China Bank of Communications
The China Bank of Communications is ranked by Forbes as the seventh largest company in China when giving equal weighting to sales, profits, assets and estimated market value. At the end of the last fiscal year (2006-2007) the China Bank of Communications had sales of US$ 6.6 billion, profits of US$ 1.1 billion, assets valued at US$ 176.3 billion and an estimated market value of US$ 28 billion. At the end of 2002 the Bank of Communications employed approximately 45,000 people.
The China Bank of Communications was founded in 1908 and was one of the few national note-issuing banks in China. After the Chinese civil war in 1949 in a similar way to the Bank of China the Bank of Communications was split into two, with part of the bank relocating to Taiwan.
Today, the Bank of Communications is one of the top five leading banks in China and has over 2,800 branches covering over eighty major cities in China. The Bank of Communications also has overseas branches in Hong Kong, New York, Tokyo, Singapore and representative offices in London and Frankfurt. As of January 2005 HSBC owned a 19.9% stake in the Bank of Communications in a deal that HSBC hopes will help expand their operations in China.