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Agricultural Bank of China Limited
Type State-owned[1]
Founded 1955
Headquarters People's Republic of China Beijing, People's Republic of China
Key people Xiang Junbo (president)
Industry Finance
Products Financial services
Total assets RMB 7,100 billion (2008)
Employees 447,519 (2007)
Website www.abchina.com

Agricultural Bank of China Limited (ABC) (simplified Chinese: 中国农业银行股份有限公司traditional Chinese: 中國農業銀行股份有限公司pinyin: Zhōngguó Nóngyè Yínháng) is the one of the "Big Four" banks in the People's Republic of China.

It was founded in 1951, and has its headquarters in Beijing and has branches throughout mainland China, and also in Hong Kong and Singapore.

It employs over 300,000 people. By the end of 2008, the Agricultural Bank of China became the second largest bank in China in terms of total assets, which had hit 7.01 trillion yuan, second only to the Industrial and Commercial Bank of China (ICBC). Revenues rose 17.8 percent to 211.19 billion yuan, with net interest income up 23.1 percent to 193.85 billion yuan. [2]

The bank, in which China's Ministry of Finance and Central Huijin each has a 50 percent stake, is eyeing an initial public offering but has no firm timetable.

History

After establishment of the People's Republic of China, ABC has been formed and abolished several times. In 1951, two banks of the Republic of China, Farmers Bank of China and Cooperation Bank, merged to form Agricultural Cooperation Bank, which ABC regards as its precedent. However, the bank was merged into People's Bank of China, the central bank in 1952. The first bank bearing the name Agricultural Bank of China was founded in 1955, but was again, merged into the central bank in 1957. In 1963, Chinese government formed another agricultural bank, and it was merged into the central bank two years later. Today's ABC was founded in February, 1979. It was restructured to form a holding company called Agricultural Bank of China Limited.[3] It may be listed by 2010.[4]

The Agricultural Bank was the victim of the largest bank robbery in Chinese history in April 2007, when two vault managers at the Handan branch of the ABC in Hebei province embezzled almost 51 million yuan.[5]

See also

References








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