The Agricultural Bank of China was founded in 1951 and headquartered in Dongcheng District, Beijing, China. It is one of the big four banks in the People’s Republic of China.
The Agricultural Bank of China boasts of a market capitalization of $152.7 Billion and in May 2016, was ranked the third largest bank in the world. The bank has approximately 31,000 branches and banking offices, as well as more than 30 provincial-level offices, serving every county in China. It also operates branches in Hong Kong and Singapore, and representative offices in London, New York, and Tokyo.
To visit China Agricultural bank’s website, click here http://www.abchina.com/en/
Products and Services
Foreign Currency Deposit
Agro – Related Products
History Of China Agricultural Bank
The China Agricultural Bank is a commercial bank. It was first founded in 1951 as a result of a merger between Farmer’s Bank of China and Cooperation Bank, under the name Agricultural Cooperation Bank. A year later the Agricultural Cooperation Bank was merged into the People’s Bank of China, the central bank.
The first bank bearing the name Agricultural Bank of China was founded in 1955, but it was merged into the central bank in 1957. In 1963 the Chinese government formed another agricultural bank, but it was also merged into the central bank two years later. Today’s Agricultural Bank of China was founded in February 1979.
The Bank was first established as a state-owned specialized bank. It evolved to a wholly state-owned commercial bank and subsequently a state-controlled commercial bank. In January 2009, the Bank was restructured into a joint stock limited liability company and in July 2010, the Bank was listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange. This marked the completion of its transformation into a public shareholding commercial bank.
Products and services Of Agriculture Bank Of China
Agricultural Bank of China provides a wide variety of products and services to customers across China. It specializes in financing and providing services to agricultural, industrial, commercial, and transportation enterprises in rural areas.
The Banks services include foreign currency deposit, loan, international and domestic settlement, bill discount, currency trading, bank guarantee, and Treasury bill underwriting.
Foreign Currency Deposit
The bank offers both foreign currency time deposit and foreign currency call deposit. The Foreign Currency Time Deposit refers to service that allows individual customers deposit foreign exchange funds with the bank in a lump sum for a specific term and withdraw the principal and interest in a lump sum upon expiration of deposit term.
The Foreign Currency Call Deposit, on the other hand, allows individual customers to deposit foreign currency funds into a bank and withdraw the funds at any time after giving the bank the stipulated prior notice.
Bank customers who make use of the foreign currency time deposits enjoy the following benefits.
- Safeguard of funds
- Interest income and an appreciation of foreign exchange funds.
- Rollover service
- Simple procedure and reasonable interest rate
Benefits of the foreign currency call deposit include flexible deposit term; convenient withdrawal; relatively high return; and it is suitable for large and frequently used deposits.
Bills of exchange are short-term debt instruments commonly used in financing international trade and can be sold to another financial institution at a discount before it matures. The Agricultural Bank of China offers its customers a bill discount service.
Here the bank allows a holder of commercial bills to pay a certain amount of interest and transfers rights on the commercial bills to the Bank in order to obtain funds before the maturity date. The discounting of commercial bills includes the discounting of bank’s acceptance bills and the discounting of commercial acceptance bills.
Agro – Related Products Of China Agricultural Bank
The Agricultural bank of china also offers Agro – related products, both personal and corporate. They include: –
- King’s farmers benefit card
- Farmer’s benefit card
- Working capital loan
- Commodity circulation market construction loan
- 2010 – Agricultural Bank of China was honored as China’s Emerging Low – Carbon Bank
- Agricultural Bank of China wins Two Awards at the 2010 Golden Phoenix Wealth Management Ceremony
- The Agricultural Bank of China wins Three Awards of CBN Financial Value Ranking 2010
- Agricultural Bank of China wins Top Ten Best Retail Banks of Wealth Management in 2010
- The Agricultural Bank of China wins the 2010 Eco-China Contribution Award
Bank Branches of China Agricultural Bank
China Agric bank has branches scattered all over china and some international branches. Below are the major Branches of ABC.
Agricultural Bank Of China Zhejiang Branch.
China Agricultural Bank Guangzhou Branch.
Agricultural Bank Of China Suzhou Branch.
China Agricultural Bank Zhejiang Branch.
Agricultural Bank Of China Guangdong Branch.
China Agricultural Bank Qingdao Branch.
Agricultural Bank Of China Limited Hong Kong.
China Agricultural Bank Singapore.
Agricultural Bank Of China Shenzhen.
China Agricultural Bank Beijing.
Agricultural Bank Of China Jiangsu Branch.
China Agricultural Bank Hk Branch.
Agricultural Bank Of China Beijing Branch.
China Agricultural Bank Uk Limited.
Agricultural Bank Of China Australia.