The Bank of China (Hong Kong)
The Bank of China (Hong Kong), more commonly known as BOC(HK), is one of the most influential financial institutions in the Hong Kong financial market. As one of the leading banks in what Forbes Global 2000 list as the world’s 4th largest banking system by assets, BOC(HK) is responsible for providing individuals and businesses with a variety of banking products and services.
BOC(HK) is licensed and supervised under the Banking Ordinance and the Money Lenders Ordinance of the Hong Kong Special Administrative Region. The bank provides a wide array of services, including retail banking, deposits, corporate banking, investment banking, capital markets, electronic banking, credit cards, online banking, money market operations, trust services, wealth management and asset management.
The banks structured investment products are well-known for offering high returns for its clients. Examples of investment products are equity based, bond based, and derivative based investments. For easier access, the bank also provides mobile banking and internet banking services.
In addition to its financial services, BOC(HK) also acts as a broker of financial products, allowing clients the opportunity to invest in a variety of asset classes such as stocks, futures, options, and other financial instruments.
Out of all of the services provided by the Bank of China (Hong Kong), the most popular among clients are the retail banking, deposits, and corporate banking services. These services provide individuals/businesses with short-term/long-term loans, off-shore accounts, and other products such as trade finance and overseas remittances. Also, the bank has partnered with a variety of merchants, allowing clients to pay for their goods and services using BOC(HK) debit cards or credit cards.
In 2015, BOC(HK) underwent major restructuring after being carved out from its parent company, BOC. This occurred in order to better focus on providing services tailored to the needs of the Hong Kong market and ensure that it remained competitive with other banking institutions in the city. Following the restructuring, BOC(HK) has established a number of subsidiary companies, including BOC Hong Kong (Holdings) Limited, BOC Investment Bank Limited, and BOCQ Asset Management Limited.
As one of the major players in the Hong Kong financial sector, BOC(HK) has helped to shape the changes that are allowing the city to become more competitive against other major financial centres. The bank is dedicated to improving its products and services, as well as creating new solutions that will benefit its clients. With its strong presence and varied suite of financial products, BOC(HK) is sure to remain a fixture in the financial ecosystem of Hong Kong for many more years to come.
