Agriculture Bank Of China, ABC

Agricultural Bank of China, ABC Banking company

Agricultural Bank of China (ABC), also known as other name AgBank, is one of the “Big Four” banks in the China. It was founded on 10 July 1951, and has its headquarters in Dongcheng District, Beijing. It has branches throughout mainland China, and other international city Hong Kong, London, Tokyo, New York, Frankfurt, Sydney, Seoul, and Singapore.

Stock price: 3.03 CNY 601288 (SHA) CN¥3.03 +0.01 (+0.33%)
8 Jul, 2022 3:00 pm GMT+8 – Disclaimer

Headquarters: Beijing, China

Founded: 23 February 1979

Number of employees: 4,67,631 (2020)

Key people: Zhao Huan (President)

Subsidiaries: ABC International Holdings Limited, MORE

Owners: Central Huijin Investment, China Securities Finance

SWIFT Code :

ABOCCNBJXXX AGRICULTURAL BANK OF CHINA, THE

ABC Official Website: https://www.abchina.com/cn/

ABC has 320 million retail customers, 2.7 million corporate clients, and nearly 24,000 branches. It is China’s third-largest by assets.

About Agricultural Bank of China, ABC

The predecessor of the Bank can be traced back to the Agricultural Cooperative Bank established in 1951. Since the late 1970s, the Bank has successively experienced different stages of development, including a national specialized bank, a wholly state-owned commercial bank and a state-controlled commercial bank. In January 2009, the Bank was restructured into a joint stock limited company as a whole. In July 2010, the Bank was listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange respectively.

　　As one of the major comprehensive financial service providers in China, the Bank is committed to building a world-class commercial banking group with distinctive operating characteristics, efficient and convenient services, complete and coordinated functions, and outstanding value creation capabilities. With a comprehensive business portfolio, a large distribution network and a leading technology platform, the Bank provides a wide range of corporate banking and retail banking products and services to our customers, and also conducts financial market business and asset management business. Fund management, financial leasing, life insurance and other fields. As of the end of 2016, the Bank had total assets of RMB 19,570,061 million, loans and advances of RMB 9,719,639 million, deposits of RMB 15,038,001 million, a capital adequacy ratio of 13.04%, and a net profit of RMB 184,060 million for the year.

　　As of the end of 2016, the Bank had a total of 23,682 domestic branches, including the Head Office Head Office, Head Office Business Departments, 3 Head Office Specialized Institutions, 37 Tier 1 (directly affiliated) branches, and 365 Tier 2 branches (including provincial branches), 3,506 first-level sub-branches (including business departments of municipalities, directly-affiliated branches, and business departments of second-level branches), 19,714 grass-roots business institutions and 55 other institutions. Overseas branches include 10 overseas branches and 3 overseas representative offices. The Bank has 14 major holding subsidiaries, of which 9 are domestic and 5 are overseas.

　　Since 2014, the Financial Stability Board has included the Bank in the list of global systemically important banks for three consecutive years. In 2016, the Bank ranked 29th in the Fortune Global 500 ranking by the US magazine; the Bank ranked 5th in terms of Tier 1 capital in the UK’s “The Banker” magazine’s top 1,000 global banks. . The Bank’s Standard & Poor’s issuer credit rating is A/A-1, and Fitch’s long-term/short-term issuer default rating is A/F1.

ABC IPO in 2010 (Initial Public Issue)

In 2010, A shares and H shares of Agricultural Bank of China were listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange respectively. Each share was set to cost between 2.7 RMB and 3.3 RMB per share. H shares were set to cost between HK$2.88 and HK$3.48 per share. The final share price for the IPO launch was issued on July 7, 2010. On completion in August 2010 it became the world’s biggest initial public offering (IPO) surpassing the one set by Industrial and Commercial Bank of China in 2006 of US$21.9 billion. This record has since been beaten by another Chinese company, Alibaba, in 2014.

ABC raised US$19.21 billion in an IPO in Hong Kong and Shanghai on July 6, 2010, before over allotment options were exercised. On August 13, 2010, ABC officially completed the world’s largest initial public offering, raising a total of $22.1 billion after both Shanghai and Hong Kong’s over-allotments were fully exercised. The IPO was once thought to be able to raise US$30 billion, but weaker market sentiment dampened the value. Despite a 15-month low for the Chinese benchmark index, the IPO was said to have gone smoothly.

Is Agricultural Bank of China state owned?

Since the late 1970s, the bank has evolved from a state-owned specialized bank to a wholly state-owned commercial bank and subsequently to a state-controlled commercial bank.