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Bank of China Limited (BOC RA Eng 方案 A) 85274 27/03/2021 17:48 M11 HKEX Bank of China Limited Stock Code : 3988 (Ordinary H-Share) 4619 (Offshore Preference Share) 2020 Annual Report The print version of the Bank’s 2020 Annual Report, to be published in April 2021, will supersede this version. (BOC RA Eng 方案 A) 85274 01. Introduction 27/03/2021 17:48 M11 HKEX P. 1 Introduction Bank of China is the bank with the longest continuous operation among Chinese banks. Formally established in February 1912, the Bank served consecutively as the country’s central bank, international exchange bank and specialised international trade bank. After 1949, drawing on its long history as the state-designated specialised foreign exchange and trade bank, the Bank became responsible for managing China’s foreign exchange operations and offering international trade settlement, overseas fund transfer and other non-trade foreign exchange services. Restructured into a wholly state-owned commercial bank in 1994, the Bank provides various financial services, and has developed into a large commercial bank delivering services in local and foreign currencies and featuring complete business varieties and strong strength. The Bank was listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange in 2006, becoming the first Chinese bank to launch an A-Share and H-Share initial public offering and achieve a dual listing in both markets. The Bank is the official banking partner of the Beijing 2008 Summer Olympics and the Beijing 2022 Winter Olympics, thus making it the only bank in China to serve two Olympic Games. In 2011, Bank of China became the first financial institution from an emerging economy to be designated as a Global Systemically Important Bank, a designation it has now maintained for ten consecutive years. With its growing international status, competitiveness and comprehensive strengths, the Bank has marched forward into the ranks of the world’s large banks. From 2021, the year in which China’s 14th Five-Year Plan is launched, the Bank will enter into a new stage of its reform and development, while aligning its endeavours with national development, and embark upon a brand new journey towards building a first-class global banking group. As China’s most globalised and integrated bank, Bank of China has institutions across the Chinese mainland as well as in 61 countries and regions, and BOCHK and the Macau Branch serve as local note-issuing banks in their respective markets. The Bank has a well-established global service network and an integrated service platform based on the pillars of its corporate banking, personal banking, financial markets and other commercial banking business, which covers investment banking, direct investment, securities, insurance, funds, aircraft leasing, asset management, financial technology, financial leasing and other areas, thus providing its customers with a comprehensive range of financial services. Bank of China embodies a noble sense of duty and commitment. Over its 109-years history, the Bank has upheld the spirit of “pursuing excellence” and remained committed to delivering benefits to the society and contributing to the prosperity of the nation. With adoration of the nation in its soul, integrity as its backbone, reform and innovation as its path forward and “people first” as its guiding principle, the Bank has built up an excellent brand image that is widely recognised within the industry and by its customers. As a large state-owned commercial bank faced with a period of historic opportunities for great achievements, the Bank will follow Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, develop a full understanding of the new development stage, apply the new development philosophy and serve the new development paradigm; uphold the mission of “Bridge China and the World for the Common Good”; practice the values of “provide excellent service, innovate with prudence, uphold openness and inclusiveness, collaborate for mutual growth”, take the strategic approach of “invigorate, adapt to change and drive for major breakthroughs”, and thus strive to build a first-class global banking group that, makes an even greater contribution to realising the Chinese Dream of national rejuvenation and the aspirations of the people to live a better life and build a community with a shared future for mankind. 