China CITIC Bank
| Company type | Subsidiary |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1987 |
| Founder | Rong Yiren |
| Headquarters | China |
Area served | China, Hong Kong, Macau, United States, Singapore, United Kingdom |
| Parent | CITIC Group |
China CITIC Bank ranks among the leading commercial bank institutions in China and operates as a subsidiary of the CITIC Group.
Established in 1987, this bank functions as a comprehensive national financial institution with an international focus. It maintains operations across several global financial hubs, including Hong Kong, Macau, New York, Los Angeles, Singapore, and London, while holding a significant market share within mainland China's banking industry. The bank's network consists of 163 main branches alongside 1,252 sub-branches primarily situated in regions with strong economic development.
Founding
The inception of the bank traces back to 1984 when Rong Yiren (荣毅仁), then chairman of CITIC Group, petitioned the Chinese government to set up a banking section within CITIC to manage foreign exchange requirements. With authorization from the People's Bank of China, this unit was launched in April 1985, broadening its scope to include foreign exchange dealings, external financing, lending services, international settlements, finance leasing, and deposit operations. Subsequently, in April 1987, after receiving approval from both the People's Bank of China and the State Council, it was officially incorporated as an independent legal entity.
Development since 2000
The early 2000s marked significant growth for China CITIC Bank's operations. In July 2000, it earned the distinction of being the first Chinese bank to receive certification from the China Financial Certificate Authority for providing online banking services. By July 2002, its global standing improved as it secured the 291st position in The Banker magazine's "Top 1000 World Banks" rankings. A notable foreign investment occurred in November 2006 when Spain's BBVA—its second largest banking institution—acquired a substantial stake and formed a strategic alliance with China CITIC Bank. On 27 April 2007, shares of China CITIC Bank were publicly listed on both the Hong Kong and Shanghai stock exchanges.
In May 2017, the bank’s A shares were removed from the SSE 50 Index, although they continued to be part of the SSE 180 Index.