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Bank of China Limited (BOC: Plan A-annual report-en) 502097 28/03/2018 03:14 M28 HKEX E>C Bank of China Limited Stock Code : 3988 (Ordinary H-Share) 4601 (Offshore Preference Share) 2017 Annual Report The print version of the Bank’s 2017 Annual Report, to be published in April 2018, will supersede this version. (BOC: Plan A-annual report-en) 502097 28/03/2018 04:18 M28 HKEX E>C Introduction Bank of China is the Bank with the longest continuous operation among Chinese banks. The Bank was formally established in February 1912 following the approval of Dr. Sun Yat-sen. From 1912 to 1949, the Bank served consecutively as the country’s central bank, international exchange bank and specialised international trade bank. Fulfilling its commitment to serving the public and developing China’s financial services sector, the Bank rose to a leading position in the Chinese financial industry and developed a good standing in the international financial community, despite many hardships and setbacks. 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 provided vital support to the nation’s foreign trade development and economic infrastructure by its offering of international trade settlement, overseas fund transfer and other non-trade foreign exchange services. During China’s reform and opening up period, the Bank seized the historic opportunity presented by the government’s strategy of capitalising on foreign funds and advanced technologies to boost economic development, and became the country’s key foreign financing channel by building up its competitive advantages in foreign exchange business. In 1994, the Bank was transformed into a wholly state-owned commercial bank. In August 2004, Bank of China Limited was incorporated. The Bank was listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange in June and July 2006 respectively, becoming the first Chinese commercial bank to launch an A-Share and H-Share initial public offering and achieve a dual listing in both markets. In 2017, Bank of China was again designated as a Global Systemically Important Bank, thus becoming the sole financial institution from an emerging economy to be designated as a Global Systemically Important Bank for seven consecutive years. Having served the Beijing 2008 Olympic Games, the Bank became the official banking partner of the Beijing 2022 Olympic and Paralympic Winter Games in 2017, thus making it the only bank in China serving two Olympic Games. As China’s most globalised and integrated bank, Bank of China has a well-established global service network with institutions set up in the Chinese mainland as well as 54 countries and regions. It has established 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 and other areas, thus providing its customers with a comprehensive range of financial services. BOCHK and the Macau Branch serve as local note-issuing banks in their respective markets. Bank of China has upheld the spirit of “pursuing excellence” throughout its history of over one century. 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. In face of the period of historic opportunities for great achievements, as a large state-owned commercial bank, the Bank will follow Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implement the spirit of the 19th National Congress of the Communist Party of China, persistently enable advancement through technology, drive development through innovation, deliver performance through transformation and enhance strength through reform, in an effort to build BOC into a world-class bank in the new era. It will make a greater contribution in developing a modernised economy and to the efforts to realise the Chinese Dream of national rejuvenation and the aspirations of the people to live a better life. (BOC: Plan A-annual report-en) 502097 28/03/2018 04:18 M28 HKEX E>C Development Strategy Strategic goal Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, our strategic goal is to build BOC into a world-class bank in the new era by persistently enabling advancement through technology, driving development through innovation, delivering performance through transformation and enhancing strength through reform. The realisation of our strategic goal requires a three-step approach. By 2020, when China completes the building of a moderately prosperous society in all respects, the Bank will have further consolidated its development foundation, cemented its unique advantages, improved its systems and mechanisms, and enhanced its overall strength. By 2035, when China basically realises modernisation, the Bank will have transformed from a large, high-ranking bank to a strong, top-tier bank, thus becoming a world-class bank in the new era on all fronts. By 2050, the Bank will have become a “financial treasure” of a great modern socialist country, and will serve as a paragon of the global financial industry. Strategic implications — Enable advancement through technology. We will quicken steps to build a digitalised bank that offers an excellent user experience, rich scenarios, smooth online-offline coordination and innovative and flexible products, backed by efficient operations and management and intelligent risk control. Leveraging our mobile banking channel, we will create an integrated mobile financial portal through which customers can access whatever they need, wherever they go, with a simple tap on their phone. — Drive development through innovation. Keeping a close eye on the market trends and customer needs, we will accelerate innovation in technology, products and business. By adopting innovative and groundbreaking initiatives, we will strive to become a provider of high-quality financial services, a builder of connected platforms, a creator of data-driven value and a pioneer of intelligent services across the globe. — Deliver performance through transformation. Centred on the demands of the real economy and the requirement for high-quality development, we will rapidly advance digital technologies, globalised businesses, integrated services, asset-light operations, and streamlined organisation. We will optimise the supply of financial resources, actively serve the “three critical battles”, serve the development of the real economy, and foster a high-quality development model with great capacity for value creation and market competitiveness. — Enhance strength through reform. We will raise awareness of current and potential challenges we face, maintain our strategic focus, and be more courageous in implementing the reform. We will promote the reform of mind-set, of the mechanism and of the organisation across the Bank, and thus gather the invincible force for our reform and development. — Strengthen Party leadership and Party building at the Bank, and ensure full and strict governance over the Party organisations at the Bank so as to drive full and strict governance over the Bank. We will continuously improve our governance system and enhance our governance capabilities, thus providing strong impetus and strategic support to our objective of building a world-class bank in the new era. (BOC: Plan A-annual report-en) 502097 28/03/2018 04:18 M28 HKEX E>C Core values Responsibility, Integrity, Professionalism, Innovation, Prudence, Performance — Responsibility: We are always responsible to the state, the society, our customers, our employees, our shareholders, and the Bank. We will step forward to perform our responsibilities, boldly take on challenges, and carry our missions through. — Integrity: We abide by every commitment we have made, keep our words consistent with our actions, have an open mind, and adhere to the principles of honesty and trustworthiness. — Professionalism: We always aim to endow ourselves with greater capability and competence, carry on our work in the spirit of craftsmanship and constantly pursue perfection. — Innovation: We always move ahead, and never stand still. We will make daring explorations, learn from others, and proactively develop innovative ideas. — Prudence: We firmly hold the bottom line for risk management, ensure compliance in our operations, and abide by the laws governing the development, in a bid to achieve sound growth over the long term. — Performance: We evaluate performance by results and profitability, thus promoting sustainable growth. (BOC: Plan A-annual report-en) 502097 28/03/2018 04:18 M28 HKEX E>C Honours and Awards Ranked 4th in Top 1,000 World Banks The Banker Ranked 5th in Top 500 Global Banking Brands FORTUNE Ranked 42nd in Global 500 (2017) Forbes Ranked 8th in Global 2000 Best International Bank Global Finance Best M&A Bank Euromoney Best Regional Cash Manager in Asia Best Overall Chinese Bank for BRI Best Transaction Bank for International Cash Asia Money Management Best Bank for SMEs Best Transaction Bank for Trade Finance The Asian Banker Best RMB Clearing Bank in Asia Pacific Asia Pacific Syndicated Loan House of the Year Asia Pacific Syndicated Leveraged & Acquisition
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