New Silk Road Finance Awards 2017: Best overall Chinese bank for BRI
Bank of China
Judged on purely local terms, Bank of China falls behind some of its domestic rivals: Industrial and Commercial Bank of China and China Construction Bank both bring in far more in terms of net interest income, while Agricultural Bank of China’s branch network – 23,682 at the end of 2016 – is more than twice the size of Bank of China’s. But look abroad and you see a vastly different story.
Bank of China’s renminbi clearing bank network is a plain example of how it leads the competition overseas. It was perhaps natural that it should have been picked to manage renminbi clearing in Hong Kong and Macau, setting up in 2003 and 2004 respectively. But even when Chinese banks began to fight hard over the right to clear the currency overseas, Bank of China maintained its leadership.
Out of the 23 offshore renminbi clearing bank licences China has granted throughout the world, Bank of China runs 11.