Bank of Communications
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Bank of Communications

(交通银行)

Bank of Communications
Bank of Communications
交通银行
Established in 1908, Bank of Communications is one of the largest banks in the People’s Republic of China. It was listed in Hong Kong in 2005 and in Shanghai in 2007.
Chairman / President
Ren Deqi
CEO / Managing Director
Zhang Baojiang
CFO / Finance Director
Liu Jianjun
Industry
Financial services
Website
bankcomm.com
Headquarters address
Shanghai, People's Republic of China
Stock Code
SEHK: 3328
SEHK: 4605
SSE: 601328
Year founded
1908
last updated:
27 August, 2024
An ICBC branch in Chengdu. Photo: Bloomberg
Banking & finance

China weighs injecting US$142 billion of capital into top banks

Funding for the first such intervention since the 2008 financial crisis would mainly come from new special sovereign bonds, sources say.

Banking & finance

Will new policy encourage Chinese banks to invest in struggling start-ups?

Banking & finance

State-owned banks face thinner margins amid Beijing’s call to support economy

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Hong Kong Monetary Authority (HKMA)

Hong Kong opens e-CNY pilot programme to whole city, no mainland account needed

Roll-out provides a safe, convenient means of payment for Hongkongers spending in mainland China and mainland users in Hong Kong, HKMA says.

A mobile phone displays China’s e-CNY app in Beijing on May 13, 2024. Photo: Simon Song
Banking & finance

China’s banks to sell US$60 billion of loss-absorbing bonds to meet PBOC’s norms

ICBC and BOC line up issuance plans for 60 billion yuan worth of total loss-absorbing capacity (TLAC) bonds as Chinese G-SIBs (global systemically important banks) are expected to sell 440 billion yuan of these newly introduced bonds.

Banking & finance

China’s ICBC, Agricultural Bank post profit drops on margin squeeze

The government may press state banks to continue cutting lending rates, further eroding their margins, analyst says.

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Banking & finance

Fitch cuts outlook for China’s state-owned banks from stable to negative

The move by Fitch Ratings comes a week after it cut its projection for the country’s sovereign credit rating, reflecting pessimism in the world’s second largest economy and concerns over Beijing’s capacity to support its biggest lenders.

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Fitch said the current size of China’s banking system limits the amount of support the central government could give to its biggest lenders. Photo: Reuters
Banking & finance

Chinese banks pull out some long-term deposit products, cut rates to boost margins

China’s banks are removing some of their long-term fixed-income products and cutting rates offered to depositors in an effort to shore up profitability, as challenges including a slumping property sector, mounting local government debt, and slow consumption recovery weigh on bank earnings.

Banking & finance

With new regulations and mandates, is the party over for China’s finance sector?

China’s finance sector was once freewheeling, but new regulations and mandates from officials suggest banks’ new role looks beyond simple profit-seeking.

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Banking & finance

Bocom posts slight rise in profits and points to improving asset quality

Bocom paints resilient picture for year ahead despite posting slower profit growth and warning about challenges from property sector.

Bocom delivered a relatively upbeat outlook despite posting slow earnings growth. Photo: Reuters
Banking & finance

Bank of China plans US$21 billion bond sales to meet capital requirements

The bank will be the nation’s first big state bank to sell loss-absorbing bonds to plug a major funding shortfall before a 2025 deadline to meet global capital requirements

The Bank of China logo is seen in New York City. Photo: Shutterstock
Banking & finance

China’s biggest banks lower deposit rates for third time to boost profitability

China’s largest state-owned banks are lowering their deposit rates for the third time in 2023, in their latest effort to ease the pressure on their net interest margins and to improve profitability.

China property

China’s mortgage-rate cut to put profit squeeze on state banks

Banks will cut rates on 16 trillion yuan (US$2.2 trillion) of existing first-home loans, helping households save up to 109 billion yuan in interest, ANZ says. The cut will have a tangible impact on profit margins.

Property financing

BoCom, Chinese lenders seen cutting mortgage rates to help end housing slump

A mortgage rate cut by Bank of Communications, China’s fifth-biggest lender, could induce larger rivals to follow, days after Beijing eased mortgage rules to help arrest a months-long slump in home sales.

