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The China Construction Bank (CCB) (; often abbreviated as ??) is one of the 'big four' bank
Bank

A bank is a financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money. It is an institution for receiving, keeping, and lending money....
s in the People's Republic of China
People's Republic of China

The People's Republic of China , commonly known as China, is the largest country in East Asia and the List of countries by population in the world with over 1.3 billion people, approximately a fifth of the world's population....
. To date, it is ranked as the nation's second largest and the 4th largest in the world by market capitalization. The bank has approximately 13629 domestic branches. In addition, it maintains overseas branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo and Seoul, as well as representative offices in New York, London and Sydney.

was founded on October 1, 1954 under the name of "People's Construction Bank of China" (????????; Zhongguó Rénmín Jiànshè Yínháng), and later changed to "China Construction Bank" on March 26, 1996.

China Construction Bank Corporation was formed as a joint-stock commercial bank in September 2004 as a result of a separation procedure undertaken by their predecessor, China Construction Bank, under the PRC Company Law.






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The China Construction Bank (CCB) (; often abbreviated as ??) is one of the 'big four' bank
Bank

A bank is a financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money. It is an institution for receiving, keeping, and lending money....
s in the People's Republic of China
People's Republic of China

The People's Republic of China , commonly known as China, is the largest country in East Asia and the List of countries by population in the world with over 1.3 billion people, approximately a fifth of the world's population....
. To date, it is ranked as the nation's second largest and the 4th largest in the world by market capitalization. The bank has approximately 13629 domestic branches. In addition, it maintains overseas branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo and Seoul, as well as representative offices in New York, London and Sydney.

History

CCB was founded on October 1, 1954 under the name of "People's Construction Bank of China" (????????; Zhongguó Rénmín Jiànshè Yínháng), and later changed to "China Construction Bank" on March 26, 1996.

China Construction Bank Corporation was formed as a joint-stock commercial bank in September 2004 as a result of a separation procedure undertaken by their predecessor, China Construction Bank, under the PRC Company Law. Following the China Banking Regulatory Committee's approval on September 14, 2004, the next day the bank (Jianyin) became a separate legal entity, owned by the Chinese government holding company, (Central Huijin Investment Company; Huijin).

Investment by Bank of America

In 2005, Bank of America
Bank of America

Bank of America Corporation , based in Charlotte, North Carolina, is the largest financial services company in the world, largest bank by assets, second largest commercial bank by deposits, and third largest by market capitalization in the United States....
 acquired a 9% stake in China Construction Bank for $3 billion. It represented the company's largest foray into China's growing banking sector. Bank of America currently has offices in Hong Kong
Hong Kong

Hong Kong , officially the Hong Kong Special Administrative Region, is a territory located in Southern China in East Asia, bordering the province of Guangdong to the north and facing the South China Sea to the east, west and south....
, Shanghai
Shanghai

Shanghai is the List of cities in the People's Republic of China by population in China and one of the List of metropolitan areas by population in the world, with over 20 million people....
, and Guangzhou
Guangzhou

'Guangzhou' is the Capital and a sub-provincial city of Guangdong Province of China in the northern and southern China part of the People's Republic of China....
 and sought to expand its Chinese business as a result of this deal.

On or about June 5, 2008, Bank of America purchased 6 billion H-shares for approximately HK$2.42 per share using call options under a formula in the initial acquisition agreement. Bank of America now holds about 25.1 billion H-shares, representing about 10.75 percent of CCB's issued shares. Bank of America may not sell the 6 billion shares that it purchased from Huijin using the call option before August 29, 2011 without prior consent of CCB. Bank of America still has the option to purchase additional shares.

International expansion


In 2006, CCB acquired Bank of America (Asia)
Bank of America (Asia)

The China Construction Bank Corporation Limited is a licensed bank incorporated in Hong Kong....
, which started in 1912 in Hong Kong as Bank of Canton
Bank of Canton

Bank of Canton was the first Chinese-owned bank in Hong Kong. At the time, all the other banks in Hong Kong were foreign, primarily British, including the locally-incorporated but British-run Hongkong and Shanghai Banking Corporation....
, and had a subsidiary in Macao.

In 2008, CCB submitted an application to the Federal Reserve Board to establish a branch in New York City
New York City

The City of New York is the List of United States cities by population in the United States, while the New York metropolitan area ranks among the List of urban areas by population....
. New York State approval has already been given, and a formal license is expected to be granted in 2009.

China Construction Bank is a member of the Global ATM Alliance
Global ATM Alliance

The Global ATM Alliance is a joint venture of several major international banks that allows customers of the banks to use their Automated teller machine card or debit card at another bank within the Global ATM Alliance with no fees when travelling internationally....
, a joint venture of several major international banks that allows customers of the banks to use their ATM
Automated teller machine

An automated teller machine is a computerized telecommunications device that provides the customers of a financial institution with access to financial transactions in a public space without the need for a human clerk or bank teller....
 card or check card
Check card

The term check card can refer to:- An identification card issued by a retailer allowing the holder to tender payment by cheque. Such cards were commonly issued in the United States by supermarkets and other retailers before the widespread use of debit cards....
 at another bank within the Global ATM Alliance with no fees when traveling internationally. Other participating banks are:
  • Barclays (United Kingdom
    United Kingdom

