BIZCHINA> Top Biz News
|
BIZCHINA> Top Biz News
|
|
Supplement: BOC overseas business surges in face of global credit crisis
(China Daily)
Updated: 2009-03-09 09:26 Flying in the face of the ongoing international financial meltdown, Bank of China (BOC) bucked the downward trend and saw its overseas market assets surge by 41 percent in 2008.
In particular, the bank benefited its successful move into a substantial market gap left by the ailing US and European banks. Global service As well as being one of the country's oldest commercial banks, BOC was also the first in China's banking sector to develop an overseas presence. It established a Hong Kong branch in 1917, and then, in 1929, opened BOC (London), the first foreign branch to be opened by a Chinese bank. Today's BOC has a global network and a unique competitive edge. It is a firmly established brand with a track record of success and innovation of nearly 100 years. During 2008, while other banking giants were contracting and closing branches, BOC added eight new overseas operations, marking its most successful year ever in terms of global development. As well as expanding its international scope, BOC has looked to steering its overseas operations into a number of new product sectors. BOC (Switzerland) Ltd, launched on Dec 1 last year, was set up to develop personal banking business in the European market. The move followed BOC's successful introduction of personal banking services into the Chinese market in 2007. Both the move into Switzerland and the introduction of European personal banking services marked a first for Chinese financial services companies, adding to the BOC's reputation for innovation in the sector. The initiative is part of BOC's strategy to develop its US and European business alongside its core Asia Pacific interests. This strategy forms the cornerstone of its long-term development plans and marks its commitment to expanding its global network. Currently, the bank has branches and offices in 17 different countries which have a bilateral trade volume with China in excess of US$20 billion per annum. It has also identified six other countries with a similar trade volume as targets for its future expansion. By the end of 2008, BOC had set up some 800 branches in 29 countries and regions, established formal business associations with 1,500 overseas banks and some 47,000 branches of them. Despite its focus on developing new overseas initiatives, the banking group has also sought to further consolidate revenue from its existing markets. This includes looking to grow its presence in areas, such as London, New York, Luxemburg, Frankfurt, Paris, Singapore, Sydney, Hong Kong and Macao, where it has long been an established player. Last year, in a bid to meet market changes and customer demand, BOC opened new branches in Hurstville and Perth (Australia), Guro (South Korea), Markham (Canada), Surabaya (Indonesia), as well as a wealth management center in Macao. First choice In recent years, BOC has endeavored to become the "first choice" for banking support for companies that have embraced the national strategy of developing global business through overseas initiatives. As the bank with the highest level of business diversification in the Chinese banking sector, BOC has played to its key strengths in global group management and high-end international experience by introducing a "one-stop" financial planning facility for Chinese companies to move into overseas markets. Its comprehensive package includes advice and assistance on launching and managing overseas plants, organizing flotations, structuring merger and acquisition deals, monitoring import and export arrangements, undertaking specific projects and managing remote labor forces. The overseas branches now work closely with their counterparts in a number of the bank's other operating divisions, including BOC International, BOC Investment and BOC Insurance. This ensures the bank can now offer a diversified, professional and integrated cross-border platform of financial service to its business customers. Last April, as part of its policy of taking a lead in China's drive toward international business, the bank hosted a seminar aimed at Chinese businesses keen to develop their global profile. The event, staged in Central China's Hunan province, attracted 28 major companies and saw BOC outlining its international financial services package. Following the seminar, the bank signed cooperation agreements with a number of the attendees, including China Valin, Zoomlion, Sany and the Hunan Nonferrous Metal Holding Group. Under the terms of the agreement, BOC has undertaken to offer the companies favorable terms on financial arrangements, including extending lines of credit and providing overseas capital management services. As a result of the seminar, some 10 enterprises entered into 30 different cooperation agreements with various divisions of the bank, most notably BOC (Hong Kong), BOC International, as well as BOC's branches in New York, London, Paris, Milan, Singapore and Sydney. A number of these projects have now been successfully launched. As a follow-up to the Hunan seminar, the bank hosted a second event, this time in Yunnan province. Entitled: "Based in Yunnan and Going Overseas", the event attracted representatives from some 20 businesses based in the southwestern province. The occasion allowed the bank to initiate contacts between Yunnan business chiefs and representatives of BOC's branches in cities of Hong Kong SAR, Singapore, Malaysia, Bangkok, Hochiminh City, Jakarta, Canada, Sydney and Zambia. Many of the relationships that began there have since materialized as ongoing business initiatives. One of BOC's key services for companies looking at overseas expansion is its provision of syndicated loans. This is an area that the bank has vast experience in and one that it is continuing to develop. BOC has already opened Asia-Pacific, European-African and American syndicated loan centers. These three centers all offer highly experienced staff, rigorous management systems and access to an established inter-bank distribution network. Enthusiastic uptake of BOC's tailored solutions in the syndicated loan sector has seen its market share rise markedly, allowing it to offer still more competitive terms to its clients. According to statistics by the end of the third quarter of 2008, the syndicated loan business of the BOC Group secured the number one ranking in the mainland, Hong Kong and Macao markets. It now ranks number four overall in the Asia-Pacific region, excluding Japan. Charity efforts Working to develop global market, however, did not mean that BOC staff members working overseas neglected issues closer to home. After the Sichuan earthquake last May, the bank's overseas branches and their staff members were hugely active in making donations to the earthquake-stricken areas. In order to ensure swift transfer of international funds raised to alleviate suffering throughout the earthquake zone, many of the branches were quick to open dedicated accounts for donations and provide "green channels" to ensure the rapid transfer of cash to the areas it was most needed. The branches also publicized the relief accounts and waived all transaction fees. In a bid to maximize relief revenues from overseas Chinese communities and international well-wishers, the bank's branches in New York, London, Paris, Singapore, Bangkok, Sydney and Macao undertook local press campaigns highlighting the issue. BOC (Hong Kong) became the first contributor to the Hong Kong Red Cross after the earthquake with a total donation of HK$154.3 million and 150,000 yuan. BOC in Hong Kong has a long history of supporting local charitable institutions, including the Hong Kong Red Cross, the Tung Wah Group of Hospitals and Oxfam Hong Kong. In total, it has collected some HK$268 million and transferred more than HK$600 million in charitable donations without levying any transaction fees. Other overseas branches and their staff members contributed nearly $1.7 million to the earthquake-hit areas and helped transfer overseas donations totaling more than $10 million. (For more biz stories, please visit Industries)
|
a级毛片av无码
