The Bank of China, or BOC, is one of the four largest state-owned commercial banks in China. The bank has a close relationship with its subsidiary Bank of China (Hong Kong), though they are legally separate entities.
Bank of China is the oldest mainland Chinese bank and was founded in 1912 by the government to replace Daqing Bank. In 1949, after the end of the Chinese civil war, the bank was effectively split in two; one half relocated to Taiwan and was privatised, while the rest remained on the mainland and known as Bank of China.
Bank of China has branches and operations on all five of the world’s continents, in countries such as Brazil, Japan, Australia, Russia, Hungary, Vietnam, Indonesia and the UK. The London office, established in 1929, was not only the first overseas operation for Bank of China but for any Chinese bank.
In 2007, the Financial Services Authority gave Bank of China permission to establish an official UK subsidiary – Bank of China UK.
Business customers are assigned a dedicated relationship manager, who will learn the needs of the business and assist with your specific requirements. Business accounts are available in several currencies, including EUR, USD, GBP and HKD. Business credit cards and internet banking are also available.
Personal current account customers can also access internet banking from anywhere in the world and can receive funds from outside of the UK without being charged. Personal customers are not assigned an account manager, but also do not pay the associated fees.
Security at Bank of China
Bank of China has extensive online security information available via their website. This information is constantly updated to remain in line with developments in technology and legislation. Bank of China also provides customers with e-tokens, which auto-generate passwords users must enter in order to log in.