Bank Of Communications Review | Bank Of Communications Credit Card Services
Bank of Communications Ltd is one of the largest Banks in China, founded in 1908.
The bank holds a very long history and is among the banks to have issued customers banknote in China.
Bank of communication was listed on the Hong Kong stock exchange and the Shanghai stock exchange of June 2005 and May 2007, respectively.
Bank of communication traded as SEHK: 3328, SSE: 601238. It is now a public company with interest in insurance and financial services.
The bank has its headquarters in Shanghai, the Peoples Republic of China. The president is Peng Chun, NiuXiming is the chairman of the board.
Bank of communication is more than 10 decades old and has acquired a lot in the financial industry, the same way it has lost in the course of meeting clients’ needs, however.
The company has over the years acquired total assets of $2110.444billion RMB, and total revenue of $20.274billion RMB, 2007 reports. The company is believed to have a total workforce of 79,122.
History of Bank Of Communications
Bank of communication came as a result of Liang Shiyi’s proposal to form a communication bank to redeem Beijing–Hankou Railway from its Belgian owners and place the railway under Chinese control.
Bank of Communications was duly formed in 1908 and provided more than half of the financing needed to buy the railway. This gesture promoted the prestige of the Liang’s Communications Clique.
The bank’s English name uses the word communications to refer to the linking of two points by a means of transportation.
The word transportation later became the preferred English term, but the Bank retained its original English name.
When the Qing Dynasty established the Ministry of Posts and Communications in 1906, the English word communications still carried this meaning.
Products and services 0f Bank Of Communications
The bank’s core product is insurance, though it carries out other banking functions such as; personal banking, corporate banking, investment banking, mortgages and loans, services for mainland students in Hong Kong. Mobile and internet banking, account opening etc.
Bank of communications Credit Card Services
Bank of communications offers Diamond and Visa Platinum Card
Fee relating to settling Foreign Currency Transaction
When cardholder has an overseas transaction; there are 2 ways to settle:
- 1. Dynamic Currency Conversion
If cardholder would like to settle the transaction by the Dynamic Currency
Conversion, the prevailing exchange rate as determined by Visa International
on the conversion date plus 1.95% handling charge (inclusive of a fee
Charged by Visa International to the Bank at the rate of 1%). For CUP Dual
Currency Credit Card, there is no handling charge of overseas transaction
- Settling Foreign Currency Transaction in Hong Kong Dollars
The cardholder may sometimes be offered the option to settle foreign currency
Transactions in Hong Kong dollars at the point of sale overseas. Such an option
is a direct arrangement offered by the overseas merchants and not the card
In such cases, customers are reminded to ask the merchants for the
Foreign currency exchange rates and the percentage of handling fees to be
Applied before the transactions are entered into since settling foreign
Currency transactions in Hong Kong dollars may involve a cost higher than
The foreign currency transaction handling fee.
The Bank will not impose any
Additional charges on settling these foreign currency transactions in Hong
The Bank Network (coverage)
Bank of Communications is amongst the top 5 leading commercial banks in China and has an extensive network of over 2,800 branches covering over 80 major cities. Apart from Hong Kong, the Bank has also established overseas branches in New York, Tokyo, Singapore and representative offices in London and Frankfurt. As of end-2002, the Bank had over 88,000 employees and a total asset reaching RMB 5.15 trillion.
Bank of communications currently possesses 7 directly-managed branches, 90 sub-branches managed by the provincial branches with 2,643 network organs in over 220 large- and medium-sized cities. It has established 12 overseas organs including branch banks in Hong Kong, New York, San Francisco, Tokyo, Singapore, Seoul, Frankfurt, Macau, Sydney, and Ho Chi Minh City, BOCOMUK in London, and a representative office in Taipei, 128 domestic organs including 30 provincial branches.
Bank of Communications ranked 35th for its tier l capital, entering the world’s top 50 banks for two consecutive years. Among the World’s Top 500 Enterprises listed by Fortune in 2011. Bank of Communications ranked 397th, up by 43 as compared with 2010 and entering the World’s Top 500 Enterprises for three straight years. According to the ranking announced by tBritish journal “The Banker” concerning 1,000 worldwide banks in 2011.
|BOCOM International, BOCOM Insurance, BOCOM Leasing, BOCOM Schroder|
Bank of communication was acquired by
Chinese Ministry of Finance