Best transaction bank for international cash management 2017
Bank of China
Bank of China has the most extensive overseas network among Chinese banks and has achieved remarkable growth in its international cash management business.
By the end of 2016, BOC had expanded the coverage of its international cash management to 43 foreign countries and overseas regions. It has also upgraded its global cash management platform in areas such as account management and direct connections with Swift in overseas payments for clients.
By enhancing its capability to service cross-border clients, the bank landed international cash-management mandates in 2016 from multiple global companies operating in China, including Merck, PVH and Dyson, as well as three Chinese airline companies operating overseas – China Southern Airlines, Xiamen Airlines and Hainan Airlines.
Last year, BOC also expanded the range of its international cash management offering for many of its existing clients. These clients include global companies such as Bosch, Volvo and Byso Resources, as well as large domestic companies such as Sinopec, Huawei Technologies and China General Nuclear Power Corp.
In 2016, the bank also consolidated its market leading position among Chinese commercial banks in cross-border cash pooling for domestic currency renminbi and foreign currencies. It signed up 317 clients for cross-border renminbi cash pooling and 458 clients for cross-border foreign currency cash pooling.
Last year, BOC also established itself as the leading cross-border cash pooling service provider in the newly established pilot free trade zones in Shanghai and other domestic cities by adding 72 companies operating in these zones as clients for the services.
Leveraging its international business network and powerful global cash-management platform, BOC’s international cash-management business has maintained robust growth. By the end of 2016, it had 233,087 clients using the business, up 28% from the previous year. At the same time, the business brought in cash deposits of Rmb660.5 billion ($97 billion), up 26% since the end of 2015.