Bank of China Group
| Company type | State-owned enterprise |
|---|---|
| Industry | Banking and finance |
| Founded | 1917 |
| Defunct | 2001 |
| Fate | Consolidated into Bank of China (Hong Kong) |
Area served | Hong Kong, Mainland China |
| Products | Banking, life insurance, casualty insurance |
| Owner | Chinese government |
Bank of China Group (; BOCG) served as the collective identity for 13 banks, predominantly owned by the Chinese government, that operated within Hong Kong until their consolidation in 2001 into Bank of China (Hong Kong). The Hong Kong branch of Bank of Communications withdrew from BOCG in 1998. The BOCG name remains active in the life insurance and casualty insurance divisions of Bank of China across both Hong Kong and Mainland China.
History
The establishment of the Bank of China's Hong Kong branch in 1917 marked the initial presence of Chinese state-owned banks within the colony's financial sector, soon followed by Yien Yieh Commercial Bank in 1918.
By the year 1949, Hong Kong was home to 15 branches of state-owned Chinese banks, alongside nine public-private joint venture banks incorporated on the Mainland:
- Sin Hua Bank Limited (SHB)
- China & South Sea Bank Limited (CSSB)
- Kincheng Banking Corporation (KBC)
- China State Bank Limited (CSBL)
- The National Commercial Bank Limited (TNCB)
- The Yien Yieh Commercial Bank Limited (YYCB)
- Young Brothers Banking Corporation
- Wo Sang Bank
- National Industrial Bank of China
Moreover, the Chinese government founded locally incorporated institutions: Po Sang Bank in 1949 and Nanyang Commercial Bank in 1950.
Centralised management
In 1952, these nine joint public-private banks established the Joint Office of Joint Public-Private Banks. After their parent companies dissolved, three branches in Hong Kong closed in 1954. The administration of the remaining six was transferred in 1958 to the Bank of China's Hong Kong and Macau Regional Office. Thereafter, Bank of China took over management responsibilities for Hong Kong branches of Mainland-incorporated banks such as Kwangtung Provincial Bank, Hua Chiao Commercial Bank, and Bank of Communications.
1970-1980s
Throughout the 1970s, Bank of China expanded its holdings in Chiyu Banking Corporation. In June 1975, it capitalized public-private banks, diminishing private ownership stakes to below 1%.
During the 1980s, following integration onto a shared IT infrastructure and centralization of treasury and foreign exchange functions, the fourteen banks were collectively rebranded as Bank of China Group.