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Agricultural Bank of China

Engaging in the provision of international commercial banking and financial services.

Summary

Being one of the major integrated financial service providers in China, the Bank is committed to catering to the needs of Sannong and capitalizing on the synergy between the Urban Areas and the County Areas. The Bank strives to expand into the international market and provides diversified services so as to become a first class modern commercial bank. Capitalizing on the comprehensive business portfolio, extensive distribution network and advanced IT platform, the Bank provides various corporate and retail banking products and services for a broad range of customers and carries out treasury operations for their own accounts or on behalf of customers. Their business scope includes, among others, investment banking, fund management, financial leasing and life insurance.

History

Since the establishment of the People’s Republic of China in 1949, ABC has been formed and abolished several times. In 1951, two banks of the Republic of China, Farmers Bank of China and Cooperation Bank, merged to form the Agricultural Cooperation Bank, which ABC regards as its ancestor. However, the bank was merged into People’s Bank of China, the central bank in 1952. The first bank bearing the name Agricultural Bank of China was founded in 1955, but it was merged into the central bank in 1957. In 1963 the Chinese government formed another agricultural bank which was also merged into the central bank two years later. Today’s Agricultural Bank of China was founded in February 1979. It was restructured to form a holding company called Agricultural Bank of China Limited. It was listed on the Shanghai and Hong Kong stock exchanges in July 2010.

In April 2007, ABC was the victim of the largest bank theft in Chinese history. This occurred when two vault managers at the Handan branch of the bank in Hebei province embezzled almost 51 million yuan (US$7.5 million).

In 2012, ABC started a project to migrate to the Avaloq Banking System.

During the 2013 Korean crisis, the Agricultural Bank of China halted business with a North Korean bank accused by the United States of financing Pyongyang’s missile and nuclear programs.

Vision

Providing “Sannong” banking services for both urban and rural areas, maximizing shareholders returns, and helping employee development.

Mission

Providing “Sannong” banking services for both urban and rural areas, maximizing shareholders returns, and helping employee development.

 

References

https://www.linkedin.com/company/agricultural-bank-of-china/about/

https://en.wikipedia.org/wiki/Agricultural_Bank_of_China

https://www.forbes.com/companies/agricultural-bank-of-china/

https://asia.nikkei.com/Companies/Agricultural-Bank-of-China