wound up operations in Singapore.
- 2005: In the runup to its initial public offering, BOC solicited long term investors to take strategic stakes in the company, including a $3.1 billion investment by the Royal Bank of Scotland Group PLC and further investments by Swiss bank UBS AG and Temasek Holdings (who also promised to subscribe for an additional $500 million worth of shares during the IPO). The Bank was also investigated by the United States in its money laundering probe related to the superdollars affair.[24]
- 2006: BOC's listing on the Hong Kong Stock Exchange on June 1, 2006, was the largest IPO since 2000 and the fourth largest IPO ever, raising some US$9.7 billion in the H-share Global Offering. The Over-Allotment Option was then exercised on June 7, 2006, raising the total value of their IPO to US$11.2 billion.[25] BOC also made a successful IPO in mainland China on July 5, 2006, offering up to 10 billion A-shares on the Shanghai A Stock Exchange for RMB20 billion (US$2.5 billion). BOC also bought Singapore Airlines's stake in Singapore Aircraft Leasing Enterprise, renaming it BOC Aviation in 2007.
- 2008: Bank of China buys a 20 percent stake in La Compagnie Financière Edmond de Rothschild (LCFR) for 236.3 million euros (US$340 million)
- 2001-2007: Massive staff layoffs and paycuts in BOC Singapore Branch, culminating in 2007 with branch head Zhu Hua being asked to leave by the Monetary Authority of Singapore for his poor performance. He was replaced by Liu Yan Fen.
- 2008: Head of Settlements at BOC, Chin Chuh Meng, was investigated involvement for Multi-Level Marketing Activities in Singapore, a scheme involving employees of the Bank of China and ex-Kwangtung Bank.[26]
- 2009: Opened branches in São Paulo and Maputo.[27] Penang branch reopened in October. People's Park Remittance Centre opened in Singapore. Sunday Banking Business ceased in Chinatown Sub-branch in Singapore.
- 2012: BOC opened branch in Taiwan. The opening is seen as a symbol of deepening economic ties across Taiwan Strait[28] Bank of China (M) Bhd opened its 6th branch in Malaysia at Tower 2, PFCC, Bandar Puteri Puchong in 2012.
- 2013: BOC opened a branch in Lisbon, Portugal.[29] During the Korean crisis, the Bank of China halted business with a North Korean bank accused by the United States of financing Pyongyang's missile and nuclear programs.[30] New branch opened in Montreal. The Canadian arm of the Bank of China now has 10 branches across Canada, including five in the Greater Toronto Area and three in Vancouver.[31]
- 2015: BOC gained entry to the London Bullion Market Association gold price auction. At the time, it was one of eight members to the auction.[32]
- 2015 BoC opened two global commodity centres in Singapore, becoming the first Chinese bank to do so outside China.[33]
- 2016 BoC received permission to open a branch in Brunei.[34]
- 2016 BoC opened a branch in Mauritius becoming the first Chinese-funded bank in Mauritius.[35]
- 2017 BoC received permission to operate a deposit bank in Turkey.[36]
- 2017 In October 2017, BoC opened its first branch in Pakistan in Karachi, Pakistan.
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