    The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom , the UK or Britain,is a sovereign state located off the northwestern coast of continental Europe....
    ),
  • Bank of America
    Bank of America

    Bank of America Corporation , based in Charlotte, North Carolina, is the largest financial services company in the world, largest bank by assets, second largest commercial bank by deposits, and third largest by market capitalization in the United States....
     (United States
    United States

    The United States of America is a Federal government constitutional republic comprising U.S. state and a federal district. The country is situated mostly in central North America, where its Contiguous United States and Washington, D.C., the Capital districts and territories, lie between the Pacific Ocean and Atlantic Oceans, Borders of the U...
    ),
  • BNP Paribas
    BNP Paribas

    BNP Paribas is one of the main banks in Europe. It was created on 23 May 2000 through the merger of Banque Nationale de Paris and Paribas....
     (France
    France

    France , officially the French Republic , is a country whose Metropolitan France is located in Western Europe and that also comprises various Overseas departments and territories of France....
    ),
  • Deutsche Bank
    Deutsche Bank

    Deutsche Bank Aktiengesellschaft is an international Universal bank with a broad private clients franchise, headquartered in Frankfurt am Main, Germany....
     (Germany
    Germany

    Germany , officially the Federal Republic of Germany , is a country in Central Europe. It is bordered to the north by the North Sea, Denmark, and the Baltic Sea; to the east by Poland and the Czech Republic; to the south by Austria and Switzerland; and to the west by France, Luxembourg, Belgium, and the Netherlands....
    ),
  • Santander Serfin (Spain
    Spain

    Spain or the Kingdom of Spain , is a country located in Southern Europe on the Iberian Peninsula.The Spanish constitution does not establish any official denomination of the country, even though Espa?a , Estado espa?ol and Naci?n espa?ola are used interchangeably....
     and Mexico
    Mexico

    The United Mexican States , commonly known as Mexico , is a federalism constitutionalism republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of Mexico....
    ),
  • Scotiabank
    Scotiabank

    The Bank of Nova Scotia is the second Big Five in Canada by deposits and third largest by market capitalization. The bank was founded in 1832 in City of Halifax, Nova Scotia, and its primary corporate offices are located in Toronto, Ontario....
     (Canada
    Canada

    Canada is a country occupying most of northern North America, extending from the Atlantic Ocean in the east to the Pacific Ocean in the west and northward into the Arctic Ocean....
    ) and
  • Westpac
    Westpac

    Westpac , is a multinational Financial services company and the largest bank in Australia . The bank is one of the Australian 'big four' banks, joining National Australia Bank, Australia and New Zealand Banking Group, and the Commonwealth Bank....
     (Australia
    Australia

    Australia, officially the Commonwealth of Australia, is a country in the southern hemisphere comprising the Australia of the world's smallest continent, the major island of Tasmania, and numerous list of islands of Australia in the Indian Ocean and Pacific Oceans....
     and New Zealand
    New Zealand

    New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses , and numerous Islands of New Zealand, most notably Stewart Island/Rakiura and the Chatham Islands....
    ).


Scandals

The former chairman, Zhang Enzhao, resigned on March 16, 2005, citing "personal reasons". However, a lawsuit in the United States
United States

The United States of America is a Federal government constitutional republic comprising U.S. state and a federal district. The country is situated mostly in central North America, where its Contiguous United States and Washington, D.C., the Capital districts and territories, lie between the Pacific Ocean and Atlantic Oceans, Borders of the U...
 alleges that he received a bribe of one million dollars from Alltel Information Services, for securing a contract.

Health fund

China Construction Bank investment division plans launched a 5 billion yuan ($731.3 million) fund -- called China Healthcare Investment Fund -- to focus on investments in China's rapidly growing heathcare sector. The fund focuses on investments in healthcare-related sectors including pharmacy
Pharmacy

Pharmacy is the health profession that links the health sciences with the chemistrys, and it is charged with ensuring the safe and effective use of medication....
, medical equipment
Medical equipment

Medical equipment is designed to aid in the diagnosis, monitoring or treatment of medical conditions. These devices are usually designed with rigorous safety engineering....
 manufacturing, medical institutions and services. It is the first domestic investment fund specializing in investments in China's heathcare industry..

Stock Exchange listing

In late 2005, China Construction Bank made an initial public offering
Initial public offering

Initial public offering , also referred to simply as a "public offering" or "flotation," is when a company issues common stock or Share to the public for the first time....
 on the Hong Kong Stock Exchange (SEHK:0939). Since its listing, the share price has risen about 50% (since Feb 2006). In late 2007, it made China's second-largest initial public offering of 57.12 billion Renminbi
Renminbi

The renminbi is the currency of the People's Republic of China, whose principal unit is the Chinese yuan , subdivided into 10 jiao , each of 10 fen ....
 yuan (7.6 billion US dollars) on the Shanghai Stock Exchange (SSE:601939), .

See also

  • List of Chinese companies
    List of Chinese companies

    Chinese owned companies can be defined as enterprises within mainland China, Hong Kong, Macau and Taiwan:*List of companies in Mainland China*List of companies in Hong Kong...
  • List of asset management companies of the People's Republic of China


External links