China CITIC Bank
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China CITIC Bank () is China's seventh-largest lender in terms of total assets. It was known as CITIC Industrial Bank until it changed its name in August 2005. China CITIC Bank, established in 1987, is a nationally comprehensive and internationally oriented commercial bank. The bank operates in Hong Kong, Macau, New York, Los Angeles, Singapore and London, and maintains a strong foothold on the mainland banking industry. The bank operates 163 branches in the mainland, and 1,252 sub-branches, located in economically developed regions of China. In total, there are 1,415 branch offices in China, as of Q4 2021.


History


Origins

In 1984, the chairman of CITIC group at the time, Rong Yiren (荣毅仁), requested that the Chinese government create a banking division under his company, in order to fully embody the needs for foreign exchange. This move was approved by the
People's Bank of China The People's Bank of China (officially PBC or informally PBOC; ) is the central bank of the People's Republic of China, responsible for carrying out monetary policy and regulation of financial institutions in mainland China, as determined by ...
, and a banking division was created under CITIC group in April 1985. At this point, the bank was based on the original finance department, expanding its operations regarding external financing, foreign exchange transactions, loans, international settlement, finance leases and deposits. In April 1987, the bank was formally established as a separate legal entity, following approval from the People's Bank of China and the
Chinese State Council The State Council, constitutionally synonymous with the Central People's Government since 1954 (particularly in relation to local governments), is the chief administrative authority of the People's Republic of China. It is chaired by the pre ...
.


2000-present

China CITIC Bank's businesses flourished in the first decade of the 21st century. In July 2000, CITIC bank became the first bank in China to be certified by the China Financial Certificate Authority for online banking. In July 2002, the bank improved its international standing by ranking 291st on the "Top 1000 World Banks" list released by ''
The Banker ''The Banker'' is an English-language monthly international financial affairs publication owned by ''The Financial Times'' Ltd. and edited in London, United Kingdom. The magazine was first published in January 1926 through founding Editor, Brend ...
'' magazine of the
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, ranking within the top 300 for the first time. In November 2006, the bank welcomed its first major foreign investment, when
BBVA Banco Bilbao Vizcaya Argentaria, S.A. (), better known by its initialism BBVA, is a Spanish multinational financial services company based in Madrid and Bilbao, Spain. It is one of the largest financial institutions in the world, and is present ...
, the second largest bank in
Spain , image_flag = Bandera de España.svg , image_coat = Escudo de España (mazonado).svg , national_motto = ''Plus ultra'' (Latin)(English: "Further Beyond") , national_anthem = (English: "Royal March") , i ...
, became a major shareholder. This move established a co-operative relationship. On 27 April 2007, China CITIC Bank was listed on the Hong Kong and Shanghai stock exchanges. In May 2017 the A share of the company was removed from the constituents of
SSE 50 Index SSE 50 Index is the stock index of Shanghai Stock Exchange The Shanghai Stock Exchange (SSE) is a stock exchange based in the city of Shanghai, China. It is one of the three stock exchanges operating independently in mainland China, the others ...
; it remained in
SSE 180 Index SSE 180 Index is the stock index of Shanghai Stock Exchange, representing the top 180 companies by "float-adjusted" capitalization and other criteria. SSE 180 is a sub-index of SSE Composite Index, the latter included all shares of the exchange. ...
.


Banking achievements and facts

*Ranked the 185th among the top 500 enterprises by market value in 2010 by the ''
Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nik ...
''. *Among the “Top 1000 World Banks” released by ''The Banker'' magazine of the UK, China CITIC Bank ranked 67th in the world in terms of tier-1 capital and 72nd in terms of total assets. *Currently the seventh largest bank in China. *A wholly owned subsidiary of
China International Trust and Investment Corporation CITIC Group Corporation Ltd., formerly the China International Trust Investment Corporation (CITIC), is a state-owned investment company of the People's Republic of China, established by Rong Yiren in 1979 with the approval of Deng Xiaoping. ...
(CITIC), with assets of
RMB The renminbi (; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of the People's Republic of China and one of the world's most traded currencies, ranking as the fifth most traded currency in the world as of April 2022. ...
576 billion (US$71 billion). *First bank in China to be certified by the China Financial Certificate Authority for online banking.


Bank services

Being a local commercial bank, China CITIC bank currently offers a large range of services, including: Personal finance Retailing banking, credit card, band card services, wealth management, private banking, savings, personal loans, financial services abroad and electronic banking services. Corporate banking Financial organization services, international business, investment banking, supply chain financing, account settlement, financing services for small enterprises, trading services, cash management, asset management, international settlement and trade financing, capital market business, including foreign exchange businesses, bond businesses, trading of financing and derivative products, financial service platforms and financial solutions.


References

{{Authority control Companies in the CSI 100 Index Former companies in the SSE 50 Index Banks of China CITIC Group Banks established in 1987 Chinese companies established in 1987 Chinese brands Multinational companies headquartered in China Companies listed on the Hong Kong Stock Exchange Companies listed on the Shanghai Stock Exchange H shares