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Chinese Construction Bank Zhōngguó Jiànshè Yínháng ​中国建设银行

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Chinese Construction Bank Zhōngguó Jiànshè Yínháng ​中国建设银行 ◀ Chinese Communist Party (CCP) Comprehensive index starts in volume 5, page 2667. Chinese Construction Bank Zhōngguó Jiànshè Yínháng ​中国建设银行 Originally known as the “People’s Construc- application to become a shareholding bank. On 17 Sep- tion Bank of China,” the Chinese Construc- tember 2004, Chinese Construction Bank Corporation tion Bank (CCB) is one of the big four banks was founded. in the People’s Republic of China (PRC) and The year 2005 was important in the history of the bank. In March CCB Chairman Zhang Enzhao resigned has been making significant contributions for “personal reasons.” However, a lawsuit in the United to Chinese economic development for more States alleged that he received a bribe of $1 million from than half a century, including the financing Alltel Information Services for securing a contract. De- of such controversial projects as Three Gorges spite the negative publicity, the Bank of America decided Dam construction. to acquire a 9 percent stake in Chinese Construction Bank for $3 billion later that year. This measure represented the U.S. company’s largest foray into China’s growing bank- ing sector. Bank of America was looking to greatly expand ounded on 1 October 1954, the bank was wholly its Chinese business, which then had only branch offices state owned under the direction of the Minis- in Hong Kong, Shanghai, and Guangzhou (Canton). On try of Finance of the People’s Republic of China 27 October 2005, Chinese Construction Bank made an (PRC) and in charge of administering and disbursing initial public offering on the Hong Kong Stock Exchange, government funds for construction and infrastructure- and since February 2006 the share price has risen about related projects. For decades the bank had played a key 50 percent. In late 2007 CCB made China’s second-largest​­ role in the planned economy of mainland China. initial public offering of 57.12 billion yuan ($7.6 billion) on In 1979 the People’s Construction Bank of China be- the Shanghai Stock Exchange. came a financial institution under the direction of the State Council and gradually assumed more commercial banking functions. In 1994, after the establishment of Corporate Strategies the China Development Bank, the People’s Construction Bank of China became a full-​­service commercial bank, Chinese Construction Bank is currently among the and two years later its name was changed to Chinese market leaders in China in a number of products and Construction Bank. Since then it has become a leading services, including infrastructure loans, residential commercial bank in China, providing a comprehensive mortgages, and bankcards. Its core business consists range of services. As the bellwether in China’s financial of three principal segments: corporate banking, per- reform, in late 2003 the State Council approved CCB’s sonal banking, and treasury operations. With the goal 360 © 2009 by Berkshire Publishing Group LLC F Chinese Construction Bank n Zhōngguó Jiànshè Yínháng n 中国建设银行 361 of becoming a world-​­class bank, CCB has a corporate International Expansion strategy of focusing on its customers, products, and geo- graphical regions. The bank has strived to strengthen During recent years CCB has also expanded internation- its historically strong relationships with large corporate ally. The bank is a member of the Global ATM Alliance, customers by focusing on leaders in strategic industries a joint venture of several major international banks that such as power, telecommunications, oil and gas, and in- allows customers of the banks to use their ATM card or frastructure, as well as major financial institutions and check card at another bank in the Global ATM Alliance government agencies, and by developing relationships with no fees when traveling internationally. In addition, with small-​­ and medium-​­enterprise customers. In the CCB maintains overseas branch operations in Hong personal banking segment CCB seeks to increase rev- Kong, Singapore, Frankfurt, Johannesburg, Tokyo, and enues from high-​­income retail customers while capital- Seoul and has representative offices in New York and izing on its cost efficiency and economy of scale to serve London. In 2006 CCB acquired Bank of America (Asia), mass-​­market customers more efficiently. In terms of its which started in 1912 in Hong Kong as Bank of Canton services, CCB has developed both wholesale and retail with a subsidiary in Macao. After the acquisition Bank of products with a focus on fee-based​­ businesses, including America (Asia) became the Chinese Construction Bank payment and settlement services, personal-wealth​­ man- (Asia) Corporation. CCB’s other subsidiaries include agement, and corporate-​­treasury management. In light Chinese Construction Bank (Asia) Limited (formerly of high savings rates and a booming real estate market Jian Sing Bank Limited), Sino-​­German Bansparkasse in China, CCB also endeavors to increase its personal Co., and Chinese Construction Bank Principal Asset banking business with a focus on residential mortgages, Management Co. In 2007 Fortune magazine ranked CCB diverse savings products, and an industry-leading​­ credit at 230 on its Global 500 List (CCB had previously ranked card business. Its geographical focus is in the major cit- 277). Within the banking sector CCB is ranked 34, with ies of the more developed markets of the Yangzi (Chang) annual revenue of more than $28.5 billion. River delta, Pearl River delta, and Bohai Rim regions. In Wenxian ZHANG addition, the company has an ambitious goal of growth in the capital cities of inland provinces in China. CCB Further Reading has already built an extensive customer base and estab- China Construction Bank corporate profile. (2007). Re- lished relationships with many of the largest business trieved December 20, 2007, from http://www.ccb. groups and leading companies in industries that are stra- com/portal/en/home/index.html tegically important to China’s fast-​­growing economy. China Construction Bank website. (2008). Retrieved No- Its network includes approximately thirteen thousand vember 19, 2008 from http: //www.ccb.com/portal/ branch outlets. en/home/index.html Chinese Nationalist Party ▶ © 2009 by Berkshire Publishing Group LLC.
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