Bank of Communications, sometimes shortened to BoCom or BoComm, is one of China’s largest banks. It was one of the first Chinese banks to issue bank notes.
Founded in 1908, Bank of Communications opened its first overseas branch, in Hong Kong, in late 1934. It was first listed on the Hong Kong Stock Exchange in 2005 and the Shanghai Stock Exchange in 2007.
Bank of Communications is now in the top five commercial banks in China, with over 2800 branches in more than 80 major cities tight across the country. The bank also has an international presence, with branches in Hong Kong, Tokyo, New York, Singapore, Seoul, San Francisco and Macau and offices in London and Frankfurt. The UK operation received its banking licence in 2011. HSBC holds almost 20% of shares in the UK business and acts as both a shareholder and strategic partner.
BoCom Products and Services
Bank of Communications offers a comprehensive portfolio of banking services, including loans, corporate deposits, trade finance, foreign exchange, international settlements and money market deposits. The bank has specific customer groups that it targets, including:
Large UK based multinationals
UK owned businesses operating in China, or with a business interest in China
British SMEs with business in China
Chinese SMEs with business in the UK
Financial institutions with good credit ratings
As well as several corporate financing options aimed at facilitating business development, Bank of Communications also offers treasury services including a foreign exchange service, money market placements, and foreign exchange hedging strategies.
Bank of Communications also has an import services division, aimed at giving customers flexibility in cash management.
Security at BoComm
Bank of Communications provides customers with extensive security information, freely available via their website; including a safe guide to mobile banking and using ATMs. Customers are also provided with a security device they must use in order to log on to their account.