Do you need this or any other assignment done for you from scratch?
We have qualified writers to help you.
We assure you a quality paper that is 100% free from plagiarism and AI.
You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)
NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.
NB: All your data is kept safe from the public.
Banking is very important since no country can operate without banking institutions. In China, there are many institutions that provide banking and financial services. The main four banks owned by the state include Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Agricultural Bank of China. In addition to these four state owned banks, there are other banking and financial institutions .
Bank of China was started in 1982 following its approval by Sun Yat-sen. From 1912 to1949, it carried out the roles of the central bank, foreign exchange and specialized in services of a foreign trade bank. It acquired the status of a specialized international trade and foreign exchange bank after China became a republic.
It was transformed into a full commercial bank owned by the state in 1994. The bank provides a wide range of services in Hong Kong, China, Macau and in other countries. Its services include personal and corporate banking as well as financial market business.
China Construction Bank is a commercial bank that was established in 1954. It was then named People’s Construction Bank of China before its name changed in 1996 to China Construction Bank. It conducts business through services of corporate banking business such as corporate credit loans, trade financing, international financing, enterprise equity and corporate deposit among others.
It also undertakes personal banking which is comprised of loans, personal deposits, foreign exchange and card services. Moreover, it has mobile banking, equity investment, electronic banking, and online banking services. Its operations are both domestic and international ( China Construction Bank Corp, n.d).
The Industrial and Commercial Bank of China abbreviated as (ICBC) was started in 1984. It has branches in China and other countries. Its corporate customers amount to 3.6 million while the number of individual customers is 216 million. All the customers are offered different services and financial products.
Currently, the bank’s number of employees is more than 386, 000 who carry out their duties from more than 16,200 outlets spread in China. There are also subsidiaries and branches distributed in different countries. It is the largest deposit taker and corporate lender in the domestic market of China .
The Agricultural Bank of China (ABC) established in 1951, was the first commercial bank in China. It was also the first specialized bank in the country following the reforms that were carried out in 1979.
Since its establishment, its role in rural economic sector of China has always remained significant. The bank went through a registration change in 2009 to become a joint stock company. The bank provides quality financial services for both rural and urban customers.
Other commercial banks in China include China Citi Bank which was established in 1987. It has an international orientation and provides different financial services to its clients. Another commercial bank, China Merchants Bank was also opened in 1987 making it the fist joint stock commercial bank. Since its inception, the bank has continued to grow with the economic growth of China.
It started as a small bank with small capital but is currently a large bank with a huge capital base. Shenzhen Development Bank is the other commercial bank in China which offers personal services among them e-banking, mobilization of deposits, end-user loans and credit card services.
In addition, it offers housing, automobile and business loans to clients . Finally, there is the industrial bank which is not a widely known commercial bank because of its poor performance in the Chinese financial sector.
Reference List
Banks in China. (2012). Web.
Industrial and Commercial Bank of China. (2012). Web.
China Construction Bank Corp. (n.d). Web.
Shenzhen Development Bank. (2010). Web.
Do you need this or any other assignment done for you from scratch?
We have qualified writers to help you.
We assure you a quality paper that is 100% free from plagiarism and AI.
You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)
NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.
NB: All your data is kept safe from the public.