Bank of China (Hong Kong)

Bank of China (Hong Kong) Limited (BOCHK) is the second largest commercial banking group in Hong Kong in terms of assets and customer deposits, with over 300 branches in Hong Kong. It was created on 1 October 2001 from a merger of 12 subsidiaries and associates of the Bank of China in Hong Kong, and listed on the Hong Kong Stock Exchange in October 2002. As of the end of 2003, the bank had HK$763 billion in assets and made net profit of HK$8 billion in 2003.

BOCHK is one of the three banks which issue banknotes for Hong Kong, the biggest member as well as a founder of the JETCO ATM and payment method, and the designated clearing bank in Hong Kong for trades involving the renminbi, Mainland China’s money. It’s legally different from its parent, Bank of China (BOC), even though they maintain close relations in management and administration and collaborate in a number of areas including reselling BOC’s insurance and securities services. Additionally, it shares its Hong Kong headquarters, the Bank of China Tower, with its parent; finished in 1988, this is the first building outside North America to exceed 1000 feet (300 m).