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A man walks past a Bank of Communications branch in Hefei, eastern China’s Anhui province on May 15, 2007. Photo: Reuters
Banking & finance

Bank of Communications, China Merchants Bank report more loan stress

‘The situation of controlling the risks from the property sector remains serious,’ a Bank of Communications spokesperson says.

A Bank of Communications location in Beijing, pictured on May 22, 2023. Photo: Simon Song
Artificial intelligence

China’s biggest AI conference this week has lost its shine among US tech giants

Chinese tech giants are the main attraction at the three-day World Artificial Intelligence Conference in Shanghai, as US firms maintain their distance.

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Hong Kong property

Chen Hongtian’s US$86 million Frank Gehry-designed Hong Kong flat put up for sale

The HK$680 million (US$86.72 million) flat in Opus Hong Kong in eastern Mid-Levels has been put up for sale by tender by the receivers, according to a statement by Savills, which said it had been appointed the sole agent for the deal.

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Hong Kong property

Chinese tycoon seeks to resolve mortgage defaults, recover assets worth US$1.27b

Chinese tycoon Chen Hongtian is in discussions with lenders to retrieve assets worth HK$10 billion (US$1.27 billion) after a ‘short-term liquidity issue’ forced him to miss mortgage payments.

The house at No 15 Gough Hill Road, The Peak, owned by Chinese tycoon Chen Hongtian, has been seized by receivers appointed by Bank of East Asia. Photo: May Tse
Banking & finance

Chinese banks gain in market value, shrugging off broader crisis: S&P survey

Chinese lenders largely shrugged off the recent banking crisis in developed markets, gaining in value to take the top five spots in a league table of Asia-Pacific banks ranked by market capitalisation.

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Banking & finance

Chinese banks face tough year amid low interest rates, property crisis

Major banks have reported declining net interest margins, a crucial measure of their profitability, while the struggling property market portends slower growth, if not an outright contraction, in new mortgage applications.

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Hong Kong property

Tycoon blames Hong Kong property seizures on ‘short-term cash-flow disruption’

Chen Hongtian’s company, Cheung Kei Group, cites defaults on ‘several big-ticket accounts receivable’ and ‘abnormal obstacles’ for loss of control over assets including house on The Peak.

No. 15 Gough Hill Road, the house bought by mainland tycoon Chen Hongtian for a record HK$2.1 billion in 2016, pictured on March 30, 2023. Photo: May Tse
Hong Kong property

Chinese tycoon Chen Hongtian has Hong Kong property seized by lenders

Chen was the talk of the town in Hong Kong for purchasing the house on The Peak for a record price of HK$2.1 billion in 2016.

The house at 15 Gough Hill Road on Thursday. The property was bought for a record HK$2.1 billion in 2016, and was mortgaged twice with BEA in the first half of 2019. Photo: May Tse
Banking & finance

Shares of Chinese securities firms slump after 2022 loss warnings

The share prices of Chinese securities firms have slumped ahead of their earnings announcements for 2022 amid expectations of record losses.

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China property

China banks offer billions to developers after Beijing confirms rescue plan

After the PBOC and the CBIRC officially confirmed a 16-point rescue plan for the real estate sector on Wednesday, banks have been rushing to offer financing support for several struggling companies.

Banking & finance

ICBC expects China’s zero-Covid policy to weigh on loan quality

ICBC, the world’s largest bank by assets, sees more challenges ahead in staving off the impact of China’s strict zero-Covid measures on its loan quality.

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ICBC’s net interest margin fell to 2.03 per cent in the first six months of the year, compared with 2.12 per cent a year earlier. Photo: Bloomberg
Banking & finance

Bank of Communications’ first-half earnings survive China’s Covid measures unscathed

Two Chinese state-owned banks said this week that their first-half earnings were largely unhurt by the country’s Covid-19 lockdown measures, but more challenges are in store.

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A Bank of Communications branch in Hong Kong. The bank says it has granted payment extensions worth US$393.4 million to some of its credit card customers. Photo: Reuters
Stocks

Chinese firms in CSI 300 pay a record US$157.2 billion in dividends for 2021

Dividend payments by onshore Chinese companies likely to exceed 1 trillion yuan for financial year 2021 for the first time, according to S&P Global Market Intelligence.

China economy

Top Chinese banks’ earnings seen recovering from lending, economic momentum

Leading state-controlled banks are likely to report earnings growth of between 8 and 15 per cent for 2021, according to analysts’ estimates.

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