1 (BOC RA Eng 方案 A) 85274 02. Development Strategy 27/03/2021 17:48 M11 HKEX P. 2 Development Strategy Under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will focus on the new development stage, apply the new development philosophy and serve the new development paradigm. With reform and innovation as the basic driving force, we aim to meet people’s growing demand for better lives. We will adhere to the general principle of pursuing progress while ensuring stability, deepen supply-side structural reform in the financial sector, step up our efforts to accelerate digital transformation and promote high- quality and sustainable development and facilitate higher-standard opening up. We will stand up to our responsibilities and missions as a major state-owned bank, mobilise resources to serve the real economy, and dedicate further efforts to technology finance, inclusive finance, green finance, wealth finance, cross-border finance, consumer finance and county-level finance. We will continue to put risk control and management high on our agenda and exercise prudence and compliance in operation. We will uphold a systematic concept in fostering a development pattern in which the Bank’s business is centred on domestic commercial banking and bolstered by our global reach and integrated operation arms. We will stick to our strategic approach of “invigorate, adapt to change and drive for major breakthroughs”, and thus strive to build a first-class global banking group! 2 (BOC RA Eng 方案 A) 85274 03. Corporate Culture 27/03/2021 17:48 M11 HKEX P. 3 Corporate Culture Concept System Our Mission Bridge China and the World for the Common Good Our Vision Build a First-Class Global Banking Group Our Values Provide Excellent Service Innovate with Prudence Uphold Openness and Inclusiveness Collaborate for Mutual Growth 3 (BOC RA Eng 方案 A) 85274 04. Honours and Awards 27/03/2021 17:48 M11 HKEX P. 4 Honours and Awards Financial Stability Board (FSB) Global Systemically Important Bank Ranked 4th in Top 1,000 World Banks The Banker Ranked 4th in Top 500 Global Banking Brands FORTUNE Ranked 43rd in Global 500 (2020) Forbes Ranked 10th in Global 2000 Best Overall Chinese Bank for Belt and Road Initiative Asiamoney Best Transaction Bank for Trade Finance Best Transaction Bank Best Bank for Leveraged Finance Finance Asia Best DCM House Best AI Initiative in China The Asian Banker Overseas Wealth Management Service of the Year in China Best National Private Bank in China (State- Asian Private Banker owned Banks) First Prize for Technological Development of PBOC Banks China Foreign Exchange Trade System Best Comprehensive Market-making Institution CBN Best Digitalised Bank China Business Journal Mobile Banking with Excellent Competitiveness Financial News 2020 Bank with Best Inclusive Finance Services Award of Top List of Intelligent Investment Securities Times Advisory Service in China (Wealth Management) Sina Best Bank with Responsible Investment Excellent Case of Financial Services for Small China SME Investment & Finance Expo and Medium-sized Enterprises “Golden Prize of Round Table” for Excellent Directors & Boards Board of Directors League of American Communications Gold Award of the Annual Report Professionals (LACP) Hong Kong Management Association Excellence Award for H-Share & Red Chip (HKMA) Entries Award of Best Socially Responsible Manager Award for Achievements in Supporting the Three Critical Battles China Banking Association Award for Achievements in Pursuing Belt and Road Initiative Most Socially Responsible Outlet with Special Contributions in China’s Banking Industry China Newsweek 2020 Responsible Enterprise Ranked 12th in China’s 500 Most Valuable World Brand Lab Brands Ranked 2nd in the Hurun List of Brands with Hurun Research Institute Most Historical and Cultural Heritage in 2020 Top 100 Employers in the Opinion of Chinese ChinaHR.com University Students 4 (BOC RA Eng 方案 A) 85274 05. Contents 27/03/2021 17:48 M11 HKEX P. 5 Contents Introduction 1 Development Strategy 2 Corporate Culture Concept System 3 Honours and Awards 4 Definitions 6 Important Notice 9 Financial Highlights 10 Corporate Information 13 Message from the Chairman 15 Message from the Chairman of the Board of Supervisors 20 Management Discussion and Analysis 22 Financial Review 22 Business Review 39 Risk Management 86 Organisational Management, Human Resources Development and Management 99 Outlook 105 Corporate Social Responsibilities 107 Changes in Share Capital and Shareholdings of Shareholders 117 Directors, Supervisors and Senior Management Members 125 Corporate Governance 142 Report of the Board of Directors 163 Report of the Board of Supervisors 175 Significant Events 181 Independent Auditor’s Report 183 Consolidated Financial Statements 191 Reference for Shareholders 433 Organisational Chart 437 List of Major Branches and Subsidiaries 438 5 (BOC RA Eng 方案 A) 85274 06. Definitions 27/03/2021 17:48 M11 HKEX P. 6 Definitions In this report, unless the context otherwise requires, the following terms shall have the meaning set out below: The Bank/the Group Bank of China Limited or its predecessors and, except where the context otherwise requires, all of the subsidiaries of Bank of China Limited Articles of Association The performing Articles of Association of the Bank A Share Domestic investment share(s) in the ordinary share capital of the Bank, with a nominal value of RMB1.00 each, which are listed on SSE (Stock Code: 601988) Basis Point (Bp, Bps) Measurement unit of changes in interest rate or exchange rate. 1 basis point is equivalent to 0.01 percentage point BOC Asset Investment BOC Financial Asset Investment Co., Ltd.
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