China Construction Bank: A Leading Force in Global Banking

China Construction Bank is one of the largest banks in the world, with a long history that dates back to 1954. It was founded by the People's Bank of China and the Ministry of Finance, and was originally called the People's Construction Bank of China.

The bank's name was changed to China Construction Bank in 1996, reflecting its growing role in the country's financial sector. Today, it is one of the "Big Four" state-owned banks in China, along with the Industrial and Commercial Bank of China, the Agricultural Bank of China, and the Bank of China.

With over 13,000 branches and a network of over 30,000 ATMs, China Construction Bank has a presence in many parts of the world, including Asia, Europe, and the Americas. Its extensive global reach has made it a leading force in international banking.

China Construction Bank has a rich history dating back to 1954 when it was founded as the People's Construction Bank of China.

It was established to focus on financing for investments, as the People's Bank of China began to spin off its commercial banking functions.

The bank's name was later changed to China Construction Bank in 1996.

A major scandal hit the bank in January 2002 when chairman Wang Xuebing resigned after being charged with accepting bribes while working at Bank of China.

He was sentenced to 12 years in prison.

In 2005, his successor Zhang Enzhao resigned due to "personal reasons", just before being charged with accepting a US$1 million bribe.

He was later sentenced to 15 years in jail.

In 2004, the bank underwent a significant transformation as it became a joint-stock commercial bank, separating from its predecessor under the PRC Company Law.

The China Banking Regulatory Committee approved this change on September 14, 2004.

The next day, the bank (Jianyin) became a separate legal entity, owned by the Chinese government holding company Central Huijin Investment Company, or simply Huijin.

During the 2013 Korean crisis, the bank took a stand by halting business with a North Korean bank accused of financing Pyongyang's missile and nuclear programs.

China Construction Bank's business operations are a testament to its impressive scale. The bank has a vast network of over 13,000 branches and 100,000 ATMs across China.

The bank's operations are supported by a robust IT infrastructure, which enables it to process over 10 million transactions per day. This level of efficiency is crucial for a bank that handles such a large volume of transactions.

The bank's business operations are also guided by a strong risk management framework, which helps to identify and mitigate potential risks. This framework is essential for a bank that operates in a rapidly changing market environment.

CCB's international expansion began in 2006 with the acquisition of Bank of America (Asia), which started in 1912 in Hong Kong as Bank of Canton.

This acquisition marked a significant milestone in CCB's global growth strategy.

In 2009, CCB opened a London office on June 2nd, further expanding its international presence.

CCB also submitted an application to the New York State Banking Department and the Federal Reserve Board in 2008 to establish a branch in New York City.

The branch officially opened on June 6th, 2009, marking another important step in CCB's international expansion.

In 2013, CCB established its European Headquarters in Luxembourg, solidifying its presence in the region.

CCB Indonesia was founded in 2016 through the merger of Bank Windu Kentjana and Bank Anda.

China Construction Bank has a significant presence on various stock exchanges. It made an initial public offering on the Stock Exchange of Hong Kong in late 2005.

The bank's stock is listed on the Shanghai Stock Exchange, where it made China's second-largest initial public offering of CN¥57.12 billion (US$7.6 billion) in late 2007.

China Construction Bank is a component of several stock indexes, including the Hang Seng Index, SSE 180 Index, CSI 300 Index, and Hang Seng China 50 Index.

It's also part of the FTSE China A50 Index and S&P Asia 50, which are indexes of Pan-Chinese and Pan-Asia stock exchanges.

China Construction Bank offers a wide range of services to cater to your needs.

One of the notable services is loan services, which provide various loan plans that you can check on and upload required documents at any time.

China Construction Bank, or CCB, is reeling from last year's disbursement of $1.6 trillion in new loans.

This massive lending spree helped sustain China's economic growth, but it's also created long-term distortions in the market.