Bohai Bank obtains Hong Kong banking license, opens first overseas branch

On August 6, 2020, Bohai Bank Co., Ltd. was granted a banking license by the Hong Kong Monetary Authority and became a licensed bank in Hong Kong.

On August 6, 2020, Bohai Bank was granted a banking license by the Hong Kong Monetary Authority and became a licensed bank in Hong Kong.

Bohai Bank’s Hong Kong representative office was upgraded to a Hong Kong branch, becoming the bank’s 34th tier one branch and the first overseas branch.

The formal establishment of the Hong Kong branch of Bohai Bank further improved the bank’s branch layout throughout the country.

This is another major milestone in the development of the bank following its listing on the main board of the Hong Kong Stock Exchange on July 16. This means one step further on the road towards internationalization.

Bohai Bank was established on December 30, 2005 and officially opened for business in February 2006. In recent years, Bohai Bank has been committed to building a technology bank, ecological bank, open bank, and agile bank with the long-term vision of “the best-experienced modern asset manager”.

As of December 31, 2019, the bank’s total assets reached RMB 1,116.9 billion, an increase of 30.5% from January 1, 2017, and ranked third compared with other national joint-stock listed banks.

As of December 31, 2019, it achieved operating income of RMB 28.4 billion, net profit of RMB 8.2 billion, and a year-on-year growth rate of 15.7%, which was higher than that of national joint-stock listed banks.

As of December 31, 2019, Bohai Bank had 33 tier-one branches, 30 tier-two branches, 127 sub-branches, 54 community small and micro sub-branches in the Mainland, and established a Hong Kong representative office with a total of 245 outlets. It has the network advantage of radiating the whole country.

In the “Top 1,000 Global Banks” list based on the core capital strength of banks by the British magazine The Banker, Bohai Bank ranked 133rd, an increase of 45 places from the previous year.

As a strategic investor of Bohai Bank, Standard Chartered Bank is also the bank’s second largest shareholder, and recently signed a comprehensive strategic cooperation agreement with Bohai Bank again.

In the future, the latter will promote cooperation along the “Belt and Road” regions, coordinate development and strengthen and promote the internationalization of the RMB.

The approval of the Hong Kong branch of Bohai Bank means that the bank will use Hong Kong as a forefront to promote its international development strategy through internal and external resources.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/08/08/bohai-bank-obtains-hong-kong-banking-license-opens-first-overseas-branch/.

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